Zcash migrates $81 million in 176,000 ZEC to Ironwood shielded pool after upgrade

Ironwood activation and early migration totals

On the first day following the Ironwood upgrade, about 176,000 ZEC—worth approximately $81 million—moved into the new Ironwood pool. This figure represents roughly 5% of the 3.66 million ZEC that had been held in the now-closed Orchard pool at the time of upgrade activation.

Ironwood, the latest iteration of Zcash’s shielded pool, was introduced after developers identified a counterfeiting flaw that had gone undetected in Orchard for four years. With the upgrade, the Orchard pool can no longer accept deposits, and any remaining funds must exit through a mechanism called a “turnstile.”

Orchard’s remaining balance has fallen to about 3.51 million ZEC, as approximately 46,000 ZEC were transferred to Ironwood in the most recent 24-hour period according to the network’s migration tracker.

The turnstile ensures withdrawals from Orchard do not exceed the verifiable amount deposited. This system aims to prevent counterfeiting and help maintain the integrity of the blockchain, a key concern following the discovery of the flaw in the older pool.

Mini dictionary: Ironwood shielded pool, Zcash’s latest upgrade for private transactions, implemented to replace the Orchard pool after a vulnerability was discovered in the latter. The Ironwood pool uses advanced cryptography to ensure privacy and security of shielded transfers on the network.

Voluntary migration and impact on shielded supply

Transitioning funds from Orchard to Ironwood is voluntary. As a result, the majority of shielded ZEC supply remains temporarily stranded in the Orchard pool. Zcash holders, wallets, and exchanges are expected to transfer their funds at varying paces over the coming weeks or months.

For now, Orchard’s balance will continue to decline only as holders initiate withdrawals via the turnstile process. No new funds can be added to Orchard, meaning its role in Zcash’s privacy ecosystem is effectively ending, with Ironwood set to become the new standard for shielded transactions.

Migration depends on how quickly users and service providers move their assets, creating a temporary phase where most of Zcash’s private holdings are still locked in the retired pool.

Comparison and current pool balances

The current figures highlight the scale of this transition. With 176,000 ZEC already moved and approximately 3.51 million ZEC remaining in Orchard, the industry will be closely monitoring further progress as exchanges and users adapt to the changes in Zcash’s privacy technology.

Zcash is operated by the Electric Coin Company and the Zcash Foundation, both of which are dedicated to advancing privacy in digital payments using zero-knowledge cryptography.