F2Pool co-founder says ZEC rally is driven more by narrative than fundamentals

Recent gains in Zcash (ZEC) appear closer to speculative buying driven by market narratives than to growth in actual network usage, F2Pool co-founder Wang Chun said. He said ZEC’s large market capitalization does not mean it has proven value commensurate with that position. Wang added that ZEC’s ranking alongside Solana and Hyperliquid by market cap does not mean it serves the same role as those networks. In his view, ZEC has not delivered results consistent with a top-10 market cap network, citing what he described as unfair token issuance, team compensation disproportionate to performance, prolonged operational conflicts and a vulnerability that existed in a private pool for four years. Wang said Solana and Hyperliquid each have their own points of criticism but have secured real use cases, while ZEC has only seen price gains tied to exchange listings and a short squeeze and should not be equated with real-world usage.