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ZEN to USDT Converter
1 ZEN = 5.7188 USDT · updated 06:21 UTC
Volume Bubbles Chart (1h)
Each 1-hour candle's volume is signed by its direction (up candles count as net buying, down candles as net selling) and drawn as a bubble at the closing price, green for buying and red for selling. Bubble size and colour intensity show how strong that flow is compared with the last 300 candles: the strongest 30% get full bubbles with their USD value, the rest stay as small dots. Unusually large bubbles flag aggressive buying or selling worth a closer look, often near breakouts, reversals or key levels.Seasonal Chart
Plots one line per calendar year showing the % change since the start of that year, with the current year highlighted against up to four previous years. Lining the years up on the same calendar shows whether the price tends to rise or fall in the same months, helping you spot recurring seasonal patterns. Treat it as context rather than a forecast: past seasonality does not guarantee future moves.Horizen Markets
Horizen Historical Data
About Horizen (ZEN)
Horizen (ZEN) is a privacy-focused crypto project whose ZEN token now lives on Base, an Ethereum layer-2 network. Since 2025, Horizen has run as a rollup on Base that aims to let apps add optional privacy features. ZEN keeps a maximum supply of 21 million tokens. The price data here is FMchart's composite, which blends ZEN trading from several exchanges into a single dollar figure for the chart and tables.
From ZenCash to a Base rollup
Horizen began as ZenCash in May 2017, a mineable proof-of-work coin that competed with privacy coins such as Monero and Zcash, The Block reported. It rebranded in late 2018 and dropped the privacy-coin label in 2023 amid regulatory pressure. In July 2025, ZEN moved from Horizen's own chain to Base as an ERC-20 token, as part of Horizen 2.0, a privacy-first appchain built on Base. Coinbase said it would convert existing ZEN from the old mainchain automatically for its customers.
The December 2025 mainnet
Horizen's new mainnet launched in December 2025 as an EVM-native layer-3 rollup on Base, The Defiant reported. Developers can build selective disclosure into transfers, swaps and identity features using standard Solidity tools. Selective disclosure means a user can choose to reveal some details of a transaction to a chosen party while keeping the rest private. Horizen also integrates zkVerify for checking zero-knowledge proofs, so apps can offload heavy proof verification. Launch partners included Caldera for rollup infrastructure, LayerZero for interoperability, Stork for oracle feeds, Den for wallets and Goldsky for indexing.
Supply, staking and backers
The 21 million cap carried over from the original chain, and ZEN now trades as an ERC-20 asset on decentralized exchanges. ZEN staking, promised at the December 2025 launch, has since returned through a DAO-approved program on Horizen. Stakers commit ZEN to a single pool and earn variable rewards in ZEN. It also set aside 1 million ZEN over five years for builders of privacy-first apps. Digital Currency Group led Horizen Labs' $4 million seed round in 2019, and a $7 million round in 2021 was backed by DCG and Kenetic Capital. When ZEN moved to Base in July 2025, The Block put its market cap at about $134 million.
A rebuilt network, still proving itself
Moving from an independent proof-of-work chain to a rollup on Base means Horizen now relies on Base and Ethereum for settlement. Problems on those networks could therefore affect Horizen as well. The new network is young, so it has a short track record for both usage and security. Privacy features can draw regulatory attention, which is part of why Horizen left the privacy-coin label in 2023. Horizen also leans on outside partners for core infrastructure, from rollup hosting to cross-chain messaging.
Last reviewed: Oct 8, 2026
Horizen (ZEN) FAQ
What is Horizen (ZEN)?
Horizen is a privacy-focused network that runs as a rollup on Base, and ZEN is its token. It started in 2017 as ZenCash, a proof-of-work coin. In 2025, ZEN moved to Base as an ERC-20 token and kept its 21 million cap.
Is ZEN still a proof-of-work coin?
No. ZEN began as a mineable proof-of-work coin, but in July 2025 it moved from Horizen's own chain to Base as an ERC-20 token. Horizen's new network, launched in December 2025, is an EVM-native rollup on Base rather than an independent mined blockchain.
What happened to ZEN during the 2025 migration?
In July 2025, ZEN moved from the Horizen mainchain to Base as an ERC-20 token. The maximum supply stayed at 21 million. Coinbase said it would convert its customers' existing ZEN from the mainchain to the Base version automatically, so those holders did not need to act.
What is ZEN worth right now?
One ZEN trades for about $5.7094 in FMchart's composite, built from trades on several exchanges. In the past 24 hours, roughly $1.71M worth of ZEN traded across the exchanges in FMchart's composite. ZEN also trades on decentralized exchanges since its move to Base.
Is ZEN capped at 21 million?
Yes. ZEN's maximum supply is 21,000,000 tokens, a cap that carried over from its proof-of-work days to Base. About 18,482,736 ZEN circulate now, giving a market cap of about $105.5M at the composite price and a rank of 266. The cap was kept when ZEN became an ERC-20 token.
When did ZEN hit its highest price?
ZEN's all-time high in market data is $165.92, set on May 7, 2021. The network has changed fundamentally since then, from a proof-of-work chain to a rollup on Base. The Price Statistics panel shows how far today's price sits below that record.
What do ZEN's monthly returns show?
In FMchart's composite price history (since August 2026), ZEN's biggest monthly gain came in August 2026 (+39.9%) and its biggest loss in September 2026 (+29.8%). The Monthly Returns (USD) grid shows all months, and the Annual Price (USD) Change table covers full years. These numbers only describe the past.
Can you stake ZEN?
Yes. ZEN staking has returned through a program approved by the Horizen DAO (ZenIP-42408). Holders stake ZEN in a single pool on Horizen, the layer-3 network on Base, and earn variable ZEN rewards funded by ecosystem sources such as sequencer fees. Horizen says rewards are not guaranteed.
Is Horizen a privacy coin?
Not anymore in the classic sense. Horizen began as a privacy-focused coin but moved away from the privacy-coin label in 2023 amid regulatory pressure. Its new network on Base focuses on optional, app-level privacy, such as selective disclosure, rather than hiding every transaction.
Is ZEN a good investment?
FMchart does not provide investment advice, so the call is yours. ZEN keeps a 21 million cap and now runs inside the Base ecosystem. The rebuilt network is young, staking rewards are variable and not guaranteed, and privacy tools can attract regulatory scrutiny.