ORIGINAL TITLE: "THE COLLECTIVE "RESTORATION" OF DASH, ZEC AND ICP, IS A SIGN OF NOSTALGIC CAPITAL OR NEW NARRATIVE? "

Original by Tinker Bell, Odaily Daily Planet

In the past few days, the big game has continued to weaken, while a group of "old currency" has been on the market and has been throwing a party alone。

As mainstream narratives become less effective, these long-term names are again at the forefront of the rise. They are not the creators of new stories, but they shine again in the broken walls of old times. Some see it as "the return of the old" and others think it is just a surprise for new money. However, in any event, in a period of low mobility and lack of hot spots, the unexpected movement of old projects has become a mirror reflecting market sentiment。

DASH, ZK: PRIVATE FUNDS WHEEL GAME

THE CURRENCY OF PRIVACY IS UNDOUBTEDLY THE CORE ENGINE OF THIS WAVE. WHEN THE ZEC SURGED 40 TIMES IN A MONTH, THE MARKET WAS IN A DILEMMA -- NEITHER DARED TO PURSUE NOR LET GO. AS A RESULT, FUNDS BEGAN TO ROTATE AROUND THE SAME TOPICS, WITH XMR, DASH, ZK, MINA, AMONG OTHERS。

DASH (Digital Cash)The story goes back to 2014. It was originally named "Darkcoin", created by Evan Duffield, and is positioned as "digital cash" through CoinJoin's Mixing Technology. While both Dash and Zcash have paid for their privacy as the core purchase point, the concept of design, the technical route, the intensity of privacy, the governance approach, and the actual use of both are completely different。

Dash was even born before ZcashEmphasis on "Quick Pay + Optional Privacy + Chain Governance"A portion of privacy for speed, governance and real business is sacrificed and is suitable for daily small payments. The latter isEmphasis on absolute privacy protectionIt pursues absolute privacy at the mathematical level, but at the expense of speed, ease of use and commercial acceptability, mainly for significant privacy transfers。

The difference in their location also determines the differences in the groups they use. Dash still has thousands of real traders in Venezuela and Colombia, and DashPay wallets (user name payments) are online; Zcash's real traders are almost zero, and 90 per cent of transactions come from exchange arbitrage or dark webs. It is also because of its extreme quest for privacy protection that its space for survival under the weight of regulation has been drastically reduced。

IF DASH IS A "REALIST" OF PRIVACY CURRENCY, THEN ZEC IS AN "IDEALIST". A COMPROMISE TO LIFE, A LOYALTY TO MATHEMATICS。

And..ZK (ZKsync)It represents the "Ether Workshop" of the zero-knowledge track. ZKsync is considered to have achieved high throughput and privacy protection, mainly through ZK-Rollup technologyAn important solution to this expansion。

On November 1st, the founder of the ETA, Vitalik Buterin, issued a message commending ZKsync for his "low but valuable contribution to the ETA ecology". This tweet is like a flare, and in an atmosphere of renewed private narratives, ZK became the focus, with short-line increases of over 160 percent。

Despite this decline, on the evening of November 4th, the founder of ZKsync, Alex, published ZK Token Production Part I, proposing a major update of the ZK token economic model: all network revenues will be used to buy back and destroy ZK coins, moving them from simple governance tokens to assets with value capture functions。

CURRENTLY, THE PRIVATE SECTOR REMAINS A HOT SPOT FOR FUNDING, AND PROJECTS SUCH AS SCRT, ROSE AND OTHERS HAVE RECEIVED RENEWED ATTENTION BECAUSE OF NEW NARRATIVES THAT COMBINE PRIVACY CALCULATIONS WITH AI. IT CAN BE SAID THAT IN A GAME OF REGULATION AND FREEDOM, THE PRIVACY BLOCK BECAME THE "EMOTIONAL EXPORT" OF MARKET FUNDS. IT'S BOTH ASYLUM AND SPECULATION。

