ZEC reaches a critical milestone as the NU7 vote ends tonight
The ZEC NU7 network upgrade voting is about to close tonight. Two key issues are up for discussion: replacing the once-every-four-years halving mechanism with a smooth emission curve, and reducing the block interval from 75 seconds to 25 seconds. The total token supply remains unchanged at 21 million, but the emission schedule will be rewritten. After the vote takes effect, the supply narrative is expected to undergo a major shift.
In this latest wave, ZEC has surged from 400 to 1,200, an increase of more than 200%. Market action has been driven largely by leverage. Over the past 24 hours, futures contracts recorded trading volume of 6.4 billion, while spot trading was only 600 million—an 11-fold difference. Open interest in futures reached $2.1 billion, but spot buying demand has not formed an effective backstop.
Industry commentary suggests this is more of a narrative-driven short squeeze rather than a fundamental improvement. The project still has many issues, including unfair initial distribution, privacy features not enabled by default, departures from the core team, and a long-standing vulnerability in the privacy pool.
Market competition is intense. On-chain big shorts initiated positions at $444, holding them up to the 1,200 level, incurring an unrealized loss of over $24 million. The shorts have not surrendered, while the longs’ leverage has largely been propped up by borrowed capital.
The voting outcome will directly shape what happens next. If the smooth emission proposal passes, the traditional halving narrative would disappear, putting pressure on believers. If the halving mechanism is preserved, expectations of tighter supply are likely to continue.
Key uncertainties are concentrated in the vote taking effect tonight, pushing the long-vs-short battle into a white-hot phase.
$ZEC
The ZEC NU7 network upgrade voting is about to close tonight. Two key issues are up for discussion: replacing the once-every-four-years halving mechanism with a smooth emission curve, and reducing the block interval from 75 seconds to 25 seconds. The total token supply remains unchanged at 21 million, but the emission schedule will be rewritten. After the vote takes effect, the supply narrative is expected to undergo a major shift.
In this latest wave, ZEC has surged from 400 to 1,200, an increase of more than 200%. Market action has been driven largely by leverage. Over the past 24 hours, futures contracts recorded trading volume of 6.4 billion, while spot trading was only 600 million—an 11-fold difference. Open interest in futures reached $2.1 billion, but spot buying demand has not formed an effective backstop.
Industry commentary suggests this is more of a narrative-driven short squeeze rather than a fundamental improvement. The project still has many issues, including unfair initial distribution, privacy features not enabled by default, departures from the core team, and a long-standing vulnerability in the privacy pool.
Market competition is intense. On-chain big shorts initiated positions at $444, holding them up to the 1,200 level, incurring an unrealized loss of over $24 million. The shorts have not surrendered, while the longs’ leverage has largely been propped up by borrowed capital.
The voting outcome will directly shape what happens next. If the smooth emission proposal passes, the traditional halving narrative would disappear, putting pressure on believers. If the halving mechanism is preserved, expectations of tighter supply are likely to continue.
Key uncertainties are concentrated in the vote taking effect tonight, pushing the long-vs-short battle into a white-hot phase.
$ZEC