#密码资产动态追踪 ZEC these past few days have really caused a stir. I want to share my thoughts with everyone (welcome to discuss).

**ZEC Intraday Drop of 18%+ and the Governance Storm Behind It**

ZEC plummeted over 18% in one day, dropping to a low of $381.4. This wasn’t caused by technical issues but by an governance earthquake.

**What exactly happened?**

ECC (Zcash Core Development Team) had a falling out with the Bootstrap Board (ZCAM). The board was accused of deviating from the core mission of privacy coins and unilaterally changing contract terms. As a result, the ECC team collectively resigned citing "constructive dismissal" and formed a new company to continue privacy-related work. The protocol itself is perfectly fine; this is purely a governance conflict.

But for the market, this was a bombshell. ZEC’s once seemingly stable structure collapsed rapidly, even breaking below the key support level of $450. Many high-leverage longs were liquidated directly, triggering a chain of liquidations that further increased selling pressure, ultimately creating a vicious cycle of "decline → liquidation → further decline."

**Why did it fall so sharply?**

First, confidence issues. ECC is the technical brain of ZEC. Their departure sparked fears about development stagnation, potential changes to the roadmap, and a decline in ecosystem cohesion. Panic emotions instantly ignited.

Second, the amplifying effect of leverage. The market had accumulated quite a few high-leverage ZEC positions. Once the price broke certain levels, widespread liquidations were triggered, magnifying the decline.

Third, technical resonance. Technical traders saw support levels broken and immediately followed with sell-offs, adding to the downward pressure.

**What will happen in the short term?**

The protocol itself is functioning fine; the main volatility comes from market sentiment and liquidity. The key is whether Bootstrap can quickly find a reliable new development team, provide a clear roadmap, and how the new ECC company acts to repair market expectations. These signals over the next 1-4 weeks will be crucial.

**What about the long term?**

It depends on two variables. If governance structures are not fixed and development efforts remain scattered, ZEC’s competitiveness in the privacy coin space (competing with Monero, Grin, etc.) will decline, possibly falling behind. But conversely, if the new team integrates smoothly and the community re-establishes consensus, this storm could become a turning point for governance upgrades, with limited long-term impact.

In summary, what matters now is not the technology but the hearts and governance.