Daily NEAR Intents swap volume divided by market cap, per asset — dollars of cross-chain swap flow per dollar of network value. Each asset’s “involved” volume (any swap touching it) is normalized by its current market cap so ZEC can be compared head-to-head with BTC, ETH and the other swapped assets on a log scale.
Use the Asset/Token chips (same grouping as the swap network) and click the legend to focus on assets. A higher line = more intensively swapped relative to its size; ZEC’s recent climb shows its growing swap footprint. Source: NEAR Intents swaps ÷ CoinGecko market cap (stablecoins excluded).
This is swap volume per dollar of ZEC market cap 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.
A ratio moves when either side does. This rises on more swapping and equally on a falling market cap, so check which before reading a spike as demand.
For the cross-chain picture as a graph rather than a series, see the swap graph.