Zcash Surges on Paradigm Endorsement, Hits $1,467 Price
Zcash (ZEC) jumped 10% to $1,467 and became the top performer among the top 10 cryptocurrencies on September 18, driven by whale buying and an endorsement from Paradigm co-founder Matt Huang. According to CoinMarketCap, ZEC's price surge was significant, surpassing its recent whale activity that catapulted upside past $1,300.
Huang praised Zcash's inflation-funded developer fund as a solution for public goods funding, calling it 'an elegant mechanism' to tackle the dilemma of long-term project funding. He noted that the fund redirects a portion of block mining rewards away from miners and into a maintenance pool, which is used to support developer activity on ZEC.
However, Huang also pointed out a potential network vulnerability in relying solely on coin-holder voting to govern Zcash treasury, introducing market unpredictability and undermining long-term trust in ZEC as a stable monetary asset. He urged additional forms of Treasury governance to mitigate the threats.
Market analyst Ali predicts that if ZEC holds above $1,400 ahead of the September 30 NU7 upgrade, it could reach an $1,800 price target by year-end. The upgrade includes faster transaction finality and full quantum resistance.