### Terms and Conditions
- [x] I agree to the [Grant Agreement](https://9ba4718…c-5c73-47c3-a024-4fc4e5278803.usrfiles.com/ugd/9ba471_6ff6db4095fd4c4ba21babec361e927e.pdf) terms if funded
- [x] I agree to [Provide KYC information](https://9ba4718c-5c73-47c3-a024-4fc4e5278803.usrfiles.com/ugd/9ba471_7d9e73d16b584a61bae92282b208efc4.pdf) if funded above $50,000 USD
- [x] I agree to disclose conflicts of interest
- [x] I understand that this grant program is only eligible for completed work, as it is a retroactive grant program. Applications for planned or partially completed work will not be considered. All completed work will be verified and accepted by its intended users or their representatives, who will confirm that the outputs meet the required quality, functionality, and usability before the work is listed as an option for Coinholder voting.
- [x] I agree that for any new open-source software, I will create a CONTRIBUTING.md file that reflects the high standards of Zcash development, using the [`librustzcash` style guides](https://github.com/zcash/librustzcash/blob/main/CONTRIBUTING.md#styleguides) as a primary reference.
- [x] I understand when contributing to existing Zcash code, I am required to adhere to the project specific contribution guidelines, paying close attention to any [merge](https://github.com/zcash/librustzcash/blob/main/CONTRIBUTING.md#merge-workflow), [branch](https://github.com/zcash/librustzcash/blob/main/CONTRIBUTING.md#branch-history), [pull request](https://github.com/zcash/librustzcash/blob/main/CONTRIBUTING.md#pull-request-review), and [commit](https://github.com/zcash/librustzcash/blob/main/CONTRIBUTING.md#commit-messages) guidelines as exemplified in the librustzcash repository.
- [x] I understand all grants are valued in USD but will be disbursed in Shielded ZEC. I acknowledge and accept that disbursement amounts may fluctuate based on the ZEC/USD exchange rate at the time of payment.
### Application Owners (@octocat, @octocat1)
@paperX-TS
### Organization or Individual Name
THORSwap Labs
### Additional Team Members
```team-members.yaml
PaperX — CEO & Product Lead
Background: 5+ years at THORSwap, self-custody advocate, product-focused leadership
Role: Product strategy, business development, operations, communications, ecosystem partnerships
Contribution to ZEC Integration: Led Maya/NEAR partnership negotiations, product roadmap, launch coordination
--
0xBadgers — Head of Data & Analytics
Background: Original THORSwap team member with 5+ years DeFi experience since 2020
Role: Data analysis, financial reporting, volume tracking, product management
Contribution to ZEC Integration: ZEC metrics tracking, competitive analysis, liquidity monitoring
--
Paz — Engineering Manager
Background: 15+ years building infrastructure, platform tooling, distributed systems (web3 & enterprise)
Role: DevOps, team management, engineering flow, technical R&D
Contribution to ZEC Integration: Infrastructure architecture, overseeing continued updates and maintenance
--
Epicode — Lead Frontend Engineer
Background: 5+ years web3 development, built Metro embedded wallet with ZEC support
Role: Full-stack frontend development, wallet integrations
Contribution to ZEC Integration: Frontend ZEC swap UI, Metro wallet ZEC module, Maya/NEAR integration
--
Faizan — Senior Full-Stack Developer
Background: 7+ years React/Node.js engineering, DeFi-focused
Role: Full-stack development, API integration
Contribution to ZEC Integration: THORSwap frontend ZEC support, Keystore wallet integration, hardware wallet flows
--
Towan — SDK Engineer & Advisor
Background: Ex-THORSwap SDK engineer, now SwapKit SDK lead
Role: SwapKit SDK development & maintenance, wallet abstraction
Contribution to ZEC Integration: SwapKit SDK Zcash module (open source), SDK wallet support for ZEC-compatible wallets
--
Furan — QA Lead
Background: 20+ years IT engineering, QA at THORSwap since 2022
Role: Quality assurance, bug tracking, edge case testing
Contribution to ZEC Integration: Comprehensive ZEC swap testing across 24+ chains, hardware wallet QA, production validation
--
Kvasir — Support Lead
Background: Crypto enthusiast since 2013 (Mt. Gox era), THORSwap contributor since 2021
Role: Community support, ticket management
Contribution to ZEC Integration: Dedicated ZEC user support desk, cross-chain troubleshooting, wallet assistance
```
### How did you learn about the Lockbox: Coinholder Retroactive Grants Program?
We were referred to this program by Zcash community members.
