I was today years old when I learned that only 29.6% of Zcash is actually shielded. ​So what was the privacy hype for if 70% of circulating $ZEC sits in transparent addresses? ​$XMR remains the gold standard for mandatory privacy, while $LTC MWEB is the clear winner for sound money with optional privacy. We can only draw a single conclusion that nearly all of the $ZEC volume that drove price action never even left exchanges. Once the noise settles, Monero will reclaim the privacy narrative, while Litecoin remains the most widely used asset for those who value sound money with optional privacy.