In a report covered by TechFlow on November 12, 2026, Grayscale research head Zach Pandl said Zcash’s monthly active developer count had roughly doubled over the preceding two years. That contrasted with a decline from peak developer levels across the broader crypto industry during the same period.
The report said about 70% of active Zcash developers had more than one year of crypto-industry development experience, compared with an industry average of 58%. It identified zero-knowledge proofs, post-quantum cryptography, wallet usability and network security among their areas of work.
Grayscale argued that a growing developer community could help advance the Zcash protocol and privacy-payment applications, potentially supporting ZEC’s long-term valuation. Developer activity is evidence of work, not proof of adoption or a price outcome. The valuation link remains Grayscale’s research judgment, not a certain forecast.
Original report: TechFlow, published November 12, 2026, at 08:28 (UTC+08:00).