Zora’s airdrop? Let’s just say it didn’t exactly land with a gentle thud. The social media platform’s new token, ZORA, started trading Wednesday, but nobody seemed to know *how* to claim it. No announcement, no easy link – just a smart contract address and a whole lot of confused users. It felt a bit like being told there’s cake, but then having to dig through the kitchen for the ingredients yourself.
- Zora’s airdrop was plagued by confusion, with users struggling to claim the token due to a lack of clear instructions. The launch was criticized for its poor communication and reliance on users interacting directly with the smart contract.
- Despite the chaotic launch, exchanges like Binance and Bybit listed ZORA, and significant on-chain activity was observed. However, early access to the contract gave some traders an unfair advantage.
- The Zora token has faced criticism regarding its tokenomics, with only 10% allocated to the airdrop. The team marketed the token as “for fun only,” raising questions about the distribution and purpose of the remaining tokens.
Exchanges like Binance, Bitget, and Bybit jumped in, listing ZORA despite the chaos. Even Hyperliquid launched leveraged options. Meanwhile, folks were scrambling to interact directly with the contract, which, for anyone new to crypto, is about as fun as assembling IKEA furniture without instructions. Arkham Intelligence clocked about $6 million in on-chain activity, but the early access gave some traders a clear advantage. Is it fair? Well, fairness in crypto is a…complicated topic.
Zora did a full grift masterclass. Farming users for 4 years, no communication on launch day, Jesse Pollak promoting it… this is wild. https://t.co/wJq9w9wJ9q
X (formerly Twitter) exploded with complaints. One user called it a “grift masterclass,” pointing to years of “farming” users, the radio silence on launch day, and the fact that Jesse Pollak, a Base creator, was actively promoting the platform. Speaking of Base, they recently faced heat for endorsing a token that promptly tanked. It’s starting to feel like a pattern. You almost expect a disclaimer: “Past performance is not indicative of future results. May cause frustration.”
Tokenomics and a Late Announcement
Zora itself is an on-chain social network that turns posts into tokens. It’s been a favorite among NFT collectors since 2020, but the tokenomics raised eyebrows. Only 10% of the 10 billion ZORA supply went to users in the airdrop. The team marketed it as “for fun only,” with no governance rights or equity claims. Which, okay, fair enough. But some wondered why the team snagged such a large chunk of the pie. It’s a bit like throwing a party and then eating all the snacks yourself.
Zora finally announced the airdrop was live, but *after* moving the tokens to the contract address. According to on-chain data, that happened about two hours before the announcement. The token launched around $0.03 and currently trades at $0.0195. A bit of a bumpy start, to say the least. No end date for claiming, they say. Which is…something. It’s like leaving the door open and hoping for the best.
The platform *has* been growing. Pollak’s promotion of “content coins” – tokenized social media posts – certainly grabbed attention. Over 150,000 new coins were minted in the past week, though not without controversy. It’s a wild west out there, and sometimes it feels like you need a map, a compass, and a very good lawyer.
Coinbase Ventures participated in Zora’s seed round, along with a $50 million raise in 2022. So, there’s institutional backing. But even with big names involved, a messy airdrop doesn’t inspire confidence. It just leaves you wondering what exactly went wrong, and whether anyone actually had a plan.
We’re live ✨ https://t.co/wJq9w9wJ9q
