F2Pool co-founder Wang Chun says Zcash's recent gains are driven by narrative speculation, and that a market value approaching Solana or other large tokens does not indicate equal status.

He notes that Zcash was not fairly launched, pointing to a 20% share of block rewards allocated to founders, employees, advisers, and early investors during the first four years, totaling about 2.1 million ZEC, or about 10% of the 21 million supply cap.

He added that the same 20% allocation later reappeared through a development fund structure.

Chun also observed that Zcash privacy is optional rather than default, and that most coins have remained in transparent addresses for much of its history.

He stated that Electric Coin Company and the Zcash Foundation have long had governance disputes, and that ECC staff resigned in January 2026, saying they had been pushed out.

On security, he cited a May 2026 disclosure of an Orchard pool vulnerability that had existed for about four years and could theoretically have allowed ZEC issuance without clear on-chain traces, though the pool's privacy made it impossible to prove it never happened.

He added that Ironwood shut down the old pool and forced a transition in July, calling it cleanup rather than a reason for Zcash to rank among the top 10.