Zcash Fully Shielded Transactions Surge By 70% To New April High

The Zcash news lately are showing a lot of improvements and one specific metric is now of big importance to the network. As we can see, the Zcash fully shielded transactions have jumped by 70% to establish a new record in April, going over 8,700 and topping the compounds gains of 100% made in March.

What does this mean?

For starters, it means that the Zcash network is adding up almost 70% in April to hit a new record of over 8,700. One tweet from May 1 from the ZCashCommunity account shows that this represented 6% of the total transactions, which was also a record proportion historically.

Woo! Number of #Zcash Fully Shielded ᙇ🛡️ᙇ transactions continues to grow; nearly doubling in April 🙌 🥳 z2zhttps://t.co/LTjo5899Gw | @_garethdavies@ElectricCoinCo @zooko @ZcashFoundation pic.twitter.com/q9SZs6pEXd

— mine Zcash ᙇ🛡️ (@mineZcash) May 1, 2020

The gains in April followed an equally impressive March, which saw a 100% increase in transactions over February. In total, this jump from February’s 2,430 fully private transactions to the 8,721 in April represents an increase of over 250%.

The Zcash fully shielded transactions took three years to break through the 2,000 per-month level, which only happened in November 2019 before this. Now, while 6% of the total transactions may not seem like a lot, this only includes the ones which were fully shielded. If we consider all transactions with some shielded component, the number goes up to 23,676 or 15% of the total transactions.

 

Currently, the Zcash network supports two types of addresses:

• z-addr, which are shielded, and
• t-addr, which are transparent

The transactions between these two are fully transparent and can be viewed in the same way as the Bitcoin (BTC) transactions. The two types of transactions that Zcash supports are either with shielding (t to z) or deshielding (z to t). It is worth noting that all of these three transaction types with a shielded component add to the privacy of the network.

However, it recently become a lot easier for all Zcash users to use shielded transactions. In early April, the wallet app for Shielded ZEC was released – now joining ZecWallet Lite which was launched last November and is meant to shield any transparent ZEC sent to it.

Look at the cool new page we've made for our pride and joy of an application – @GuardaWallet for #Shielded $ZEC!
Lookin' fresssh~!https://t.co/zqRmhxx695

Also, don't forget to leave your feedback on the app itself:https://t.co/irDIoFAUty@ElectricCoinCo @ZcashFoundation pic.twitter.com/DZKo6qeJgp

— Guarda (@GuardaWallet) April 10, 2020

Meanwhile, we also saw Zcash being added as a perpetual contract option on Binance’s future platform in the Binance news this February – something that coincides with the point at which shielded transaction numbers started to go up dramatically.