Sam799

$ZEC has risen 20-fold in one year, with the current price at 839, hovering near an eight-year high. At this level, the question is not how much it has risen, but what is driving the rise.
There has been a real change on the supply side: the shielded pool’s share has risen from 8% two years ago to 30%, with approximately 5 million coins removed from liquid supply, and 90% of on-chain transactions going through shielded channels. This is verifiable usage, not a narrative. Annual inflation is 3.89%, but the shielded share is rising faster than new issuance, so net circulating supply is actually