HorizenZEN

A 2017 privacy coin, now an ERC-20 on Base, backing Horizen's privacy apps; DCG-backed Horizen Labs builds it.

Rank #278Since May 2017 (as ZenCash)

Price on 31 Oct 2026

C$7.55 +37.5% since 31 Jul 2026 · 96.3% below its all-time high

The short version

ZEN began in May 2017 as ZenCash, a privacy coin. On 23 Jul 2025 it migrated to an ERC-20 token on Base with its 21 million cap intact, and the old mainchain and EON sidechain were retired. Horizen Labs (backed by Digital Currency Group), the Horizen Foundation and a DAO run the project; on 23 Oct 2026 they announced the shutdown of the Horizen L3 chain by 5 Nov 2026, moving activity to Base. On 31 Oct 2026 one ZEN cost C$7.55. From 31 Jul 2026 to 31 Oct 2026 its price changed +37.5% in Canadian dollars, and it was 96.3% below its all-time high of C$201.35 set on 7 May 2021.^[1]

Facts checked 2 Nov 2026 · 14 sources · next update about 1 Dec 2026

Price, past year

Past year: high C$28.84 (8 Nov 2025) · low C$5.29 (19 Aug 2026) · -69.3%^[1]

Month-end prices (table)

Date	C$	US$
31 Oct 2026	C$7.54	US$5.40
30 Sep 2026	C$9.87	US$6.93
31 Aug 2026	C$7.28	US$5.25
31 Jul 2026	C$5.48	US$3.91
30 Jun 2026	C$5.87	US$4.13
31 May 2026	C$7.92	US$5.74
30 Apr 2026	C$7.80	US$5.73
31 Mar 2026	C$7.28	US$5.22
28 Feb 2026	C$7.55	US$5.54
31 Jan 2026	C$11.04	US$8.14
31 Dec 2025	C$12.52	US$9.13
30 Nov 2025	C$15.01	US$10.73

Daily prices from CoinGecko; C$ converted at the Bank of Canada daily rate. The latest point is live when available. Past prices, not a forecast.

Choose what to see

Key facts

Price, 31 Oct 2026: C$7.55^[1]
3-month change: +37.5% in C$ (31 Jul 2026 to 31 Oct 2026)^[1]
From its high: 96.3% below its high of C$201.35 (7 May 2021)^[1]
Market rank: #278, market value about C$139.5M^[1]
Kind: Token · Base (ERC-20) since July 2025; formerly its own chain
Started: May 2017 (as ZenCash)

Checks: the same 9 questions for every coin

Facts, not a rating

Can an admin key create new coins?NoOnly two migration contracts could mint, up to a 21M cap in code; the cap is reached^{[2, 3]}

Can anyone freeze or take coins from holders?NoNo blacklist, pause or balance-change function in the Base contract^{[2, 3]}

Can the token's contract code be changed?Not applicableRuns on its own blockchain; its rules change only through network upgrades

Is the supply capped?Yes21 million, enforced by ERC20Capped in the contract^[2]

Any scheduled unlocks in the next 12 months?YesAbout 5% of circulating: Foundation and DAO vesting over 48 months from Jul 2025 (estimate)^{[2, 4, 5]}

Does a team or foundation hold over 10% of supply?YesFoundation and DAO vesting contracts hold about 2.5M ZEN (12%) plus liquid treasury^{[2, 5]}

Do network fees reach coin holders?YesStaking rewards since 27 Jul 2026 include app fees and part of Vela's revenue alongside DAO funds^[6]

Main network hacked or halted in the past 2 years?NoNo exploit; the old mainchain was retired by planned migration on 23 Jul 2025^{[7, 8]}

Is a regulator or court case targeting the coin itself?NoNo regulator or court case naming ZEN or Horizen found^[9]

Each answer is a fact with a source, not a score. What each check means.

Who controls it

Run by: Horizen Labs (seed round led by Digital Currency Group, 2019), the Horizen Foundation and the Horizen DAO with an elected Special Council^{[9, 10]}
Admin key: None left: minting was limited to two migration contracts and the 21M cap is in the code; no pause or blacklist^{[2, 3]}
Insider holdings: Foundation and DAO vesting contracts hold about 2.5M ZEN (12% of supply), released monthly to Jul 2029^{[2, 4, 5]}
Grayscale trust: Grayscale Horizen Trust swapped its ZEN 1:1 for the Base token in Jul 2025^[11]

Supply

In circulation: 18.48M ZEN of a 21.00M maximum (88.0%)^[1]
Fully diluted value: 1.14 times its current market value^[1]
Maximum: 21 million, enforced by the Base contract; 18.48M circulate^{[2, 5]}
Remaining supply: Unissued ZEN at migration: 60% to the DAO, 40% to the Foundation; 25% at once, 75% vesting over 48 months^{[2, 4]}
Next 12 months: About 0.9M ZEN (about 5% of circulating) vests to the Foundation and DAO (estimate)^{[2, 4, 5]}

Use and fees

Main use: Staking and governance for Horizen's privacy apps (Vela, zkVerify); gas on the Horizen L3 until its Nov 2026 shutdown^{[6, 12]}
Staking rewards: Since 27 Jul 2026, funded by DAO money, app fees and part of Vela's revenue; L3 rewards ended 25 Oct 2026^{[6, 12]}

Trading

Daily trading: About C$19.9M a day on average, 31 Jul 2026 to 31 Oct 2026^[1]
Daily turnover: Typically 8.65% of its market value changes hands each day^[1]
20-week average: 1.5% above its 20-week average price^[1]
1-year change: -72.5% in C$^[1]^[13]

History

Not a forecast

Coins ranked 201-500 at this point in past cycles (12-14 months after a Bitcoin peak), one year later: 8,067 cases, 1,187 coins

33% were higher a year later^[14]

Typical result: Median -38% after a year; 33% higher after two years
Lost half or more: 44% within a year
Against Bitcoin: 11% did better than Bitcoin over the year

History, not a forecast.

Red flags and things to watch

No red flags found

On 23 Oct 2026 Horizen said its L3 chain stops processing transactions on 5 Nov 2026 because of Base's Denim upgrade; the DAO returns balances on Base from 15 Nov.^[12]
L3 staking rewards ended 25 Oct 2026; staking is to be redeployed on Base under ZenIP-42408, with a three-year roadmap going to the DAO for approval.^[12]
The Horizen L3 went live on Base on 9 Dec 2025 and ran for under a year before the shutdown decision.^{[10, 12]}

Checked: admin keys, contract upgrades, unlocks, insider supply, hacks, legal actions and claims against records.

Sources and dates

Facts as of 31 Oct 2026. Prices from CoinGecko in Canadian and US dollars; US$ figures without a C$ price are converted at 1.3976 C$ per US$.