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Crypto ListZephyr

Zephyr

ZEPH

Zephyr

Date of Issue: 2023-09-22

ZEPH Price Today

0.3

USD-19.46%

24H Volume (USD)

$31.40

Market Cap (USD)

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Fully Diluted Market Cap (USD)

--

All Time High

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Total Circulation

-- ZEPH--
Total Supply-- ZEPH

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ZEPH/USDT0.3-19.46%104.67

Introduction

Zephyr Protocol (ZEPH) is a privacy-focused Layer 1 blockchain combining Monero-derived privacy technology with an over-collateralized stablecoin system based on the Minimal Djed design. The network uses RandomX Proof of Work and supports four native assets: ZEPH, ZSD, ZRS, and ZYS.

ZEPH is the native base currency of Zephyr Protocol and serves as the primary reserve asset for the protocol's stablecoin system. ZSD is designed as a private, USD-pegged stablecoin backed by ZEPH reserves, while ZRS represents reserve equity and ZYS represents shares in the ZSD yield reserve.

Project Background

Zephyr Protocol is a Monero-based Proof of Work blockchain designed to combine private transactions with an over-collateralized stablecoin protocol. The network uses RandomX mining with a target block time of approximately 120 seconds and inherits privacy features from the Monero codebase.

The protocol uses a Minimal Djed-inspired design in which ZEPH functions as the base currency and reserve asset. Users can interact with the protocol to mint or redeem ZSD and ZRS in exchange for ZEPH. A pricing oracle supplies the ZEPH valuation used by the protocol, while reserve calculations determine the value of ZRS.

ZSD, or Zephyr Stable Dollar, is designed to maintain a value of approximately one US dollar through over-collateralization by ZEPH. The protocol requires a minimum reserve ratio of 400% for ZSD minting. ZRS, or Zephyr Reserve Share, represents a share of the protocol's reserve equity.

Zephyr introduced ZYS, or Zephyr Yield Share, with the v2.0.0 ZSD Yield upgrade. ZYS represents a share of the ZSD yield reserve, which receives a portion of the block reward and distributes additional ZSD to participating ZSD holders.

All four assets are native assets within the Zephyr blockchain and use Monero-derived privacy mechanisms. Following the 2025 chain audit, the protocol uses the audited asset types ZPH for ZEPH, ZSD for Zephyr Stable Dollar, ZRS for Zephyr Reserve Share, and ZYS for Zephyr Yield Share.

The network is open-source and provides both daemon-RPC and wallet-RPC interfaces. Its development is maintained through the public Zephyr Protocol GitHub repository and supporting documentation, wallet, explorer, and integration infrastructure.

History

Zephyr Protocol launched on May 29, 2023 as a community-developed project combining Monero's privacy technology with the Minimal Djed stablecoin design. The project was designed around three initial native assets: ZEPH, Zephyr Stable Dollar, and Zephyr Reserve Share.

The protocol initially launched with the ZEPH base currency and subsequently introduced its stablecoin functionality through a series of network upgrades. Artemis v1.2.0 activated hardforks 4 and 5 in June 2024, introducing revised pricing records, reserve-ratio calculations, and reduced fees for minting and redeeming protocol assets.

Zephyr Protocol v2.0.0 introduced the ZSD Yield mechanism through hardfork 6 at block 360,000. The upgrade added ZYS as a native asset and changed the block reward allocation to 65% for miners, 30% for the reserve, and 5% for the ZSD yield mechanism, while removing the previous governance reward.

In late 2024 and 2025, Zephyr conducted a chain-wide audit after identifying a cross-asset ring-member vulnerability and historical range-proof anomalies. Hardfork 7 at block 433,000 enforced asset-type matching in ring signatures. Hardfork 8 at block 481,500 began the on-chain audit process, while hardfork 10 at block 511,000 extended the audit window.

Hardfork 11, released as Zephyr Protocol v2.3.0, activated at block 536,000 on June 11, 2025. The upgrade restored normal network functionality, moved supply accounting to audited asset types, and invalidated the previous unaudited asset types. The audit also included a one-time 1,921,650 ZEPH mint to reconcile an unauditable custodial balance.

Following the audit, Zephyr continued development of its multi-asset protocol, wallet infrastructure, explorer, yield mechanism, and integration APIs. The current v2.3.0 release is the audited network software, and the protocol continues to operate using the post-audit asset types.

Tokenomics and Emissions

ZEPH is issued through RandomX Proof of Work mining with a target block time of 120 seconds. The original protocol specification defines an 18.4 million ZEPH emission target before a perpetual tail emission of 0.6 ZEPH per block.

Following the 2025 chain audit, Zephyr adjusted its emission accounting to place the network effectively at the end of its third emission year while retaining the 18.4 million ZEPH pre-tail supply target. The current emission model therefore differs from the original projected schedule.

Under the current hardfork v6 reward structure, 65% of each block reward is allocated to miners, 30% is directed to the protocol reserve, and 5% is used to mint ZSD for the ZSD yield mechanism. The previous 5% governance allocation was removed.

ZEPH functions as the base asset and reserve collateral for ZSD and ZRS. When users mint ZSD or ZRS, the corresponding ZEPH and protocol fees are added to the reserve. The protocol maintains a minimum reserve ratio of 400% for additional ZSD minting.

ZSD is not issued through an external token contract. It is a native Zephyr asset backed by ZEPH held within the protocol's reserve. ZRS represents reserve equity, while ZYS represents the ZSD yield reserve created through the protocol's 5% yield allocation.

As of September 2026, the official Zephyr emission tracker reports a block time of 120 seconds, a block reward of approximately 7.429 ZEPH, and a current reward allocation of 65% to miners, 30% to the reserve, and 5% to yield. The official tracker reports approximately 10.67 million ZEPH in circulation at the September 26, 2026 snapshot.

Roadmap

Zephyr's development roadmap has focused on expanding its private stablecoin ecosystem, improving reserve mechanics, maintaining network security, and developing infrastructure for ZEPH, ZSD, ZRS, and ZYS.

The protocol's recent development cycle centered on the 2025 chain-wide audit and the transition to audited asset types. The v2.3.0 release completed that process and restored normal network functionality after the audit hardfork sequence.

Current development includes continued maintenance of the Zephyr node and wallet software, the public scanner API, explorer infrastructure, and integration documentation. The scanner API provides live and historical data for blocks, transactions, block rewards, reserve snapshots, APY history, and related protocol metrics.

Zephyr has also published a proposal for a cross-chain bridge intended to connect Zephyr assets with Ethereum. The proposal describes the planned objectives and infrastructure for bridging ZEPH, ZSD, ZRS, and related ecosystem assets, but this remains development and proposal work rather than an already completed native network feature.

Long-term development remains focused on private stablecoin functionality, reserve management, ZSD yield, network security, interoperability, wallet support, and additional infrastructure for integrating Zephyr's native assets with external applications and blockchain ecosystems.

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