# Privacy crypto coins — market cap, protocol fees and revenue

> Privacy vs Bitcoin — Relative Strength & Breadth

Bottom line: Zcash ranks first for research priority in Privacy crypto at 68.7/100, and its native activity proof is incomplete. The theme's 13-week excess versus Bitcoin is +15.3% on 17% breadth, which is what decides whether that lead is isolated or broad. 2 of the 24 assets here carry enough native evidence to move past a tape-led label.

## Agent research brief

- What matters now: Privacy is +15.3% versus Bitcoin over 13 weeks. Only 17% of covered assets are above trend; leadership is narrow.
- Best research lead: Zcash ranks first at 68.7/100 with 50% total evidence and 0% native evidence.
- The contradiction: The score leader is tape-led: price and liquidity are doing more work than verified network economics.
- What to do with it: Keep this as a research queue, not an entry list. The market gate reopens only when Bitcoin trend and sector breadth improve.

Data: price 2026-07-31; protocol 2026-07-31; chain users/transactions unavailable; chain TVL 2026-07-25; market-cap snapshot 2026-07-04.

## 4-Factor Crypto Evidence Score

A within-theme research-priority score for the 24 assets in Privacy, out of 100. The four displayed point contributions add exactly to the total, and the market regime changes the action label, never the arithmetic. Zcash is highest at 68.7/100 on 50% evidence. It ranks research attention, not portfolio action.

1. Zcash (ZEC): 68.7/100 — Tape-led · on-chain proof incomplete; 32.2 + 15.0 + 10.0 + 11.5 = 68.7; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
2. Zama (ZAMA): 67.8/100 — Tape-led · on-chain proof incomplete; 31.3 + 15.0 + 10.0 + 11.5 = 67.8; evidence 43%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
3. Anoma (XAN): 62.6/100 — Illiquid · research only; 29.4 + 15.0 + 10.0 + 8.2 = 62.6; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
4. Monero (XMR): 62.1/100 — Tape-led · on-chain proof incomplete; 23.3 + 15.0 + 10.0 + 13.8 = 62.1; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
5. MimbleWimbleCoin (MWC): 58.6/100 — Illiquid · research only; 32.1 + 15.0 + 10.0 + 1.5 = 58.6; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
6. Litecoin (LTC): 53.5/100 — Tape-led · on-chain proof incomplete; 16.4 + 13.1 + 10.0 + 14.0 = 53.5; evidence 55%; native evidence 10%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
7. ZEROBASE (ZBT): 52.7/100 — Illiquid · research only; 17.5 + 17.3 + 10.0 + 7.9 = 52.7; evidence 17%; native evidence 10%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
8. Dash (DASH): 52/100 — Tape-led · on-chain proof incomplete; 15.2 + 14.7 + 10.0 + 12.1 = 52.0; evidence 55%; native evidence 10%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
9. Zano (ZANO): 51.6/100 — Illiquid · research only; 20.2 + 15.0 + 10.0 + 6.4 = 51.6; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
10. Tornado Cash (TORN): 50.4/100 — Illiquid · research only; 15.5 + 15.2 + 15.0 + 4.7 = 50.4; evidence 65%; native evidence 30%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
11. Pirate Chain (ARRR): 47.2/100 — Illiquid · research only; 18.7 + 15.0 + 10.0 + 3.5 = 47.2; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
12. Decred (DCR): 46.4/100 — Illiquid · research only; 15.0 + 15.0 + 10.0 + 6.4 = 46.4; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
13. Mina Protocol (MINA): 44.3/100 — Illiquid · research only; 11.0 + 15.0 + 10.0 + 8.3 = 44.3; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
14. Railgun (RAIL): 43.5/100 — Illiquid · research only; 17.8 + 11.3 + 12.2 + 2.2 = 43.5; evidence 91%; native evidence 82%
   Decision use: Evidence is mixed. Keep normal research priority and wait for two pillars to agree.
15. Horizen (ZEN): 40.9/100 — Tape-led · on-chain proof incomplete; 7.0 + 12.5 + 10.0 + 11.4 = 40.9; evidence 55%; native evidence 10%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
16. Arcium (ARX): 40.8/100 — Illiquid · research only; 11.2 + 15.0 + 10.0 + 4.6 = 40.8; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
17. Ergo (ERG): 38.8/100 — Illiquid · research only; 9.8 + 12.8 + 10.0 + 6.2 = 38.8; evidence 55%; native evidence 10%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
18. Verge (XVG): 37/100 — Illiquid · research only; 4.2 + 15.0 + 10.0 + 7.8 = 37.0; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
19. Nockchain (NOCK): 36.1/100 — Illiquid · research only; 8.7 + 15.0 + 10.0 + 2.4 = 36.1; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
20. Tezos (XTZ): 35.8/100 — Lagging · market gate closed; 5.4 + 17.8 + 2.9 + 9.7 = 35.8; evidence 91%; native evidence 82%
   Decision use: Evidence is mixed. Keep normal research priority and wait for two pillars to agree.
21. Humanity (H): 34.9/100 — Tape-led · on-chain proof incomplete; 2.8 + 15.0 + 10.0 + 7.1 = 34.9; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
22. Oasis (ROSE): 33.2/100 — Illiquid · research only; 3.4 + 14.4 + 10.0 + 5.4 = 33.2; evidence 55%; native evidence 10%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
23. ALEO (ALEO): 33/100 — Illiquid · research only; 2.4 + 15.0 + 10.0 + 5.6 = 33.0; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
24. Midnight (NIGHT): 32.1/100 — Illiquid · research only; 4.2 + 15.0 + 10.0 + 2.9 = 32.1; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

