Partial data · Reported spot · Perpetuals excluded Coverage ↗
DEX share = DEX ÷ (CEX + DEX). Daily volume targets below hold today’s CEX volume constant.
| DEX share | DEX / day | Extra / day | From today |
|---|---|---|---|
| 10% | $72.6M | +$14.9M | 1.3× |
| 25% | $217.9M | +$160.1M | 3.8× |
| 50% Parity | $653.8M | +$596M | 11.3× |
BNB Chain
Solana
Base
Maya
NEAR IntentsChains combine their tracked DEX pools. Share uses the CEX + DEX total.
Registered ZEC contracts only. Returned pools counted once across tokens. Indexer coverage can be partial; timestamp is retrieval time. Routed activity may overlap with intents.
Registered ZEC contracts only. Returned pools counted once across tokens. Indexer coverage can be partial; timestamp is retrieval time. Routed activity may overlap with intents.
Registered ZEC contracts only. Returned pools counted once across tokens. Indexer coverage can be partial; timestamp is retrieval time. Routed activity may overlap with intents.
Registered ZEC contracts only. Returned pools counted once across tokens. Indexer coverage can be partial; timestamp is retrieval time. Routed activity may overlap with intents.
Registered ZEC contracts only. Returned pools counted once across tokens. Indexer coverage can be partial; timestamp is retrieval time. Routed activity may overlap with intents.
Registered ZEC contracts only. Returned pools counted once across tokens. Indexer coverage can be partial; timestamp is retrieval time. Routed activity may overlap with intents.
Registered ZEC contracts only. Returned pools counted once across tokens. Indexer coverage can be partial; timestamp is retrieval time. Routed activity may overlap with intents.
Verified Unit Zcash / USDC spot market. USDC notional treated as USD. Perpetual futures and unrelated ZEC-named tokens excluded.
Registered ZEC contracts only. Returned pools counted once across tokens. Indexer coverage can be partial; timestamp is retrieval time. Routed activity may overlap with intents.
Registered ZEC contracts only. Returned pools counted once across tokens. Indexer coverage can be partial; timestamp is retrieval time. Routed activity may overlap with intents.
Registered ZEC contracts only. Returned pools counted once across tokens. Indexer coverage can be partial; timestamp is retrieval time. Routed activity may overlap with intents.
Registered ZEC contracts only. Returned pools counted once across tokens. Indexer coverage can be partial; timestamp is retrieval time. Routed activity may overlap with intents.
Registered ZEC contracts only. Returned pools counted once across tokens. Indexer coverage can be partial; timestamp is retrieval time. Routed activity may overlap with intents.
Registered ZEC contracts only. Returned pools counted once across tokens. Indexer coverage can be partial; timestamp is retrieval time. Routed activity may overlap with intents.
Registered ZEC contracts only. Returned pools counted once across tokens. Indexer coverage can be partial; timestamp is retrieval time. Routed activity may overlap with intents.
Registered ZEC contracts only. Returned pools counted once across tokens. Indexer coverage can be partial; timestamp is retrieval time. Routed activity may overlap with intents.
Registered ZEC contracts only. Returned pools counted once across tokens. Indexer coverage can be partial; timestamp is retrieval time. Routed activity may overlap with intents.
Registered ZEC contracts only. Returned pools counted once across tokens. Indexer coverage can be partial; timestamp is retrieval time. Routed activity may overlap with intents.
Registered ZEC contracts only. Returned pools counted once across tokens. Indexer coverage can be partial; timestamp is retrieval time. Routed activity may overlap with intents.
Registered ZEC contracts only. Returned pools counted once across tokens. Indexer coverage can be partial; timestamp is retrieval time. Routed activity may overlap with intents.
Registered ZEC contracts only. Returned pools counted once across tokens. Indexer coverage can be partial; timestamp is retrieval time. Routed activity may overlap with intents.
Registered ZEC contracts only. Returned pools counted once across tokens. Indexer coverage can be partial; timestamp is retrieval time. Routed activity may overlap with intents.
Registered ZEC contracts only. Returned pools counted once across tokens. Indexer coverage can be partial; timestamp is retrieval time. Routed activity may overlap with intents.
Direct ZEC pool volume; counted once at protocol level.
Registered ZEC contracts only. Returned pools counted once across tokens. Indexer coverage can be partial; timestamp is retrieval time. Routed activity may overlap with intents.
