ZecZcash⚡ F2POOL CO-FOUNDER QUESTIONS ZCASH RALLY — BUT HOW STRONG IS HIS CASE?
As Zcash continues its powerful 2026 rally, not everyone is convinced that the move is backed by fundamentals.
Chun Wang, co-founder of major Bitcoin mining pool F2Pool, has publicly criticized Zcash, questioning its funding history, governance structure and the sustainability of the current ZEC rally.
According to Wang, ZEC's recent performance may be driven more by market momentum, listings and short squeezes than by a corresponding increase in real-world usage.
But some of his criticism requires additional context.
🟡 Funding & the Founders' Reward
One of Wang's main arguments concerns Zcash's controversial early funding structure.
At launch, 20% of mining rewards were allocated through the Founders' Reward. However, the original Founders' Reward ended in 2020.
Zcash subsequently moved to a community-approved Development Fund model, and the funding structure has continued to evolve through governance decisions.
🔐 Optional Privacy
Wang also criticized Zcash because privacy is not mandatory.
Zcash supports both transparent and shielded transactions. This has long been one of the network's biggest debates: optional privacy can improve compatibility with exchanges and existing infrastructure, but it also means not every ZEC transaction benefits from Zcash's strongest privacy technology.
That criticism is therefore legitimate — but it reflects a deliberate design trade-off rather than a hidden limitation.
🏛 Governance & Development
Recent governance disputes surrounding Zcash were another part of Wang's criticism.
The ecosystem has indeed experienced significant organizational changes and disagreements. However, those events did not mean that development of the Zcash protocol stopped.
Development and research around Zcash have continued despite changes in the organizations and teams involved.
🐛 The Orchard Vulnerability
Wang also pointed toward the Orchard vulnerability disclosed in 2026.
The issue was serious and deserves scrutiny. Security vulnerabilities are particularly important for privacy protocols because flaws can potentially undermine assumptions users make about transaction confidentiality.
At the same time, the vulnerability was disclosed and addressed — an important distinction when evaluating the long-term security of the protocol.
📈 What About the ZEC Rally?
Perhaps Wang's most important argument concerns price.
After ZEC's extraordinary rise, questioning whether price appreciation has moved faster than actual network adoption is reasonable.
But price alone cannot settle that debate.
The stronger test will be whether Zcash can translate renewed market attention into greater shielded adoption, wallet usage, developer activity and long-term demand for private transactions.
Wang is also not an entirely neutral observer. He has publicly criticized Zcash and its ecosystem for years and recently stated that he sold his ZEC holdings.
His arguments therefore deserve examination — but so does the context behind them.
The real question isn't whether Zcash has weaknesses. Every protocol does.
The question is whether Zcash can turn its renewed relevance into sustainable adoption.
And with ZEC once again commanding major attention across the crypto market, that debate is becoming increasingly important.
📎 Source: Pluang — F2Pool co-founder criticizes Zcash's funding, governance and rally
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