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Why not lz4?
LZ4 is faster but ZSTD compresses better. They're both viable on ZFS, but it depends on your usecase. Notably BTRFS does not offer LZ4, and in the case of BTRFS I would really only recommend ZSTD, as LZO is just not worth it.
Edit: Found some benchmarks you can look through: https://docs.google.com/spreadsheets/d/1TvCAIDzFsjuLuea7124q-1UtMd0C9amTgnXm2yPtiUQ/edit#gid=0
Amazing. Thank you. It's awesome that zstd has caught up in encode/decode time. There was a solid 5-10 years there nothing came close to lz4 in both.