ZEC pool swaps, including trade and synth assets. Midgard USD cents converted to dollars. Zero is a reported value.
ZEC omft pool execution on NEAR. Exact pool and token identity verified; routed NEAR Intents volume is not added.
Spot execution only. NEAR Intents activity is shown separately below.
NEAR Intents · public & confidential$13.3M / 24h ＋Intent routes · outside the spot total. The underlying trades may already appear in DEX volume.
ZEC explorer · Nov 10, 09:08 AM UTC. The explorer’s $166.2M headline includes all assets.
The publisher marks these figures as illustrative. A separate ZEC confidential volume total is not publicly disclosed; this TVL is outside the benchmark. TVL source · How it works
Verified token identities. Issued tokens represent existing ZEC; they do not increase native supply.
Base0xB2000000000000000000008501b13360000cb2EC0.11% of native ZEC supply represented. Token supply is not an independent backing audit. Pool coverage is limited to the indexers’ returned markets.
SolanaA7bdiYdS5GjqGFtxf17ppRHtDKPkkRqbKtR27dxvQXaS0.63% of native ZEC supply represented. Token supply is not an independent backing audit. Pool coverage is limited to the indexers’ returned markets.
SolanaJDt9rRGaieF6aN1cJkXFeUmsy7ZE4yY3CZb8tVMXVroS<0.01% of native ZEC supply represented. Token supply is not an independent backing audit. Pool coverage is limited to the indexers’ returned markets.
BNB Chain (BSC)0x1Ba42e5193dfA8B03D15dd1B86a3113bbBEF8Eeb1.29% of native ZEC supply represented. Token supply is not an independent backing audit. Pool coverage is limited to the indexers’ returned markets.
Base0x83f31af747189c2fa9e5deb253200c505eff6ed2<0.01% of native ZEC supply represented. Token supply is not an independent backing audit. Pool coverage is limited to the indexers’ returned markets.
Polygon0x83f31af747189c2fa9e5deb253200c505eff6ed2Token supply is not an independent backing audit. Pool coverage is limited to the indexers’ returned markets.
World Chain0x83f31af747189c2fa9e5deb253200c505eff6ed2Token supply is not an independent backing audit. Pool coverage is limited to the indexers’ returned markets.
Katana0x83f31af747189c2fa9e5deb253200c505eff6ed2Token supply is not an independent backing audit. Pool coverage is limited to the indexers’ returned markets.
SolanaHouLAv3gAthwjweq5eCWS8SkxpvXukaqtr47635F86Yq<0.01% of native ZEC supply represented. Token supply is not an independent backing audit. Pool coverage is limited to the indexers’ returned markets.
Ren 1.0 was sunset. This issuer-published mint is retained for completeness and excluded from current ZEC trading and represented-supply totals.
E99CQ2gFMmbiyK2bwiaFNWUUmwz4r8k2CVEFxwuvQ7ue
On-chain tokens: 0.16097471 renZEC · Nov 10, 09:02 AM UTC. Current redemption is not verified.
Public addresses and issuer disclosures. Positions may overlap with exchange custody.
Observed minimum. Unlabeled and shielded balances cannot be assigned to an exchange.
Exchange / custody · labels do not prove complete reserves or solvency.
t1MtYxFayfPrDmMUHDk7vV8bqD7z8MdbS4TCoinbase · CipherScan verified labelt1NV4euoqYjnutzS9Lr9VvjBD2LLNuXtXXZCoinbase · CipherScan verified labelt1aEbXVxdZasZjcXqYnKJD2N7s12y6Dqp3ZCoinbase · CipherScan verified labelt1cByqDRogv9vb7fsYRq4PHgH43cpUxxWSzCoinbase · CipherScan verified labelt1cB2VWdTNV9eW37GQwkj2nvyMdGzECoaiwCoinbase · CipherScan verified labelt1HwLQtvGCNfdpGpPUmK6MURTaW8Ujf6hU8Coinbase · CipherScan verified labelt1TDwC91tn1zny8EMhBDK2YWiGJ6TCEPjcSCoinbase Cold Wallet · CipherScan verified labelt1bxF7oetZt2EqWDndzsisTCz4CJhmsjvzLCoinbase Cold Wallet · CipherScan verified labelt1cyAGaYcwWMdsu8Spfm6zUVynSrLMpTY64Coinbase Cold Wallet · CipherScan verified label
Exchange / custody · labels do not prove complete reserves or solvency.
