ZCash (ZEC) is now live with a Solana version. The privacy coin seeks wider adoption, as well as new sources of liquidity, aiming to retain its recent gains.
ZCash (ZEC) will now trade with a Solana version, available for DEX pairs on Raydium. The expansion of ZCash follows the coin’s recent return to popularity.
Raydium offers a form of Solana-based ZCash, powered by the Near Intents technology. ZEC owners can also become liquidity providers on Solana’s leading DEX.
The addition of ZEC as a Solana asset with DEX swaps follows the recent listing of the Zashi wallet among Solana’s apps.
Near Protocol also announced its readiness for bridging ZEC on Solana, meaning the trading will be based on real tokens, backed by the supply of ZEC on the main network. ZEC will go through the newly launched Zolana bridge and exist as a Solana-based token with multiple use cases.
The addition of ZEC on Raydium also means users will be able to swap multiple asset types into shielded tokens. Then, the token’s privacy will be retained on the Solana network.
ZEC corrected from the recent price peak
Following the announcements, ZEC traded at $222.42, sinking from its peak above $280 in the past week. ZEC still weakened during the most recent crypto market downturn. The current launch on Solana also comes with a premium, as the SOL-based version trades at around $283 based on user reports.
On Raydium, ZEC trades with around $56.6M in available liquidity. The market is still volatile based on early-stage activity, offering large, but risky, arbitrage opportunities. Whales are still buying and selling ZEC to boost volumes on Raydium. On Meteora, ZEC also trades at an unusual price of $153.
The privacy narrative slowed down, as overall assets sank under $12B in total valuation. XMR is still above $315, and some of the tokens have retained their recent gains.
ZEC, however, is fighting to become the main privacy asset, despite competition from new coins and tokens. The ZCash project has survived multiple bear markets and has shown its ability to make a return.
ZCash is now getting boosted by Solana influencers as well, while moving some of the supply into Solana’s DeFi space.
ZEC users keep moving into veiled coins
The Orchard Pool keeps getting filled with more ZEC, as the coins will be used in their most protected veiled form.
ZEC is also getting capital inflows, which are turning other assets into private coins. The asset is also becoming integrated into DeFi, a rarity for mined coins. The addition of ZEC on Solana moves the coin ahead of other privacy coins, including XMR, DCR, LTC, and others.
In the past week, ZEC was also added to Drift Protocol for perpetual futures trading with up to 5X leverage.
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