_Author: Fairy, _ChainCatcher__

The founders of two major public chains are going head-to-head, and the atmosphere on Crypto Twitter is charged.

A heated debate surrounding "creator tokens" has ignited the crypto community. The founders of Base and Solana have rarely taken the stage themselves, engaging in a direct confrontation over the platforms ZORA and Pump.fun.

What sparked this clash? Let's start from the beginning.

The Controversy Ignition Point: Sterling Crispin's Doubts

This "war of words" in the crypto circle was ignited by Del Complex researcher Sterling Crispin's public skepticism towards Zora.

Zora is a social networking platform on the Base ecosystem that tokenizes user profiles and posts, aiming to help creators profit directly from their content.

However, in Sterling's view, Zora is just old wine in new bottles. He bluntly stated that the vast majority of tokens issued on automated market makers (AMM), which have extremely low liquidity and exhibit exponential price curves, are still "rebranded garbage coins."

In a debate with community users, he cited Pump.fun as an example: "The median outcome of ERC20 tokens on Pump.fun is not underperforming the market; it is going to zero."

In response to this intense criticism, Base founder Jesse Pollak quickly entered defense mode. He stated on the X platform: "I think you are wrong. Content is valuable, and creators are valuable." He further emphasized, "To equate the assets issued on Pump.fun and Zora is itself a logical fallacy. Not all tokens are the same; fundamentals matter."

However, Jesse's remarks soon provoked another big player—Solana founder toly.

Solana Founder Interjects, Escalating the Conflict

Solana founder toly quickly intervened in the debate, retweeting Jesse's post on X and sarcastically asking, "lol wut? Do the coins on Zora have any rights to the future cash flow from creators?"

(Note: "lol wut" is an English internet slang phrase that carries a slight tone of disdain or feigned confusion, often used to express disagreement or find the other person's viewpoint absurd.)

From there, the battle between the two founders officially began:

Round One: Does Content Have "Fundamental Value"?

Jesse firmly stated: Content itself has fundamental value.

toly pressed: How do you prove it has fundamental value? Do token holders have the right to share in the future advertising revenue of the content?

Jesse responded: Advertising is just one monetization method. Like a painting, even if no one pays for tickets, it still has value.

toly continued to attack: By this logic, is it good for retail investors if creators sell Zora tokens? Because retail investors can buy below the fundamental value of the content?

Jesse attempted to explain: There are many types of tokens on Zora, but they all share one common point: they are all a repeated, infinite game where the actions of participants affect the operation of the entire system.

Round Two: Stalemate, No Compromise

toly was unconvinced, coldly retorting: It sounds like their "fundamental value" is zero.

Jesse stood his ground: If you want to believe that the value of content is zero, that's up to you. But I believe content itself is very valuable, and we can build a new system to return this value to billions of creators.

toly delivered a final blow: Then go convince the token holders to let Coinbase use profits to buy up those Zora tokens that are close to zero, because they are "below the fundamental value of the content."

This dialogue resembled a childish argument, with neither side willing to back down, ultimately ending with Jesse's casual "OK."

Interestingly, toly himself has been vigorously promoting Solana's ecosystem meme coins over the past few years, but this time, to enhance his argument, he added: "I have been saying for years that meme coins and NFTs are digital trash with no intrinsic value. They are like loot boxes in mobile games, and people spend up to $150 billion a year on mobile games."

Zora's "Pump Show"

The focal point of this "war of words," the Zora project, not only has the endorsement of Base founder Jesse Pollak, but the token $ZORA has also surged 883% in the past month. This wave of momentum has been driven by the positive news of Base App integrating content tokenization features, as well as Binance's strong support in launching ZORA/USDT perpetual contracts.

Yesterday, the number of creators on the Zora platform reached 21,478, with 12,292 new creators and a total of 50,475 tokens issued, all setting historical highs.

However, on-chain data presents a different interpretation. According to on-chain analyst AI Yi, in terms of spot trading, Coinbase is the largest platform for this token, with a 24-hour trading volume of $82.6 million; while in terms of contracts, Binance's 24-hour trading volume reached $1.354 billion, 16.4 times that of spot trading.

He noted that ZORA seems to have entered an independent altcoin market, but recently there haven't even been any single transactions over $500,000 on-chain, suggesting that funds from centralized exchanges might be manipulating the market.

Image source: AI Yi

The fierce exchange between Jesse and toly not only reveals the profound differences in the crypto world regarding the essence of "creator tokens," but also reflects the complex competition and ideological clashes between public chain camps.

This debate has no winners, much like the ongoing struggle over the definition of value in the world, which is always a fierce game between ideals and reality, faith and skepticism.

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