t3aPMe94jMKyrgkbH5SSukimvdMFJ59EFhPGemini Cold Wallet · CipherScan verified labelt3WGhZh3QV9Wgj9Xb6MrrhLZhpdyVa8QqLGGemini Custody · CipherScan verified labelt3LpoiUrHwkgpWA5KVY7LVAKzHKE9qox3CjGemini Custody · CipherScan verified labelt3hdTwzcVVGEqDdNKJTBfWvWyaFYNJv7KkAGemini Custody · CipherScan verified labelt3fygNh4yTRdhirVn6qu1QAtTUvZNFmGtbHGemini Custody · CipherScan verified labelt3SvZNJqBJZQx5t7o4nDb9YP1VqJ2R2md88Gemini Custody · CipherScan verified label
SEC filing · as of Sep 30, 2026
ZEC held at the September 30, 2026 period end, from the fund’s 10-Q filed November 5, 2026 with the SEC. Successor to the Zcash Trust; not an additional holding.
Custody: Coinbase Custody.
Separately tracked addresses: 91,733.58 ZEC. This partial view is not added to the disclosed holding.
Fund · labels do not prove complete reserves or solvency.
t1d3xisKP7tfdmNtXr2oDqFToBn1K1gKjSiGrayscale Zcash Trust · CipherScan verified labelt1e2ivMHX7shmSBhBmGzWxeVN3F9MPvDk8RGrayscale Zcash Trust · CipherScan verified labelt1ewXTvioNXo9fRZfjhnwnayQRYBJ5P4ebXGrayscale Zcash Trust · CipherScan verified labelt1am2oFofYswreeeKTN2G2NLiuW9DQvR5DVGrayscale Zcash Trust · CipherScan verified label
Exchange / custody · labels do not prove complete reserves or solvency.
t1e4VsqHKoMNbFp1RdnzXnedfher8gGA5kJKraken Cold Wallet · CipherScan verified labelt1QGQUHitjvXhZLJXgp7772CTEwAfYBRQXrKraken Deposit · CipherScan verified labelt1g47g7wNA55q5PWYHWb6X5JxzhMqwaknjCKraken Hot Wallet · CipherScan verified label
Issuer disclosure · as of Sep 30, 2026
Company dashboard holdings; date is the latest disclosed ZEC treasury transaction. No wallet ownership inferred.
Custody: Not address-attributed here.
No public address is attributed to this position here.
Exchange / custody · labels do not prove complete reserves or solvency.
t1PaCpkUPc5cM6FH9jSfFTUVC3DgrYRgxfjBinance · CipherScan verified labelt1XP8Pjju5eMYVfXiFNNjkjY8kt5ZLL4maJBinance · CipherScan verified labelt1RyCw14wRXrh3mp21uxgr9ynjem7cNUkMHBinance Cold Wallet · CipherScan verified labelt1VxyLUKaK2tvj5iMRQagued6qpxPNvRkk7Binance Cold Wallet · CipherScan verified labelt1PKBiv7mtzD9bNafYaqyxaENeiNDbpKxxQBinance Hot Wallet · CipherScan verified labelPublic label · labels do not prove complete reserves or solvency.
t1gGCYpyURMo2FcYDSqeR8pgp2Kx9rnT72VGarrett Jin · Public attributionEmber report · Sep 19, 2026 · Ownership not independently verified
DEX / bridge · labels do not prove complete reserves or solvency.
t1KbKkQ7WisJF52sSepMjYokQJbkJCJ1i3CHyperunit Hot Wallet · CipherScan verified labelTreasury · labels do not prove complete reserves or solvency.
t3ev37Q2uL1sfTsiJQJiWJoFzQpDhmnUwYoZIP-271 Disbursement Multisig · CipherScan verified labelIssuer disclosures, with their original reporting dates. May overlap with exchange custody.
ZEC held at the September 30, 2026 period end, from the fund’s 10-Q filed November 5, 2026 with the SEC. Successor to the Zcash Trust; not an additional holding.
Custody: Coinbase Custody
Separately, 91,733.58 ZEC is visible in labeled addresses. This is a partial view, not an additional holding.
Company dashboard holdings; date is the latest disclosed ZEC treasury transaction. No wallet ownership inferred.
