Zcash Price Surge Attributed to Narrative Speculation: F2Pool's Wang Chun

F2Pool's Wang Chun believes that the recent price surge of Zcash is driven by narrative speculation rather than actual value.

Citing several core issues, including unfair issuance, privacy mechanism flaws, and governance problems, Wang argues that Zcash does not possess equivalent practical application value to other top-ranked assets like Solana and Hyperliquid.

The Zcash protocol has been criticized for its initial four-year block reward system, where 20% of the rewards went to founders, employees, advisors, and early investors. This equated to 210,000 ZEC ($1,128.28) or 10% of the total supply limit.

The Electric Coin Company (ECC) has also faced management disputes with the foundation, leading to a team exodus in January 2026. In May of that year, a severe vulnerability was discovered in the Orchard privacy pool, allowing for potential ZEC counterfeiting without on-chain records. The issue was addressed by closing the old pool and migrating users.