HZEN is tied to Horizen (ZEN), a blockchain community utilizing zero-knowledge cryptography. The transfer comes after Horizen’s current closing halving and amid a broader crypto bull market. Regardless of these developments, ZEN’s worth stays far under its 2021 peak, recovering solely about 10% thus far.
Horizen operates on a halving mannequin much like Bitcoin, with its token reaching vital heights in 2021 earlier than experiencing a pointy crash. The current bull market and the halving could have influenced Grayscale’s resolution to make HZEN accessible, signaling potential optimism for future progress.
Grayscale has been energetic in increasing its choices. Final week, it launched Trusts based mostly on Lido DAO and Optimism, including to its rising portfolio. The agency can also be pursuing ETF alternatives, together with a Solana ETF software submitted two weeks in the past.
Nevertheless, challenges stay. Earlier this month, Grayscale bought $150 million in Bitcoin, elevating questions on its technique. The agency’s Bitcoin ETF efforts have struggled, with opponents like BlackRock taking the lead earlier this 12 months.
Grayscale’s plans for Horizen are nonetheless unclear. Whether or not HZEN will show profitable on this new section stays to be seen.