In a report published by PANews on November 12, 2026, Grayscale research head Zach Pandl said Zcash’s monthly active developer count had roughly doubled over the preceding two years. Over the same period, the broader crypto developer community had retreated from its peak.
The report said about 70% of Zcash’s active developers had more than one year of crypto development experience, compared with 58% across the industry. It also described Zcash developers as bringing expertise in zero-knowledge proofs and post-quantum cryptography research.
Pandl’s valuation argument is conditional: sustained developer participation could support further protocol improvements and innovation, which might eventually raise ZEC’s valuation. Developer counts indicate participation, however—not protocol revenue or value accruing to ZEC holders. The report provides no valuation model or estimate of how much this activity could affect ZEC’s value.