$ZEN
ZEN (Horizen) has undergone a massive transformation in the last year, evolving from a legacy "privacy coin" (like Monero or Zcash) into a modern Layer 3 (L3) privacy network built on Coinbase's Base ecosystem.
As of early 2026, here is a short analysis of the project's current standing:
1. The Pivot: From L1 to L3
In late 2025, Horizen completed a major migration, moving ZEN from its own standalone blockchain to an ERC-20 token on the Base network.
Why this matters: By becoming an L3 on Base, Horizen now leverages Ethereum’s security and Coinbase’s massive liquidity while providing "programmable privacy."
The Tech: It uses Zero-Knowledge Proofs (ZKPs) to allow "Selective Disclosure." This means companies can prove they are compliant with laws without revealing sensitive customer data.
2. Tokenomics & Market Position
ZEN maintains the "Scarcity Model" similar to Bitcoin, which is a major draw for long-term holders.
Fixed Supply: Capped at 21 million coins, with roughly 17.7 million currently in circulation.
Staking: A new staking program launched in late 2025 (targeting 8–12% APY), incentivizing users to lock up their tokens to secure the network.
Price Performance: After a volatile 2025 where it dropped from highs near $30 to lows around $6, ZEN has recently stabilized around the $8.50 – $9.50 range. Analysts see it as a "high-risk, high-reward" play depending on how many developers build on its new L3 architecture.