Delphi Digital released a report titled Zcash: Encrypted Money for a Surveilled World, highlighting growth in the Zcash ecosystem. The share of ZEC supply in shielded pools increased from 11% to nearly 30% over one year, with 1 million ZEC added to these pools since October 2025.
Data shows ZEC recorded $285 million in transaction volume during a 30-day period preceding February 5, compared to $348 million for Bitcoin. The network utilizes zk-SNARKs for private transactions, which allow for validity proofs without disclosing sender, receiver, or amount details.
The upcoming Tachyon protocol upgrade, expected by the end of 2026, aims to enhance scaling and efficiency. It will introduce post-quantum cryptographic features to protect against future decryption threats, positioning Zcash as a proactive asset in the face of evolving quantum hardware.
Regulatory pressure has eased following the conclusion of an SEC investigation into the Zcash Foundation with no enforcement actions. Grayscale is currently seeking approval for a spot ZEC ETF, while notable figures such as the Winklevoss twins and VanEck support the ecosystem.
The report also notes that a previously discovered and patched vulnerability in the Orchard layer led to market fluctuations, highlighting the inherent risks associated with advanced cryptographic implementations.
