The Zora team has announced the launch of their token $ZORA, set to take place on April 23, 2025. This token is expected to be an interesting event for the community and participants in the crypto market.
Zora Set to Launch $ZORA Token
On April 20, the Zora team confirmed its plans to launch the $ZORA token on the Base network, which is an Ethereum layer-2 network. The team described the token as a meme coin and noted that this event was made possible by community support over the past six years. ‘Thank you to everyone who has realized the vision of Zora with us this far,’ the developers stated in their blog.
$ZORA Tokenomics
As part of the preparations for the launch, the Zora team plans to conduct a token generation event and an airdrop. The $ZORA token will consist of 10,000,000 tokens distributed as follows: 20% will be allocated to the community, 20% will go into a treasury, and 10% will be designated for a retroactive airdrop. Other token allocations include 18.9% for the team, 5% for community liquidity, and 26.1% for strategic contributors. Notably, $ZORA is created for 'fun' and does not grant holders any governance rights or claims on Zora's equity.
Criticism and Discussion Around $ZORA Token
Members of the crypto community have expressed dissatisfaction regarding the need for the $ZORA token, raising questions about why the team needs to retain 65% of a token that is meant for ‘fun’ only. Some users point out that the token holds no value and does not provide governance rights in the project. One of the discussions centers around the sensibility of the token's existence.
The launch of the $ZORA token generates both curiosity and criticism within the crypto community. Despite questions surrounding the token's legitimacy, Zora continues to develop its ecosystem by introducing new products for its users.
