Zcash Co-Founder Proposes Ending the 8% Grants Stream While Bitcoin’s Volatility Falls Into Line With Nvidia

Zcash co-founder Sean Bowe proposed ending the automatic funding stream to Zcash Community Grants (ZCG), arguing the treasury is large enough to keep funding projects. “ZCG has over $125M in funding, and will receive millions more before the spigot is turned off,” he wrote on X, adding that the program “was never designed to handle this amount of funding,” Cointelegraph reported.

A draft proposal on GitHub would redirect ZCG’s 8% share of the ZEC block subsidy to the Network Sustainability Mechanism, which holds ZEC out of circulation and gradually reissues it through future block rewards. ZCG’s existing funds would stay untouched, and the redirect would run until the current funding period ends in 2028. ZCG’s dashboard listed 91,453 ZEC and $8.8 million in cash, with $2.4 million in outstanding grant commitments, while the development lockbox held 72,351 ZEC, roughly $89 million, according to ZecStats. In September, Haseeb Qureshi of Dragonfly proposed ending the Zcash developer fund when its current period expires, warning it could become politicized as it nears $100 million in value. The Bowe draft is a proposal, not an adopted change.

Elsewhere in the market, bitcoin has become much steadier. CoinDesk’s Crypto Daybook compared 90-day realized volatility as of last Thursday: bitcoin was at about 38%, almost level with Nvidia at about 37%. Gold stood at about 23.5%, the S&P 500 at about 11% and EUR/USD at 4.6%, so bitcoin still swings more than three times as much as the broad stock index and roughly eight times as much as the euro-dollar pair. Since January 2020, bitcoin’s 90-day volatility has averaged about 58%, peaking at 134% in June 2020, and its calmest reading was 27.5% in September 2025 when prices rose above $100,000.

Options pricing points the same way. Bitcoin’s 30-day implied volatility index (BVIV) sits below its 200-day average, which suggests options traders expect relative calm, while the VIX is above its 200-day average. CoinDesk’s author concludes bitcoin now trades like a large tech stock. This is news, not investment advice.

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Sources:

• Cointelegraph: Zcash co-founder proposes ending ZCG’s funding stream, citing $125M
• CoinDesk: Bitcoin’s volatility is well above euro-dollar gyrations though it has calmed to rival Nvidia’s