CoinDesk’s ZCX Index represents a real-time, USD-equivalent spot rate for ZCash. The index value is algorithmically calculated once every second based on observed trading activity on leading ZCash exchanges. The index has been in operation since February 1, 2018 and was launched publicly on March 2, 2018.
The ZCX Index is designed as a reference rate to track liquidity while also adjusting for deviations caused by anomalies and manipulation attempts at individual exchanges. While the precise formula underlying the index is currently proprietary, the key elements of the algorithm are outlined below.
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