## Which projects are generating the most network fees?

What the numbers say: Tornado Cash leads Privacy crypto on Trailing 12-month fees at $5.5M, 21% ahead of Railgun. 2 of 3 assets with comparable change data are growing, fastest at Tezos. Coverage is 3 of the 24 ranked assets in this theme, through the Q2 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero.

Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture.

This conclusion weakens if: fee growth turns negative across two complete calendar quarters or fee coverage falls below the stated threshold.

- Tornado Cash (TORN): $5.5M
- Railgun (RAIL): $4.6M
- Tezos (XTZ): $500.4K

## Which projects convert activity into protocol revenue?

What the numbers say: Railgun leads Privacy crypto on Trailing 12-month revenue at $4.6M, 890% ahead of Tezos. 1 of 2 assets with comparable change data is growing, fastest at Tezos. Coverage is 2 of the 24 ranked assets in this theme, through the Q2 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero.

Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture.

This conclusion weakens if: revenue growth turns negative or the revenue-to-fees take rate falls for two complete calendar quarters.

- Railgun (RAIL): $4.6M
- Tezos (XTZ): $461.6K

## Where is capital actually committed on-chain?

What the numbers say: Tornado Cash leads Privacy crypto on Quarter-end TVL at $428.5M, 449% ahead of Railgun. 2 of 9 assets with comparable change data are growing, fastest at ZEROBASE. Coverage is 11 of the 24 ranked assets in this theme, through the Q2 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero.

Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture.

This conclusion weakens if: TVL rises while fees and users fall; that pattern can be incentive-funded mercenary liquidity.

- Tornado Cash (TORN): $428.5M
- Railgun (RAIL): $78.0M
- ZEROBASE (ZBT): $55.9M
- Zama (ZAMA): $32.0M
- Tezos (XTZ): $21.1M

