Zcash Monthly Price Drops 33% Amid Centralization, Founder Criticism.
Key Takeaways
- Swan founder Cory Klippsten described the investment campaign around Zcash as a "coordinated pump."
- Klippsten labeled the asset "garbage" and claimed 99% of ZEC is held on centralized exchanges.
- CoinMarketCap data indicates a 33% decrease in ZEC's value over the past month.
- This criticism and market performance coincide with prior discussions among Zcash developers regarding a network upgrade.
- The proposed upgrade addresses a critical vulnerability identified within the Orchard pool.
Cory Klippsten, founder of Swan, has publicly criticized the investment campaign surrounding Zcash, characterizing promotional efforts as a "coordinated pump." Klippsten further labeled the asset itself as "garbage" in his remarks.
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He claimed approximately 99% of all ZEC is held on centralized exchange platforms. Klippsten suggested this level of centralization undermines the asset's viability or decentralized principles.
These critical statements arrive as CoinMarketCap data shows ZEC has experienced a significant market downturn. Over the past month, the cryptocurrency's value has decreased by approximately 33%, indicating considerable volatility in its recent performance.
The criticisms and market movements follow earlier public discussions among Zcash developers concerning a necessary network upgrade. This upgrade was prompted by the discovery of a critical vulnerability within the Orchard pool, highlighting ongoing efforts to maintain the security and integrity of the Zcash protocol.
