Last month, the token issuance on the Base launchpad, a platform for launching foundational tokens, surged with a single-day issuance exceeding 100,000 tokens, primarily thanks to Zora's content tokens. However, at the same time, the number of active addresses dropped to the lowest point in 18 months, and trading volume also declined, highlighting the issue of "vanity metrics." Taking the example of creator Nick Shirley's token, the market cap once peaked at $15 million before crashing to $74,900. This case demonstrates that these low-cost tokens, while capable of causing speculative volatility, cannot promote sustainable on-chain value growth or increase creator engagement.

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