Over the past month, the number of new tokens launched on the Base launch platform has increased significantly, with daily issuance once exceeding 100,000 tokens. The growth was almost entirely driven by Zora's content coin mechanism; this mechanism features near-zero cost, low-friction minting, which boosted the number of tokens created. However, during the same period, active addresses on the network dropped to a 18-month low, and trading volume continued to decline, indicating that token issuance has not translated into substantive economic activity. Data shows that Zora content coin is more like a vanity metric that amplifies "creation quantity," lacking stable user engagement and fundamental value support. (The Block)