Interest in privacy-focused blockchains has exploded this year, with the trend of crypto users leaning towardÂ privacy-centric coinsÂ only overshadowed by interest in DeFi and stablecoins.Â This growing popularity has come despite major exchangesÂ delistingÂ top privacy coins such as Monero (XRM), dash (DASH), and Zcash (ZEC) over regulatory concerns.Â
One of the top privacy coins currently making waves in the crypto space is XRM, with Monero enthusiast @FinanceRedpill noting on Twitter that the blockchain hit a new record just hours ago.
XRM daily transactions have now surpassed 25,000 per day for the first time in its history. Data from BitInfoCharts highlights this sharp rise in the number of transactions, which stood at 6,000 transactions per day just one year ago.
Another milestone causing a buzz in the Monero community is that XRM transactions increased by 4.5% in November. Justin Ehrenhofer, a Regulatory Compliance Analyst at DV Trading, shared the latest XRM transaction chart via a Dec 7 tweet, applauding the privacy coin for outperforming its competitor Zcash.
â€œMonero had 118.65 times as many transactions hiding the sender, receiver, and amount in November than Zcash,â€ Ehrenhofer noted while sharing the chart below.
Leading Privacy Coins Zcash and Monero Receive Major Boost
Zcash, a leading privacy coin that shares many fundamental elements as BTC, including its hard cap of 21 million units, has also made headlines in recent months.
The coin has so far returned more than 105% to investors since the start of 2020, making it one of the most profitable cryptos year-to-date.
Moreover, ZEC recently received a significant boost following its placement on Ethereum via a process known as â€˜wrapping.â€™ This synthetic form of ZEC is now compatible with most wallets and applications, opening up more avenues for more folks to use and demand it.
Wrapping Zcash promises to turn the privacy coin into a base privacy store of value, according to Chris Burniske, Partner at venture capital firm Placeholder VC.
However, Zcashâ€™s push to emerge as the best-in-class privacy cryptocurrency out there is challenged by XRM, which also recently implemented its â€˜Oxygen Orionâ€™ update.
The upgrade, which took place on Oct 17, brought in several security updates and a boost to transaction times and sizes. Moneroâ€™s dev hopes that the latest upgrade will significantly improve the network, placing XRM as the defacto privacy coin despite authorities working toÂ crack its privacy features.Â
Privacy Coins Are Unstoppable
Regardless of which privacy coin a particular user prefers, one recent study by Copenhagen Business School points to these privacy-centric currenciesâ€™ disruptive potential.
The study published in theÂ Journal of Information TechnologyÂ found that banning privacy coins will likely be a losing battle for regulators due to the tokensâ€™ privacy-focused, decentralized nature.