## Every rated asset

- Zcash (ZEC) — 90d +18%; RS-BTC +38%; score 68.7; activity chain TVL
- Zama (ZAMA) — 90d +93%; RS-BTC +113%; score 67.8; activity protocol
- Anoma (XAN) — 90d +31%; RS-BTC +51%; score 62.6; activity tape only
- Monero (XMR) — 90d -6.5%; RS-BTC +14%; score 62.1; activity tape only
- MimbleWimbleCoin (MWC) — 90d +63%; RS-BTC +83%; score 58.6; activity tape only
- Litecoin (LTC) — 90d -20%; RS-BTC +0.1%; score 53.5; activity protocol + chain TVL
- ZEROBASE (ZBT) — 90d —; RS-BTC —; score 52.7; activity protocol
- Dash (DASH) — 90d -17%; RS-BTC +3.0%; score 52; activity chain TVL
- Zano (ZANO) — 90d -0.9%; RS-BTC +19%; score 51.6; activity tape only
- Tornado Cash (TORN) — 90d -27%; RS-BTC -6.9%; score 50.4; activity protocol
- Pirate Chain (ARRR) — 90d +2.2%; RS-BTC +22%; score 47.2; activity tape only
- Decred (DCR) — 90d -30%; RS-BTC -10%; score 46.4; activity tape only
- Mina Protocol (MINA) — 90d -33%; RS-BTC -12%; score 44.3; activity tape only
- Railgun (RAIL) — 90d +11%; RS-BTC +31%; score 43.5; activity protocol
- Horizen (ZEN) — 90d -38%; RS-BTC -17%; score 40.9; activity chain TVL
- Arcium (ARX) — 90d -27%; RS-BTC -7.0%; score 40.8; activity tape only
- Ergo (ERG) — 90d -32%; RS-BTC -12%; score 38.8; activity chain TVL
- Verge (XVG) — 90d -41%; RS-BTC -21%; score 37; activity tape only
- Nockchain (NOCK) — 90d -29%; RS-BTC -9.1%; score 36.1; activity tape only
- Tezos (XTZ) — 90d -45%; RS-BTC -25%; score 35.8; activity protocol + chain TVL
- Humanity (H) — 90d -67%; RS-BTC -47%; score 34.9; activity tape only
- Oasis (ROSE) — 90d -49%; RS-BTC -29%; score 33.2; activity chain TVL
- ALEO (ALEO) — 90d -62%; RS-BTC -42%; score 33; activity tape only
- Midnight (NIGHT) — 90d -43%; RS-BTC -23%; score 32.1; activity tape only

## Not rated — and why

3 of the 27 Privacy coins are not rated this week: 2 have no price within 7 days, 1 reports no traded volume.

- Canton (CC) — No price this week: No traded price in the 95 days to 2026-07-31.
- Verus (VRSC) — No traded volume reported: No traded volume is reported on most of the last 30 days, so it has no liquidity reading.
- Octra (OCT) — No price this week: No traded price in the 95 days to 2026-07-31.

## Limitations

- Crypto network activity is not company earnings. Protocol revenue does not automatically accrue to token holders.
- Market-cap values are a dated universe snapshot, not point-in-time historical supply data.
- Current category labels are applied to historical prices; this creates survivorship and taxonomy hindsight.
- Funding rates, open interest, liquidations, exchange flows, unlock schedules, historical circulating supply and developer activity are not held and are not inferred.
- Equal weighting is used for sector history because true historical market-cap weights are unavailable.

## FAQs

### What is Privacy crypto?

Privacy crypto refers to cryptocurrency projects grouped by what they actually do rather than by market fashion. This page tracks 24 such coins by market cap, price and Bitcoin-relative strength, with protocol fees and revenue where a project publishes them. Readings are as of 2026-07-31.

### What is the total market cap of Privacy crypto coins?

The Privacy coins on this page are tracked against a universe of 894 of the top 1,000 crypto currency assets by market cap. Market-cap metadata is dated 2026-07-04, separately from the price series, and each coin's own figure is in the table on this page.

### Are Privacy crypto coins outperforming Bitcoin?

Privacy has returned +96.9% versus Bitcoin over 52 weeks and +15.3% over 13 weeks on an equal-weight current-member index. 4/23 covered assets are above their 200-day averages as of 2026-07-31.

### Which Privacy asset has the strongest research score?

Zcash ranks first at 68.7/100: 32.2 + 15.0 + 10.0 + 11.5 = 68.7. It is labelled “Tape-led · on-chain proof incomplete” with 50% overall evidence and 0% native-economics evidence.

