Zcash users are increasingly storing more and more of their ZEC tokens in shielded pools.
Surpassing the all-time high from earlier this year from just over 700k, the total value of the shielded pool has now reached a new high above 850k ZEC. After experiencing a pullback in the year’s first half, it started trending back up in July.
whoa!
The total number of Zcash stored in the shielded pool just blew through the previous ATH, north of 850k $ZEC as of Saturday. pic.twitter.com/mWH8xsjDcP
— Josh Swihart
(@jswihart) August 23, 2021
Zcash transactions over time are also uptrending, with the 24-hour transaction count ranking in the top 15, according to Zcash Metrics. Shielded Zcash transactions have been steadily increasing as well, since 2019. In Q2, more than 520k of total transactions were recorded on the blockchain.
The privacy-focused cryptocurrency provides anonymous value transfer using zero-knowledge zk-SNARKs cryptography. It further provides the option for transactions to be either shielded, which makes them completely anonymous, or transparent, so that they will be visible on the Zcash blockchain.
Its token ZEC is currently trading at $163, up 187% YTD down 95% from its all-time high from 5 years back, according to CoinGecko.
Zcash pays out a portion of its block rewards to fund protocol development as “Founder’s Reward.” Currently, it allocates the Founder’s Reward to the Electric Coin Company and the Zcash Foundation, who develop and stewards the protocol.
As we reported, Electric Coin Company CEO and Zcash founder Zooko Wilcox proposed making a shift to a proof-of-stake (PoS) consensus mechanism, less energy-intensive than proof-of-work (PoW), like Ethereum.
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“While there are many who prefer PoW, I believe that PoS would make ZEC more valuable to more people! The benefits are great, and they far outweigh the drawbacks and risks,” he said at the time.
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