### Requested Grant Amount (USD)
$60,000
### Category
Non-Wallet Applications
### Project Summary
Established in 2021, [THORSwap](https://app.thorswap.finance/) is a no-KYC DEX supporting cross-chain swaps across leading ecosystems such as Bitcoin, Ethereum, Zcash, Solana, XRP, BNB and more via permissionless non-custodial protocols.
THORSwap integrated Zcash on October 1st 2025, enabling users to perform native cross-chain swaps directly to and from native ZEC via self-custodial wallets. Over the past 6 months, we have processed **$50M+ in $ZEC volume** with a **$520K+ largest single swap record**.
We followed this up with [Metro.exchange](http://metro.exchange/), our new DeFi superapp currently in open beta, with **native Zcash network** support via our embedded **Metro wallet** for swaps, send, portfolio and asset management while ensuring users retain full self-custody.
### Project Description
THORSwap is requesting for retroactive recognition of work already delivered:
✅ $50M+ ZEC volume
✅ $520k largest swap (institutional/whale scale)
✅ 24+ chains supported for Zcash trading
✅ 6 months of proven uptime (no hacks or loss of user funds)
✅ Mainstream media recognition (Bitcoin.com, CoinDesk, Binance)
### **Today THORSwap enables Zcash users to:**
- **Access Cross-Chain Liquidity:**
Swap ZEC permissionlessly to/from 24+ leading blockchains including Bitcoin, Ethereum, Solana, BNB, XRP, Tron, Sui, Cardano, Litecoin, Dogecoin, Bitcoin Cash, Avalanche, Arbitrum, Base, Polygon, Dash, Monad, NEAR, Optimism, Gnosis, THORChain, Mayachain, Kujira, Radix
- **Maintain Self-Custody & Privacy:**
No KYC, no sign-ups, no custodial risk. Users connect their own external wallet or manage self-custody Keystore/Metro wallet and retain full control of their keys and funds throughout the swap process
- **Choose Hardware or Software Wallets:**
Native ZEC support across Ledger, Trezor, KeepKey (hardware), Keystore Wallet (software), and Metro embedded wallet (passkey-based)
- **Deep Onchain Liquidity:**
Proven capacity to handle $300k+ swaps with sub-1% slippage via dual routing through Maya Protocol and NEAR Intents
- **Trade Long-Tail Assets:**
Beyond major cryptocurrencies, THORSwap provides access to stablecoins (USDC, USDT, DAI) and hundreds of ERC-20/BEP-20/SPL tokens directly swappable with ZEC
### What Sets THORSwap Apart
**vs Centralized Exchanges:**
- No KYC/identity verification required
- Non-custodial (wallet-to-wallet trading, no asset freezing mid-swap)
- No withdrawal limits or account freezes
**vs Other DEXs:**
- $50M+ proven ZEC volume
- 24+ chains tradable with $ZEC
- Proven execution for whale/institutional traders ($520k largest swap)
- Dual routing protocols (Maya + NEAR) for optimal execution
**vs Single-Chain Zcash Wallets:**
- Access to entire crypto ecosystem from ZEC holdings
- No need to use centralized exchanges as intermediary
- Enables ZEC holders to participate in DeFi across multiple chains
### Commitment to Continued Zcash Support
**Regardless of grant outcome, THORSwap commits to:**
- Maintaining ZEC support on THORSwap and Metro platforms
- Providing ongoing customer support for ZEC users via dedicated support desk
- Implementing protocol upgrades as Zcash network evolves (e.g., future consensus upgrades, wallet compatibility)
- Monitoring and optimizing ZEC routing liquidity across Maya and NEAR protocols
**We are also in the process of exploring:**
- Additional new chain integrations for ZEC swaps (ie. TON, Starknet, Stellar, Midnight)
- Zcash-specific feature enhancements (e.g., shielding support via external wallets and our native embedded Metro wallet solution, direct swaps to shielded addresses)
- Increase marketing budget for Zcash ecosystem growth and user education
- Zcash DeFi integrations (e.g., potential ZEC lending or earn products via NEAR or Solana)
### Technical Approach (how you did it)
We integrated ZEC support through two independent routing protocols (Maya Protocol and NEAR Intents) via SwapKit SDK (previously THORSwap SDK), contributed to Zcash wallet integrations support hardware and software wallet interfaces, and continue delivered comms & marketing to onboard users to Zcash ecosystem.
