As a representative of the privacy sector, Zcash achieves selectively anonymous on-chain transactions through zero-knowledge proofs, and has long stood at the center of the tension between privacy and compliance. Recently, the privacy coin sector has heated up, with capital re-pricing around the narrative of "anonymity + auditability." The technology itself is neutral, but implementation inevitably runs into regulatory boundaries. Whether the adoption surface can be expanded depends on real-world usability under a compliance framework.