### Why are some Privacy coins not rated?

3 of the 27 coins are not rated this week: 2 have no price within 7 days, 1 reports no traded volume. They stay listed with the reason beside each one rather than being scored at a neutral midpoint, because a missing reading is not a middling reading.

### How is the Privacy 4-factor score calculated?

The exact sum is Market leadership /35 + Network and economic traction /30 + Value capture /20 + Liquidity and downside risk /15. Missing data pulls only the affected factor toward neutral and lowers evidence; it is never silently reweighted.

### Why can a Privacy asset be labelled tape-led?

Tape-led means price and relative-strength evidence exists but less than half of the native traction and value-capture evidence is available. Such assets remain visible but rank below fully evidenced assets.

### Does protocol revenue accrue to the token?

Not necessarily. Protocol fees and revenue measure network economics; token-holder value depends on the protocol’s burn, buyback, staking, distribution and governance rules. This page never assumes accrual merely because revenue exists.

### Does crypto have a P/E or PEG ratio?

No comparable company-style P/E or PEG is used. Where coverage permits, the page shows network fee yield and protocol-revenue yield against a dated market-cap snapshot, with an explicit token-accrual caveat.

### How much history is shown for Privacy?

The page shows five years of weekly price and relative-strength history and 20 complete calendar quarters of on-chain activity where available. Missing periods remain gaps.

### Why do the crypto data dates differ?

Prices and technical metrics run through 2026-07-31; protocol activity through 2026-07-31; chain users and transactions through the latest available chain date; chain TVL through 2026-07-25; market capitalisation is a separate snapshot dated 2026-07-04.

### Are stablecoins and wrapped tokens included in Privacy?

No. Pegged, wrapped, liquid-staking receipt and tokenized-asset instruments are excluded because they do not have independent price discovery.

### Can one token appear in multiple raw crypto categories?

Yes, but public MLA pages assign each asset to exactly one functional theme using a specific-to-general first-match taxonomy. Privacy therefore has one canonical membership list.

### What would invalidate the current Privacy theme read?

The read weakens if the sector’s 13-week relative return versus Bitcoin falls below zero, fewer than one-third of covered assets remain above the 200-day average, and the leading asset’s native activity also contracts.

### Does this page include funding rates, open interest or token unlocks?

No. Those datasets are not held in the current research store, so the page names them as unavailable rather than inferring them from price.

### Which projects are generating the most network fees?

Tornado Cash leads Privacy crypto on Trailing 12-month fees at $5.5M, 21% ahead of Railgun. 2 of 3 assets with comparable change data are growing, fastest at Tezos. Coverage is 3 of the 24 ranked assets in this theme, through the Q2 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero. Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture. This conclusion weakens if fee growth turns negative across two complete calendar quarters or fee coverage falls below the stated threshold.

### Which projects convert activity into protocol revenue?

Railgun leads Privacy crypto on Trailing 12-month revenue at $4.6M, 890% ahead of Tezos. 1 of 2 assets with comparable change data is growing, fastest at Tezos. Coverage is 2 of the 24 ranked assets in this theme, through the Q2 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero. Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture. This conclusion weakens if revenue growth turns negative or the revenue-to-fees take rate falls for two complete calendar quarters.

### Where is capital actually committed on-chain?

Tornado Cash leads Privacy crypto on Quarter-end TVL at $428.5M, 449% ahead of Railgun. 2 of 9 assets with comparable change data are growing, fastest at ZEROBASE. Coverage is 11 of the 24 ranked assets in this theme, through the Q2 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero. Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture. This conclusion weakens if TVL rises while fees and users fall; that pattern can be incentive-funded mercenary liquidity.

### Which Privacy project has the largest fee base?

Tornado Cash leads covered trailing-12-month fees at $5.5M. Coverage is 3/24; this is network activity, not automatically token-holder income.

### Which are the biggest Privacy crypto coins by market cap?

Zcash is the largest Privacy crypto coin by market capitalisation at $7.8B, ahead of Monero at $6.2B and Litecoin at $3.4B. The 24 Privacy coins on this page carry $20B between them, with a market-cap figure on file for 24 of them. Market-cap metadata is dated 2026-07-04.