ZEC bridged to the NEAR ecosystem via the OMFT (Omni-chain Fungible Token) bridge at zec.omft.near. Top: total wrapped ZEC supply on NEAR. Bottom: daily mint (ZEC entering NEAR) and burn (ZEC leaving NEAR) volumes. NEAR Intents enables cross-chain swaps — this tracks how much ZEC liquidity exists on NEAR and the flow direction.
This is ZEC wrapped onto NEAR through the OMFT bridge on NEAR Intents, a cross-chain swap protocol. It is one path between Zcash and everything else, and far from the only one — centralised exchanges move more. So a rise here means more value took this route, which is not the same as more value moving.
It is off-chain from Zcash's point of view. What the Zcash chain sees is an ordinary transfer; the swap itself happens elsewhere. None of this is visible in transaction counts as swapping, and none of it is shielded activity.
Wrapped ZEC is not shielded ZEC. A coin bridged to NEAR is held by the bridge and represented by a token on another chain, with that chain's transparency and that bridge's trust assumptions. Mint is ZEC entering; burn is ZEC leaving.
For the cross-chain picture as a graph rather than a series, see the swap graph.