F2Pool co-founder Wang Chun went on social media and blasted Zcash’s (ZEC) latest price jump, saying the move is being carried by narrative, not substance. His point was blunt: a market cap that is getting close to Solana and Hyperliquid does not mean the assets belong in the same tier.
Wang Chun said Zcash’s early distribution was never fair. For its first four years, 20% of every block reward went out as a founder reward to founders, employees, advisors, and early investors. That added up to about 2.1 million ZEC, or 10% of the 21 million cap. Then, after that phase ended, another 20% cut came back under the label of a "development fund."
He also took aim at the privacy pitch. Zcash privacy is optional, not default. And for most of the project’s history, most coins have sat in transparent addresses.
Governance fights, he said, have dogged Zcash for years. There have been tensions involving Electric Coin Company (ECC), the Zcash Foundation, and other groups. In January 2026, every ECC employee resigned, saying they had been pushed aside.
Then there is the security record. In May 2026, a serious vulnerability in the Orchard pool was made public after existing for roughly four years. In theory, it may have made it possible to inflate ZEC without leaving on-chain traces. But because of the pool’s privacy design, there was no way to prove whether anyone had ever used it. In July 2026, the Ironwood upgrade shut the old pool and forced a mandatory transition. Wang Chun’s take? Cleanup work. Not a case for putting Zcash among the top ten cryptocurrencies.