Custody: Not address-attributed here
165,000 securities × 0.013109372906 ZEC per security. Issuer valuation date.
Custody: BitGo
All CipherScan value pools must sum exactly in zatoshis, including the lockbox. Today’s on-chain supply is the denominator, not the 21 million maximum.
Snapshot · Nov 10, 09:08 AM UTC. This checks the node response’s consistency, not proof of reserves. Ironwood tracker.
All holders combines labeled addresses with issuer disclosures. A fund’s reported holding and its visible addresses appear in one row; they are never added together. Public attributions carry their own source and date and are not CipherScan-verified labels.
Funds may use exchange custodians. Wrapped tokens represent already-issued native ZEC; Kamino deposits are part of token supply. Never add these categories into a new native supply total.
CEX uses reported spot markets; quotes older than two hours, derivatives, outliers and unknown classifications are excluded. Direct feeds replace the same aggregator venues. Provider USD conversions can differ; this is not a consolidated trade tape or an independent wash-trading audit. Shared Coinbase/Gemini quote books and verified HitBTC-family execution aliases count once.
DEX includes registered ZEC tokens, native Maya swaps and Unit UZEC/USDC spot on Hyperliquid. ZEC perpetual contracts are derivatives and excluded from both sides. Pools are deduplicated by network and address, including pools containing two ZEC tokens. Solana is checked against DEX Screener and up to three pages per token on GeckoTerminal.
NEAR Intents is a separate routing layer. Its ZEC volume stays visible without being added to the DEX venues that may execute those trades. These are reported volumes; provider windows and pool coverage can differ.
DEX share is DEX ÷ (CEX + DEX); the DEX/CEX ratio is DEX ÷ CEX. At parity they read 50% and 100%, respectively. For target share q, required DEX volume is CEX × q ÷ (1 − q), with CEX held constant. These are volume targets, not forecasts.
Definitions: DefiLlama share · The Block ratio. This view uses rolling 24h observations; The Block’s chart uses monthly totals.
Rhea’s ZEC pool is counted as DEX execution on NEAR. The same venue is not added again from an aggregator feed.
Contracts are pinned to issuer records. Solana covers OmniBridge ZEC, Zenrock zenZEC and Universal uZEC. Kamino’s complete public collateral registry is checked for those mints; newly discovered ZEC-labeled mints are flagged for verification. An absence of indexed pools is not proof of no trading.
Private ZEC volume, unlabeled wallets and undisclosed ownership cannot be quantified from public sources. No balance is inferred as zero when a source is missing.
Historical Ren 1.0 token supply only. Excluded from active volumes and represented-ZEC totals; current redemption is not verified.
All returned ZEC markets examined; classification from the exchange registry.
ZEC routed activity, shown separately from spot execution to avoid counting routes and underlying markets together.
All listed collateral reserves scanned by exact registered mint. Deposits are existing issued tokens, not additional supply or swap volume.
Publisher labels figures illustrative. All-asset TVL, not verified ZEC trading volume; excluded from the comparison.
Direct token supply at a recorded block or finalized slot; not a proof-of-reserves audit.
Direct token supply at a recorded block or finalized slot; not a proof-of-reserves audit.
Direct token supply at a recorded block or finalized slot; not a proof-of-reserves audit.
Direct token supply at a recorded block or finalized slot; not a proof-of-reserves audit.
Direct token supply at a recorded block or finalized slot; not a proof-of-reserves audit.
Direct token supply at a recorded block or finalized slot; not a proof-of-reserves audit.
UZEC/USDC spot market identified by token ID and market name.
Exact rolling 24-hour window; synchronized Midgard with a block less than five minutes old required.
ZEC inbound halt and trading-pause flags. Pool status alone does not confirm trading is active.
Issuer-listed contract; DEX Screener pools plus up to three GeckoTerminal pages for Solana, Base and BNB Chain, deduplicated by chain and pool. No indexed market does not prove zero activity. Indexer coverage is bounded.
Issuer-listed contract; DEX Screener pools plus up to three GeckoTerminal pages for Solana, Base and BNB Chain, deduplicated by chain and pool. No indexed market does not prove zero activity. Indexer coverage is bounded.
Issuer-listed contract; DEX Screener pools plus up to three GeckoTerminal pages for Solana, Base and BNB Chain, deduplicated by chain and pool. No indexed market does not prove zero activity. Indexer coverage is bounded.
