Solana Dominates Zcash Trading with 79% DEX Share

The Solana blockchain has seen a significant surge in trading activity for Zcash (ZEC), capturing a dominant 79% share of spot decentralized exchange (DEX) volume across all chains.

This growth follows the launch of zenZEC, a wrapped version of ZEC on Solana that is issued 1:1 through the Zenrock protocol. The process involves native ZEC tokens being securely held through multi-party computation (MPC), allowing an equivalent number of zenZEC tokens to be minted on Solana.

The proliferation of zenZEC has resulted in over $15 million in cumulative volume, with more than 13,200 wallet addresses now holding the token. Decentralized exchanges such as Raydium and Orca have registered 2.1 million swaps involving this asset.