F2Pool Co-Founder Wang Chun: Zcash's Recent Rally Driven by Narrative Speculation, Not Fundamentals

On September 8, F2Pool co-founder Wang Chun (@satofishi) stated that Zcash's current rally is essentially narrative-driven speculation rather than supported by actual value. He cited several core issues: Unfair issuance: In the initial four years, 20% of each block reward was allocated as "founder rewards" to founders, employees, advisors, and early investors, totaling 2.1 million ZEC, accounting for 10% of the maximum supply; subsequently, an equivalent proportion was continued under the guise of a "development fund."

Questionable privacy mechanism: Privacy features are optional rather than default settings, with most tokens circulating on transparent addresses over the long term, criticized as a "marketing gimmick." Persistent governance infighting: The Electric Coin Company (ECC) and the foundation have long-standing management conflicts; in January 2026, the ECC team collectively departed, claiming they were ousted. Major security vulnerability: In May 2026, a severe four-year-long flaw in the Orchard privacy pool was disclosed, theoretically allowing ZEC forgery without on-chain traces; in July, the old pool was urgently shut down with forced migration, seen as remediation rather than a positive development. Wang Chun believes that Zcash's presence alongside Solana and Hyperliquid on market cap rankings does not imply equivalent real-world utility, and the current price more reflects a "narrative short squeeze" rather than network fundamentals.

[TechFlow]