Coingecko: Why is the privacy currency declined?Who is the top privacy blockchain?

Author: Lim Yu Qian, Coingecko; Compilation: Deng Tong, Bitchain Vision World World

What happened to the privacy currency?

According to the average monthly token market value of the leading encrypted privacy assets,Since 2021, privacy currency has been taken away by 44.3% of the privacy blockchain.In January 2021, privacy coins accounted for 96.6% of the unburned privacy market (US $ 4.62 billion), but as of February 2024, it currently only accounted for 52.3% (market value of US $ 3.08 billion).In contrast, the market share of the privacy area has increased 14 times, from 3.4%(market value of US $ 160 million) to 47.7%(market value 2.81 billion US dollars).

These all indicate the continuous progress of encrypted privacy: from imitating Bitcoin and mainly used as the pioneering privacy of currency functions, to constructing the next -generation privacy blockchain with wider ecosystems with smart contract functions and regulatory considerations.

Among the top three privacy currencies surveyed, the market share of Dash (DASH) fell to 17.1%, and its market share dropped from 22.7%in January 2021 to 5.6%in February 2024.During the same period, ZCash’s market share (ZEC) shrank from 19.1%to 5.8%(-13.3%), while the market share of Monroe (XMR) decreased relatively, from 54.8%to 40.9%(-13.9%)Essence

at the same time,Oasis Network (Rose) market share of the privacy area has increased by 11.9%, Secret Network (SCRT) has increased by 0.6%, and Dusk Network (Dusk) has increased by 1.9%.During this period, three more privacy blockchain entered the market: compared with the tokens, Mina Protocol (MINA )’s market share increased by 18.4%, and Aleph Zero (Azero) market share increased by 3.9%.Iron Fish (Iron) is the only privacy blockchain (-1.7%) that has lost its market share since its launch.

Privacy currency is troubled by abuse

Privacy currency appeared around 2014,Including Monero and DASH, the cryptocurrency community of the early adopted people is becoming more and more popular.These early adopters are more inclined to idealism such as privacy and anonymous rights.However, since then, due to the supervision and review of illegal or illegal activities and the changes in the population structure of cryptocurrencies, the popularity of privacy has declined.

Over the years,Privacy currency is hit by centralized cryptocurrency exchanges.For example, in 2019, Bittrex and Coincheck in 2021, Huobi (HTX) in 2022, and OKX and Binance’s European business in 2023.The main resistance includes the US sanctions on the U.S. Tornado Cash, the United States in August 2022, and the more stringent anti -money laundering regulations (AMLR) that the European Union is about to introduce.

Recently, after Binance announced that it would also be removed from its wider platform, the market share of XMR fell by 5.3%in February 2024.That isThe exchanges usually have a long -term accumulation of market share and market value of privacy, rather than immediately impact.

Who is the top privacy blockchain?

The top three privacy blockchains are Mina Protocol (23.2%market share), Oasis Network (13.6%) and Aleph Zero (6.1%), and their market value has exceeded ZCASH and Dash.Privacy blockchain first appeared around 2021,At that time, the privacy currency was facing more and more regulatory issues.

MINA Protocol is currently the largest privacy blockchain at present, with a market value of 1.36 billion US dollarsMore than half of Monero’s market value of more than $ 2.41 billion.In contrast, from 10.1% in October 2023 to 23.2% in February 2024.

The second largest privacy area blockchain is OASIS Network, with a market value of 800 million US dollars, an increase of 10 times the market value of US $ 77.62 million in January 2021.OASIS’s market share has soared from 2.9% in January 2021 to a high level in January 2022.Although the OASIS network will not grow in the next two years, it has successfully recovered this year. The market share has increased from 6.7%in November 2023 to 13.6%in February 2024.

Aleph Zero is the third largest privacy blockchain. It occupies 6.1% of the encrypted privacy market. Driven by stable growth, it has consolidated its top three status since August 2022.In February 2024, Azero’s market value rose to US $ 3607.8 million ( +153.7%), while the market value at the time of transactions began in January 2022 was US $ 234.7 million.Aleph Zero’s market share exceeded ZCash for the first time in May 2023, and then caught up with Dash last November.

The remaining privacy blockchain with the smallest market share is Dusk Network (2.3%), Secret Network (1.9%), and Iron Fish (0.6%).Since 2021, the market share of Dusk Network has fluctuated below 2.0%, and it has not yet exceeded a high level of 2.8% of the same period.The market share of Secret reached 11.1% in February 2022, and has been hovering below 2.0% since June 2023.At the same time, the market share of Iron Fish was only 2.3%after its launch, and then there was a downward trend.

In the past three years, the total market value of the top -level privacy area blockchain has increased from US $ 160 million in early 2021 to US $ 2.81 billion in February 2024, an increase of 1,650.6%.