### Development Timeline & Milestones
- **May 2025:** Research & planning, Business Development
- **June 2025:** Maya Protocol integration kickoff
- **July 2025:** Hardware wallet integrations (Ledger, Trezor, KeepKey)
- **August 2025:** NEAR Intents integration, dual-routing logic
- **September 2025:** Finalize UI+UX, Dual provider dynamic routing, QA testing
- **October 1, 2025:** Public launch. Marketing Comms and PR
- **Oct 2025 - May 2026:** Ongoing support, bug fixes, Metro wallet ZEC integration, maintenance
### What THORSwap Specifically Built and Maintains:
**1. Frontend UI & UX**
- Integrating Zcash blockchain and supported wallets in the frontend
- Algorithmic dynamic quoting/recommendation between Maya Protocol and NEAR Intents (price vs time)
- Swap confirmation optimization and error handling
- Cross-chain tracker UI for Zcash swaps
- Wallet connection support for native Zcash wallets (Keystore, Ledger, Trezor, Keepkey)
- Mobile-responsive design
- Metro Wallet Zcash integration (beta)
**2. Contributions to SwapKit SDK (collaborative effort between SwapKit and THORSwap)**
- Wallet connection and transaction signing for native Zcash wallets (Keystore, Ledger, Trezor, Keepkey)
- Open source SDK published at: github.com/thorswap/swapkit
**3. Infrastructure & Services**
- Hosting & tooling (Google cloud, Cloudflare, RPCs, GSuite, Quicknode, Sentry and more)
- Customer service (in-app and Discord support desk)
- Error monitoring and performance optimization
**4. PR, Comms and Marketing**
- Launch PR, comms and outreach
- Continued marketing on social networks
**To enable Zcash crosschain swaps, we utilize:**
- SwapKit.dev SDK and API for quoting, onchain transaction payload and tracking
- Execution of $ZEC swaps via AMM cross-chain liquidity pools (Maya Protocol)
- Execution of $ZEC swaps via Intent-based RFQ swaps (NEAR Intents)
### Time Period of Work Completion
5 months of R&D + 6 months of ongoing production support (May 2025 - May 2026)
### Total Budget (USD)
$60,000
### Budget Breakdown
- **Core Engineering & Development** (500 hours, 3x Senior Devs)
- $(USD): $37,000
- Justification: Frontend engineering UI+UX, Maya Protocol and NEAR Intents via SwapKit, contributions to SwapKit SDK Zcash module & hardware wallet support (Ledger, Trezor, KeepKey), Keystore and Metro wallet integrations, quote recommendation routing logic and more.
- **Quality Assurance & Testing** (100 hours)
- $(USD): $4,000
- Justification: Comprehensive testing across 24+ chains, hardware wallet compatibility, edge case validation, production readiness
- **Ongoing Maintenance & Dapp Upgrades** (100 hours)
- $(USD): $5,000
- Justification: Bug fixes, adopting protocol/wallet/SDK & API updates, performance optimization (Oct 2025 - May 2026), error reporting to wallets (ie. Ledger)
- **Research & Planning** (20 hours)
- $(USD): $1,000
- Justification: Initial R&D for Maya Protocol and NEAR Intents Zcash integration, network infrastructure setup, liquidity routing optimization
- **Infrastructure/Hosting (partial)**: (6 months)
- $(USD): $5,000
- Justification: Hosting and infra servicing costs (Google cloud, Cloudflare, RPCs, GSuite, Quicknode, Sentry and more)
- **Marketing, Communications & Media**:
- $(USD): $3,500
- Justification: Launch announcement, press releases, media coverage coordination, documentation, tutorials, community education materials
- Customer Support & Community Management: (100 hours)
- $(USD): $4,000
- Justification: Dedicated 24/7 support desk for ZEC users across 6 months, cross-chain navigation assistance, bug diagnostic and reporting
- Misc Administration & Business Development: (10 hours)
- $(USD): $500
- Justification: ongoing ecosystem collaboration, coordination, partnership development with KOLs, ECC, ZFND, Maya Protocol, NEAR, SwapKit etc.
### Total $(USD): $60,000
### Previous Funding
No
### Previous Funding Details
_No response_
### Other Funding Sources
No
### Other Funding Sources Details
_No response_
### Success Metrics
### Volume & Liquidity Metrics:
- Processed **$50 Million+ in native ZEC cross-chain swaps**
- Executed **10+ swaps exceeding $300K each**, largest: **$520,718**
- Maintained **$8.9M average monthly ZEC volume** in 2025
- Average ZEC swap: **~$22K (general), ~$46K (BTC ↔ ZEC)**
- **45% of total ZEC volume** from swaps over **$100K**
- Zcash represents 3% of total platform volume
### Whale Activity:
- Largest single swap: $520,718
- 10 individual swaps exceeded $300k each
- 45% of total ZEC volume originated from swaps over $100k
- Average swap size: ~$22k (general), ~$46k (BTC↔ZEC pairs specifically)
- The BTC ↔ ZEC path averages $46,184 per swap — the highest of any path — indicating large holders actively rotating between the two leading cypherpunk assets
### Infrastructure Reliability — 98.4% completion rate
Only 40 swaps were refunded out of 2,527 total. A 98.4% completion rate over thousands of swaps proves the routing is production-grade and reliable at scale.
