Where ZEC trades.
Zcash has no DEX of its own. Its liquidity lives where it is bridged: Orca and Meteora on Solana, Rhea on NEAR, Aerodrome on Base, PancakeSwap and Uniswap on BNB Chain. Every one of those pools charges an LP fee on every trade, and that fee is the right the vault buys.
Solana
90%
of eligible ZEC volume · $67.6M / 24h
BNB Chain
5%
of eligible ZEC volume · $3.5M / 24h
NEAR
3%
of eligible ZEC volume · $2.4M / 24h
Base
3%
of eligible ZEC volume · $2.0M / 24h
By venue
| Venue | Pools held | 24h volume | Depth | 24h fees to the right | λ₁ weight |
|---|---|---|---|---|---|
| meteora Solana | 3 | $4.8M | 677 ETH | 3.937 ETH | 25.1% |
| pancakeswap-v3-bsc BNB Chain | 2 | $1.9M | 399 ETH | 1.706 ETH | 20.2% |
| orca Solana | 2 | $45.2M | 1,884 ETH | 44.781 ETH | 14.3% |
| aerodrome-slipstream-3 Base | 1 | $2.0M | 284 ETH | 1.441 ETH | 11.3% |
| zerofi Solana | 2 | $15.3M | 323 ETH | 5.517 ETH | 11.0% |
| uniswap-bsc BNB Chain | 1 | $1.6M | 367 ETH | 1.778 ETH | 10.9% |
| rhea-finance NEAR | 1 | $2.4M | 105 ETH | 2.557 ETH | 4.3% |
| raydium-clmm Solana | 1 | $723k | 629 ETH | 0.549 ETH | 2.2% |
| humidifi Solana | 1 | $1.6M | 118 ETH | 1.296 ETH | 0.6% |
Read from GeckoTerminal every fifteen minutes. NEAR Intents is counted as discovered and excluded: it settles solver quotes rather than running a pool, so there is no LP fee and nothing to buy.
What a harvest does
Every epoch
- collect each pool's accrued LP fees on its own chain
- swap to ETH and bridge to Robinhood Chain
- call harvest() on the vault, take the 10% performance fee
- start the linear vest into NAV
The bridges
Fees are swapped to ETH on the chain they were earned on and bridged to Robinhood Chain, an Arbitrum Orbit L2 that settles to Ethereum. Each leg is a public swap, so every harvest is auditable on both sides.
The unit of account
NAV is in ETH, the vault's asset on Robinhood Chain. A harvest in USDC is worth whatever ETH it buys that hour, which is why the vault is long ZEC volume and not long the price of ZEC.