Backed by Coinbase Ventures and raising 60 million dollars at a valuation of 600 million, Zora just launched its crypto on the Base chain, and it’s full of events! From most users complaining about not getting enough tokens from the airdrop to exploits and scam accusations.
The $ZORA token airdrop is a prime example of total injustice in Web3.
🔵 Instead of fairly rewarding active users, the @Zora team:
1️⃣ Sent nearly the entire drop to their own wallets
2️⃣ Gave pennies to regular users who spent real money minting and growing the ecosystem
3️⃣… pic.twitter.com/USkPeNF3TX— 𝓐𝓷𝓽𝓸𝓷 𝓟𝓻𝓸𝓯𝓲𝓽 (@AntonProfiT) April 24, 2025
With big backing and also an experienced team, can Zora make things right and gain their users trust back?
DISCOVER: The 12+ Hottest Crypto Presales to Buy Right Now
Zora Project Concept: Web3 VC-Backed Social Media Platform
Founded by Jacob Horne and Tyson Battistella, both former Coinbase employees with huge expertise in the crypto space, they managed to build a lot of hype around their project.
Zora is a social media platform similar to Instagram, but the key difference is that it enables creators to tokenize their content and earn directly from the trading activity of users interacting with their work.
This approach and the expertise of the team behind it attracted a lot of interest from VC funds. In 2022, the project raised $62.6M at a valuation of $600M, with notable names including Coinbase Ventures, Paradigm, Kindred, and Haun Ventures.
Since then, Zora has collected over 400k creators, 2 million users (collectors), and more than 1500 NFTs minted on the platform. Because of the Zora token’s close launch date and airdrop, Zora has experienced a steady daily network increase since the start of April.
$Zora Crypto Launch On Base: From Hype to Controversy
After a lot of waiting, the anticipated token launched with a lot of hype because of all the big names involved and the continuous development of the project. But, since the token dropped on the Base chain and many big central exchanges like Bybit, Bitget, MEXC, and KuCoin, Zora has suffered over a 40% dump since its launch price, with a lot of hype turning to a negative one.
The main reason for the backlash was that users faced challenges claiming or selling their tokens on platforms like Binance Wallet, even though Binance acknowledged these problems and fixed them shortly after.
The community also didn’t like the amount of tokens that were dropped to the community and called it minimal for the effort of the active users, also saying a large portion, 65%, was allocated to the insiders.
$ZORA has a 65% team allocation! ZOMG, That's crazy!!
There is a six-month cliff and a 48-month vesting schedule. You can't even hold your bag for 48 seconds. pic.twitter.com/M9lDm9NXJ7
— asdf (@0xasdf_eth) April 21, 2025
The question now is, can they turn this around? The answer is yes! With continuous development, and if the expert team keeps delivering, they could make this a great example of how to turn things around if the launch didn’t go your way. There are a lot of examples of coins that were troubled at launch and managed to succeed later down the road.
DISCOVER: Top Solana Meme Coins to Buy in 2025
BONUS: ($SOLX) Solaxy: the First-ever L2 For Solana
With the success Base had as an L2 for Ethereum and the increasing need for L2 networks due to the bull market approaching, a lot of congestion on the blockchains can happen, especially with Solana. As we know Solana keeps facing congestion from time to time over the last few months.
As the first-ever Solana Layer-2 blockchain, Solaxy directly addresses Solana’s pain points, congestion, failed transactions, and scalability limitations.
Solaxy aims to offload the burden on Solana and unlock the chain’s full potential for users, developers, and investors alike. Given the renewed interest in the meme coin and the Solana ecosystem, it comes at the perfect time.
Solaxy is off to a hot start as a potential low-cap gem as it can multiply over the years while offering its holders passive income. The presale raised $31.5 million out of $31.5 million. In the current presale round, $SOLX is priced at just $0.001704, and staking offers up to 128% APY. Holders who lock earn high passive income while the coin price can multiply over time.
Also, presales that raise funds quickly and attract many investors often see gains of 5x-10x after launch and tend to earn listings on centralized exchanges. And usually, smart whales accumulate these kinds of projects silently. Get your position in the presale now by visiting the website.
For the latest updates on the project, connect with the SOLX community on X and Telegram.
Click here to learn more about the project and participate in the presale.
DISCOVER: Best New Cryptocurrencies to Invest in 2025
Join The 99Bitcoins News Discord Here For The Latest Market Updates
Key Takeaways
- The Zora platform keeps improving. And heavily VC-backed.
- Launched Token met with significant backlash.
Why you can trust 99Bitcoins
Established in 2013, 99Bitcoin’s team members have been crypto experts since Bitcoin’s Early days.
Weekly Research
100k+Monthly readers
Expert contributors
2000+Crypto Projects Reviewed
Free Bitcoin Crash Course
- Enjoyed by over 100,000 students.
- One email a day, 7 days in a row.
- Short and educational, guaranteed!
Maximize Your Trading With Margex’s 20% Deposit Bonus
‘Buy in May, Get Paid in June?’ – $300K Bitcoin Calls Heat Up, BTC Bull Token Is Locked In
CoinGecko Report Analysis: What Moved Crypto in Q1 2025?
10 Best Crypto Bonuses in 2025 – Top Exchange Offers & Promotions
BingX Launches $10 Risk-Free Copy Trading Voucher for New Users in Exclusive Event
