On September 8, Chun Wang, co-founder of F2Pool, stated on platform X that the recent rise in Zcash is primarily driven by narrative. The market capitalization nearing that of Solana and Hyperliquid does not imply that its actual application capabilities are comparable to the two. Chun's criticisms include: Zcash allocated 20% of its block rewards as founder rewards in its first four years, totaling approximately 2.1 million ZEC, which is 10% of the 21 million supply cap, and has continued similar distributions through a development fund; its privacy features have long been optional; there are governance disputes among organizations such as Electric Coin Company, Zcash Foundation, and Bootstrap; and the theoretical vulnerability of the Orchard privacy pool disclosed in May 2026 could lead to undetectable ZEC inflation, prompting Ironwood to close the old pool and migrate assets in July. Based on this, Chun believes that Zcash's recent market performance is more a result of listings and short squeezes rather than fundamental improvements.