Issuer-listed contract; DEX Screener pools plus up to three GeckoTerminal pages for Solana, Base and BNB Chain, deduplicated by chain and pool. No indexed market does not prove zero activity. Indexer coverage is bounded.
Issuer-listed contract; DEX Screener pools plus up to three GeckoTerminal pages for Solana, Base and BNB Chain, deduplicated by chain and pool. No indexed market does not prove zero activity. Indexer coverage is bounded.
Issuer-listed contract; DEX Screener pools plus up to three GeckoTerminal pages for Solana, Base and BNB Chain, deduplicated by chain and pool. No indexed market does not prove zero activity. Indexer coverage is bounded.
Issuer-listed contract; DEX Screener pools plus up to three GeckoTerminal pages for Solana, Base and BNB Chain, deduplicated by chain and pool. No indexed market does not prove zero activity. Indexer coverage is bounded.
Issuer-listed contract; DEX Screener pools plus up to three GeckoTerminal pages for Solana, Base and BNB Chain, deduplicated by chain and pool. No indexed market does not prove zero activity. Indexer coverage is bounded.
Issuer-listed contract; DEX Screener pools plus up to three GeckoTerminal pages for Solana, Base and BNB Chain, deduplicated by chain and pool. No indexed market does not prove zero activity. Indexer coverage is bounded.
Issuer-listed contract; DEX Screener pools plus up to three GeckoTerminal pages for Solana, Base and BNB Chain, deduplicated by chain and pool. No indexed market does not prove zero activity. Indexer coverage is bounded.
Issuer-listed contract; DEX Screener pools plus up to three GeckoTerminal pages for Solana, Base and BNB Chain, deduplicated by chain and pool. No indexed market does not prove zero activity. Indexer coverage is bounded.
Native ZEC pool.
Direct ZEC pool execution on NEAR; counted once in spot volume. NEAR Intents routing is a separate layer.
Mainnet node supply reconciled exactly against all value pools, including Ironwood and the lockbox.
Every CipherScan label is retained, including addresses outside the rich list. Sourced public attributions are marked separately and never treated as CipherScan-verified ownership.
Issuer-reported treasury; latest disclosed transaction date retained.
Securities outstanding × ZEC entitlement; issuer valuation date retained.
Issuer site could not be read automatically; showing the newer SEC filing. Never added to custodian wallet balances.
ZEC held at each quarter end, from the fund’s 10-Q and 10-K filings. Used only when newer than the issuer figure.
Kraken Futures · ZEC/USDDerivatives excluded
gTrade · ZEC/USDDerivatives excluded
WhiteBIT Futures · ZEC/USDTDerivatives excluded
XeggeX · ZEC/USDTFlagged as an outlier by CoinPaprika
Pancakeswap V3 (BSC) · ZEC/USDTReplaced by the direct protocol source
Pancakeswap V3 (BSC) · ZEC/WBNBReplaced by the direct protocol source
Pancakeswap V3 (BSC) · ZEC/PIRATEReplaced by the direct protocol source
Pancakeswap V3 (BSC) · ZEC/BTCBReplaced by the direct protocol source
Pancakeswap V3 (BSC) · ZEC/COSAReplaced by the direct protocol source
Pancakeswap V3 (BSC) · ZEC/WETHReplaced by the direct protocol source
Pancakeswap V3 (BSC) · ZEC/SOLReplaced by the direct protocol source
Binance Futures · ZEC/USDCDerivatives excluded
Binance Futures · ZEC/USDTDerivatives excluded
ApeSwap · ZEC/BNBReplaced by the direct protocol source
YoBit · ZEC/BTCFlagged as an outlier by CoinPaprika
Pancakeswap V3 (BSC) · ZEC/NEARQuote outside the freshness window
Gleec BTC Exchange · ZEC/BTCShared order book already counted
Gleec BTC Exchange · ZEC/USDTShared order book already counted
Coinbase · ZEC/USDCShared order book already counted
Gemini · ZEC/USDCShared order book already counted
FMFW.io · ZEC/BTCShared order book already counted
FMFW.io · ZEC/USDShared order book already counted
Gemini · ZEC/GUSDShared order book already counted
Bequant · ZEC/BTCShared order book already counted
Bequant · ZEC/USDTShared order book already counted
Gemini · ZEC/RLUSDShared order book already counted