### Product Market Fit
ZEC totals 3% of THORSwap's total platform volume despite ZEC being one of 10,000+ supported assets. THORSwap is used by real traders daily, with consistent month-on-month retention well into 2026.
### Net Buy Pressure: +$10.4 Million
More capital has flowed in to purchase ZEC ($31.5M) than out ($21.1M). THORSwap users are net accumulators of ZEC, not distributors. This signals genuine demand and successful onboarding to Zcash ecosystem on THORSwap.
### Technical Integration:
- Enabled permissionless ZEC swaps across **24+ blockchains**
- Support Zcash swaps via two cross-chain protocols: **Maya Protocol** and **NEAR Intents**
- Shipped hardware wallet support (**Ledger, Trezor, KeepKey**)
- Integrated self-custody wallets (**Keystore, Metro embedded wallet**)
### Ecosystem Impact:
- Recognized as a [Zcash Ecosystem DEX](https://z.cash/ecosystem/thorswap)
- Mainstream media coverage recognizing THORSwap's ZEC integration as major adoption catalyst:
-- [Bitcoin.com: "Privacy coin ZEC soars after THORSwap support"](https://news.bitcoin.com/privacy-coin-zec-soars-after-thorswap-support-and-grayscale-trust-announcement/)
-- [CoinDesk: "Inside Zcash: Encrypted Money at Planetary Scale" (featuring THORSwap)](https://www.coindesk.com/research/inside-zcash-encrypted-money-at-planetary-scale)
-- [MSN](https://www.msn.com/en-us/money/markets/zcash-soars-to-three-year-high-after-thorswap-adds-cross-chain-swaps-with-btc-eth-sol-and-others/ar-AA1NFKYt?apiversion=v2&domshim=1&noservercache=1&noservertelemetry=1&batchservertelemetry=1&renderwebcomponents=1&wcseo=1), [Binance](https://www.binance.com/en/square/post/30454517375034), [OKX](https://www.okx.com/learn/zec-privacy-coin-zcash-momentum), [Bitget Academy](https://www.bitget.com/academy/zcash-zec-latest-news-price-surge-grayscale-thorswap) all attributed ZEC price momentum to THORSwap launch (more examples in ‘Media Coverage’ section below)
**Detailed Report:**
<img width="545" height="627" alt="Image" src="https://github.com/user-attachments/assets/47cd3dcb-315e-4d40-a603-5bbbfd719475" />
<img width="507" height="339" alt="Image" src="https://github.com/user-attachments/assets/34062d1e-7b99-4e20-a8f5-0a14a1da1e08" />
<img width="458" height="367" alt="Image" src="https://github.com/user-attachments/assets/4d7c2958-e607-4754-bcc1-acc17456ea4e" />
<img width="487" height="453" alt="Image" src="https://github.com/user-attachments/assets/019ccf41-9861-4d46-87c0-358893bb96ec" />
<img width="449" height="557" alt="Image" src="https://github.com/user-attachments/assets/40fcdd96-2710-415a-9fc7-c091dece2a5b" />
### Proof of completion
- Links:
- THORSwap dApp: [app.thorswap.finance](https://app.thorswap.finance)
- Metro dApp (beta): [metro.exchange](https://metro.exhange) (with Metro embedded wallet)
- SwapKit SDK (MIT License): [github.com/thorswap/swapkit](https://github.com/thorswap/swapkit)
- Documentation: [docs.thorswap.finance](https://docs.thorswap.finance)
- Contact Information
- Twitter/X: [@THORSwap](https://x.com/THORSwap)
- Discord: [discord.gg/thorswap](https://discord.gg/thorswap)
- Support: [contact@thorswap.finance](mailto:contact@thorswap.finance)
- On-Chain Verification
- Volume Data: https://app.thorswap.finance/dashboard
- DeFillama: https://defillama.com/protocol/thorswap
- Maya Protocol block explorer: mayascan.org
- NEAR Protocol explorer: [Swaps from ZEC](https://explorer.near-intents.org/?fromChainId=zec&affiliate=thorswap.near), [Swaps to ZEC](https://explorer.near-intents.org/?affiliate=thorswap.near&toChainId=zec)
- Official Announcements
- THORSwap Medium: ["Zcash Native Cross-Chain Integration Now Live on THORSwap" ](https://thorswap.medium.com/zcash-native-cross-chain-integration-now-live-on-thorswap-f925524b2cb0)(Oct 1, 2025)
- Discord: [Community announcement](https://discord.com/channels/831398059484250142/832288784922050600/1422615550835691691)
