the reason zec has received newfound life, imo, actually has little to do with btc, privacy and quantum. those are important features to push the SoV narrative, yes, but i think the bigger reason is that the market has come to the realization that general purpose l1 tokens will not be valued on some sort of "network value" or "metcalfe's law" framework. the two valuation frameworks that make sense are: 1) cash flows 2) SoV eth & sol are both extremely overvalued to any cash flows and will be unless they really hit some insane scaling & usage numbers. eth & sol are also hard to sell as pure SoV's, especially at their respective marketcaps. meanwhile, zec has a capped supply, a truly novel feature in privacy, no systemic defi risks and a smaller market cap. this all adds up to a pretty compelling push for the remaining crypto participants to hit a real 10-20x with good size. if remaining participants all get on board with zec as the "true" alt-SoV to btc then there's a lot of money to be made for early remaining participants. yes, you can say this is ponzu-like, but all SoV's are and they all require some sort of collective belief system. zec's features do genuinely make it a compelling SoV but i do not believe it would be bid if the l1 thesis never fell apart. the l1 thesis falling apart is what led to zec's bid, not anything to do with bitcoin.