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Zcash recorded 62,375 shielded transactions last week, the highest level since 2022 and the largest in about four years, according to Blockworks data. Over the same period, network transfer volume reached $23.88 billion, marking the biggest weekly total on record aside from one week during the 2021 bull market.
Shielded transactions use zero-knowledge proofs to keep senders, recipients and transfer amounts private. Weekly transaction counts, which stood at around 8,000 to 12,000 from January through July this year, surged from August and climbed to about 48,000 in early September, the data showed.