ICP, AR: REKINDLING THE OLD DREAM OF STORING THE TRACK

ICP Internet CompanyFounded in 2016 in Zurich, Switzerland, by talented scientist Dominic Williams, led by the DFINITY Foundation, and officially launched on May 10, 2021. Its ultimate vision is to completely replace the central cloud services of Amazon AWS, Google Cloud, Microsoft Azure and so on with a public chain, turning the entire Internet into a world computer。

In the same year, Internet Computer engaged in multiple private fundraising, bringing together about $163-195 millionThe valuation was once as high as $9.5 billion。This was second only to Polkadot at the time, the second highest-ever L1 bus in history, and the true "go-to-go" project, and the financing framework included well-known encrypted investment institutions such as Andreasen Horowitz (a16z), Polychain and Multicoin。

But the ideal is too big and the reality too complex. The project, which was up to $2,800 on the line at the time, then quickly fell around $300, a drop of up to 90 per cent. Four years on, from the annual valuation of $9.5 billion to date, the market value of $42 million is not very flattering. The token was the lowest touch in a crash on October 10thFive times higher, maximum touch 9.84 dollars。

AR (Arweave)It is a permanent data storage protocol created in 2017 by Sam Williams and launched in 2018 to locate Permaweb, the core selling point being a one-time fee, permanent storage, and resolving data loss and review problems. Arweave abandoned the linear structure of the traditional block chain and created the “Blockweave” data structure, whereby miners can be rewarded for mining not only by storing new data but also by showing random access to historical data. This economic incentive addresses the difficulty of long-term preservation of block chain data。

In February 2025, the AO main network was officially launched, marking the historic leap of Arweave from "permanent storage" to "permanent computing". Before AO went online, Arweave was defined by the market as "the expensive cold storage". Although it has achieved a real "one-time payment, permanent preservation", the applications are concentrated in the cold data fields of NFT metadata backup, archives, mirror sites, etc., "one-time writing, little reading." AO emerged as an incentive to upgrade Arweave’s narrative from “storage” to “calculation +AI”. & nbsp; & nbsp;

At the market level, however, its prices have been chronically low. AR, after a maximum of $90 in the cattle market in 2021, the price of AR was long-term at $5-15 across the board, and the market value was thrown away by cheaper competitions such as Filecoin and Irys. In 2024, there was a rebound to $50, driven by both market sentiment and AO narratives. TodayIt's again hovering around $5, can it repeat 24-year-old movements and walk back

DCR: UNDERVALUED GOVERNANCE TEXTBOOKS

Decred (DCR) is one of the first and most successful DAO projects in the field of encrypted currency, created by former Bitcoin developer Jake Yocom-Piatt, on February 8, 2016. Decred emerged to address the most painful point of Bitcoin — the rigidity of governance. Through a unique mix of POW+PoS consensus, it allows holders, not miners, to dominate the changes in network rules, budget allocations and future directions. In detail, PoW miners are responsible for the production of blocks, and PoS ticket holders (Stakeholders) are responsible for certifying blocks and voting. Any change in the rules requires 75% approval to prevent the miners from being autocratic or hard-wired。

There are no few public-chain projects, such as Decred, based on bitcoin code fork, and until 2021, the encryption industry's exploration of block chains was largely an attempt to fix their deficiencies with different technology paths outside the framework of bitcoin. After the appearance of DeFi Summer, projects of this kind gradually became invisible in the long run, with DCR prices running between $10 and $30。

Q: The resurrection of old gods, or the echo of illusions

In short-term prices, the rebound of these old items was mostly accompanied by a fall. The market returned to a calm risk test after a brief carnival。WHETHER OR NOT TO STAND UP TO THIS TEST WILL DETERMINE WHETHER THEY ARE REPLICATING ZEC'S MIRACLES OR RE-EMERGENCES。

The deeper reality is:New narratives in the current encrypted market are scarce and tight。The "restoration" of the coin is more like a nostalgic act when there is no place for money, a brief retrospect of the early "idealistic era" of encryption。

Perhaps investors do not really believe that these old projects will be "reborn," but at least they remember that the encryption market had faith。

Original Link