- Twitter/X: [Official launch thread with community engagement](https://x.com/THORSwap/status/1973055026622062869)
- Twitter/X: [Zcash announcement article](https://x.com/THORSwap/status/1973054857788723236)
- [Telegram announcement](https://t.me/thorswap_ann/378)
- [Farcaster announcement](https://farcaster.xyz/thorswap/0x02b67096)
- [Debank announcement](https://debank.com/stream/3328598)
- Sample of ongoing engagement:
https://x.com/THORSwap/status/1974528131873825151?s=20
https://x.com/THORSwap/status/1973401700166935008?s=20
https://x.com/THORSwap/status/1984670370490950043?s=20
https://x.com/near_intents/status/1981324497430139322?s=20
https://x.com/THORSwap/status/1986551117258629518?s=20
https://x.com/THORSwap/status/1982563016643387811?s=20
https://x.com/paperX_Art/status/1991195055366042085?s=20
https://x.com/THORSwap/status/1981079492006465876?s=20
- Media Coverage:
- Bitcoin.com: ["Privacy coin ZEC soars after THORSwap support and Grayscale Trust announcement"](https://news.bitcoin.com/privacy-coin-zec-soars-after-thorswap-support-and-grayscale-trust-announcement/)
- CoinDesk: ["Inside Zcash: Encrypted Money at Planetary Scale"](https://www.coindesk.com/research/inside-zcash-encrypted-money-at-planetary-scale) (featuring THORSwap as key infrastructure)
- MSN: ["Zcash soars to three-year high after THORSwap adds cross-chain swaps with BTC, ETH, SOL and others"](https://www.msn.com/en-us/money/markets/zcash-soars-to-three-year-high-after-thorswap-adds-cross-chain-swaps-with-btc-eth-sol-and-others/ar-AA1NFKYt?apiversion=v2&domshim=1&noservercache=1&noservertelemetry=1&batchservertelemetry=1&renderwebcomponents=1&wcseo=1)
- Binance Square: [Coverage of ZEC momentum following THORSwap launch](https://www.binance.com/en/square/post/30421188322586)
- OKX Learn: ["ZEC Privacy Coin Zcash Momentum"](https://www.okx.com/learn/zec-privacy-coin-zcash-momentum) (citing THORSwap integration)
- Bitget Academy: ["Zcash (ZEC) Latest News: Price Surge, Grayscale, THORSwap"](https://www.bitget.com/academy/zcash-zec-latest-news-price-surge-grayscale-thorswap)
- https://stocktwits.com/news-articles/markets/cryptocurrency/zcash-soars-to-three-year-high-after-thorswap-adds-cross-chain-swaps/chCYe58R3ao
- https://www.cointribune.com/en/crypto-zcash-makes-a-historic-comeback-of-220/
- https://www.onesafe.io/blog/zcash-60-surge-privacy-coins-cryptocurrency
- https://finance.yahoo.com/news/zcash-enters-top-25-smash-100206821.html
- https://www.tradingview.com/news/coinpedia:14b4fbcc9094b:0-zec-price-reclaims-spotlight-with-breakout-rally-and-rising-demand/
### Conflict of Interest Disclosure
THORSwap Labs has no conflicts of interest with respect to this retroactive grant application:
- No financial relationships with Zcash Foundation, Electric Coin Company, or grant program reviewers
- No competing grants from other Zcash funding sources (this is our first Zcash grant application)
THORSwap maintains commercial relationships with Swapkit, Maya Protocol and NEAR Intents as infrastructure providers for cross-chain routing. Our cross-chain routing infrastructure utilizes SwapKit’s API and open source SDK (previously THORSwap SDK), leading up to the Zcash integration our current and ex contributors updated the SDK for wallets and chain integrations. This does not affect our independence or commitment to the Zcash ecosystem.
### Community Forum Posting
- [x] I understand it is my responsibility to post a link to this issue on the [Zcash Community Forums](https://forum.zcashcommunity.com/t/about-the-retroactive-grants-category/52106) after this application has been submitted so the community can give input. I understand this is required in order for the community to discuss and vote on this grant application. Note: If you are unable to post on the forum (for example, due to new user restrictions), please leave a comment below, and we will adjust your posting permissions.
https://forum.zcashcommunity.com/t/retroactive-grant-application-thorswap-metro/