- Developer activity tied to ZCash hit its lowest level since November 2021.
- The ZEC token has dropped about 40% over the past two months and fell 14% in the last week to roughly $433.
- Governance tensions between Electric Coin Company and Bootstrap coincide with the development slowdown.
- The Zcash Foundation says the open-source protocol remains resilient despite the dispute.
- Whales added about $1.17 million in spot ZEC while new wallets added roughly $2.14 million, and Monero regained the top privacy-coin market cap spot.
Data from market intelligence firm Santiment showed developer activity tied to Zcash fell to its weakest level since November 2021, according to a post the firm shared on Thursday. Over the same period, the ZEC token declined about 40% in two months and traded near $433 after a 14% drop in the prior week.
Electric Coin Company announced plans to separate from Bootstrap, citing what it described as “malicious governance actions.” Bootstrap said board members had discussed external investment and alternative structures related to the self-custodial wallet Zashi. In response, ECC developers said they are building a new wallet, cashZ, set to launch in “a few weeks.”
The Zcash Foundation responded to the governance incident and emphasized that the protocol’s open-source design preserves continuity and resists control by any single party. The foundation wrote in its response, “This structure ensures that changes within a single organization or across many of them, while meaningful, do not compromise the integrity or continuity of the Zcash blockchain.”
On-chain activity data from crypto intelligence platform Nansen showed whales added a cumulative $1.17 million in spot ZEC over the past week, while fresh wallets added about $2.14 million. Meanwhile, competitor Monero surpassed ZEC in market capitalization, according to CoinMarketCap.
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