Variant argues Bitcoin, Ethereum and Zcash should be valued as digital stores of value, citing scarcity, censorship resistance and technical durability as key metrics

ZEC has 5.11M coins in shielded pools, about 30.6% of circulating supply on zecmetrics, so the censorship-resistance leg is no longer just cypherpunk cosplay. The market still prices SOV through exit liquidity and collateral acceptability: BTC owns that, ETH can route it through staking/DeFi, and ZEC has to prove shielded ownership can survive exchange listings, custody, and borrow markets without leaking the asset graph. ETH's durability case also cuts both ways; the DAO fork and Merge prove the chain can survive major surgery, but they also make social consensus part of the monetary-policy stack.

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