F2Pool Co-founder Wang Chun: ZEC Rises Driven by Narrative, Fundamentals Lag Behind SOL and HYPE
On September 8, Wang Chun, co-founder of F2Pool, stated that the recent rise in Zcash (ZEC) is primarily due to "narrative-driven" factors, and its high market capitalization does not reflect the project's actual value. He believes that Zcash is not comparable to Solana (SOL) or Hyperliquid (HYPE). Wang Chun pointed out that Zcash was not fairly distributed at its launch, with 20% of the block rewards allocated as "founder's rewards" to founders, employees, advisors, and early investors over the first four years, totaling 2.1 million ZEC, which accounts for 10% of the total supply. After the founder's rewards ended, a similar 20% block reward distribution reappeared in the form of a "development fund." Wang Chun criticized Zcash for its long-term adoption of an "optional privacy" model, arguing that most ZEC has remained in public addresses, and highlighted governance disputes among organizations such as Electric Coin Company and Zcash Foundation. In January 2026, the entire ECC team left, which he sees as a reflection of flaws in Zcash's governance model. Additionally, Wang Chun mentioned the Orchard funding pool vulnerability disclosed by Zcash in May 2026, which existed for about four years and could have been exploited to generate untraceable ZEC. The Ironwood upgrade implemented in July closed the old funding pool and required tokens to pass through a new "gate," essentially a bug fix rather than a justification for ZEC to enter the top ten. Wang Chun concluded that unfair distribution, block reward sharing, governance disputes, and privacy pool vulnerabilities are insufficient to support Zcash as a "top ten network," describing it more as a "story coin," while Solana and Hyperliquid still possess real use cases.
-- Price
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