F2Pool co-founder Chun Wang said Zcash’s recent rally is being driven mainly by narrative momentum, exchange listings and short squeezes rather than fundamental improvement. He said Zcash’s market capitalization nearing Solana and Hyperliquid does not mean its real-world utility is comparable to either project. Chun cited several concerns, including Zcash’s early founder rewards, later development fund allocations, long-running optional privacy model, governance disputes involving Electric Coin Company, the Zcash Foundation and Bootstrap, and the Orchard privacy pool vulnerability disclosed in May 2026. Ironwood closed the old pool in July and migrated assets after the issue, which Chun said theoretically could have enabled undetectable ZEC issuance.