Zcash generating $405M annualized fees.

More than Ethereum ($329M) and Solana ($323M).

According to @tokenterminal calculations these are actual tx fees paid by users, not block rewards or inflation. Calculated from the UTXO model with shielded pool transactions included.

Pretty sick metrics driven by:

- 59% of transactions are now shielded

- Shielded volume up 300%

- Multiple CEXs relisted ZEC in early 2026 after delisting in 2023

- Multicoin Capital disclosed a position

- Grayscale filed for a spot ZEC ETF

- Privacy narrative on CT

Although DefiLlama shows much lower current fees (~$60k per 30 days).

The $405M yearly number from Token Terminal includes the huge pump of fees in January 2026.

But even excluding the outlier months, even today ZEC is generating more fees than Etherem.

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