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.(Ignas | DeFi)