Zcash is generating 405 million USD in annual fees — that's more than Ethereum (329M) and Solana (323M). Yes, you read that right. According to @tokenterminal, these are real transaction fees paid by users, not block rewards or inflation. The calculation is based on the UTXO model, including shielded pool transactions. What's driving these insane numbers? 59% of all Zcash transactions are now shielded. Shielded transaction volume is up 300%. Multiple CEXs re-listed ZEC in early 2026 after delisting it in 2023. Multicoin Capital announced a position. Grayscale filed for a spot ZEC ETF. And the privacy narrative is heating up across CT. Now, DefiLlama shows current fees are much lower — around 60k USD in the last 30 days. The 405M annual figure from Token Terminal includes a massive fee spike in January 2026. But here's the kicker: even when you strip out the outlier months, Zcash is still generating more fees than Ethereum today. Privacy is back, and it's printing.