As reported by a user on Twitter and as later resumed by the Zcash Foundation, shielded transactions reached a remarkable peak in April.
Woo! Number of #Zcash Fully Shielded ᙇ🛡️ᙇ transactions continues to grow; nearly doubling in April 🙌 🥳 z2zhttps://t.co/LTjo5899Gw | @_garethdavies@ElectricCoinCo @zooko @ZcashFoundation pic.twitter.com/q9SZs6pEXd
— mine Zcash ᙇ🌸 (@mineZcash) May 1, 2020
What can be seen from the graph is very clear: Shielded Transactions, i.e. the entirely private ones, exceeded the threshold of 8700 transactions in April, a record-breaking achievement considering that only during the month of March they had been just 5100. Essentially an increase of 70% in just one month.
Moreover, when checking the data, it is possible to see that there has been a constant and gradual increase in shielded transactions since 2019, although it is only from 2020 that the increase has been more significant, showing that overall transactions and hence the use of Zcash have also increased.
The reason for this new record on Zcash
An event that has certainly had an impact on this increase was the introduction of the development tax for the blockchain, giving additional boost to progress and development.
Another novelty that perhaps influenced the increase in transactions might be the introduction of ZEC futures on Binance and hence the fact that more accounts were created and more transactions were made through the exchange.
Surely the various partnerships and developments that Zcash is implementing, as can be seen from the last report, are very encouraging and also from an economic point of view there do not seem to be any problems whatsoever.
Finally, it should be remembered that this fall there will be the halving of the protocol and so everyone has shifted the bar further into the future, as did Huobi who has bet on the event and the price that ZEC will reach after the halving.
The game now moves on to the market, where there has been a positive increase since the beginning of the year, despite the crypto crash in March that involved both the traditional market and the crypto world, although ZEC immediately recovered and reached CoinMarketCap’s 26th position with a price of $46.