Approximately 5% of the funds from the now-retired Orchard pool have transitioned, while the remaining funds are locked in a pool that is no longer accepting deposits.
By Shaurya Malwa|Edited by Cheyenne LigonUpdated Jul 29, 2026, 1:49 p.m. Published Jul 29, 2026, 1:32 p.m. 1 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on $80 million in ZEC transfers to Zcash's new 'Ironwood' pool on launch day (xing419/Pixabay)SummaryShow- Approximately 176,000 ZEC, equating to around $81 million, has been transferred to Zcash’s newly launched Ironwood shielded pool within the first day post-upgrade, accounting for about 5% of the Orchard pool's balance at the time of activation.
- The Orchard pool, which can no longer accept new deposits, is gradually depleting as coins exit via a turnstile mechanism, which restricts total withdrawals to the amount that has been verifiably deposited.
- The transition to Ironwood is optional, thus leaving the majority of Zcash’s shielded supply temporarily stranded in the now-closed Orchard pool while holders, wallets, and exchanges adapt at their own pace.
As of Wednesday, about 176,000 ZEC, valued at approximately $81 million, had successfully moved into Zcash’s new Ironwood shielded pool, just one day after the upgrade was implemented, which also sealed the pool that had previously contained a counterfeiting flaw that went unnoticed for four years.
This amount represents roughly 5% of the 3.66 million ZEC that was held in the Orchard pool at the time of activation. The balance of Orchard has decreased to about 3.51 million ZEC, with roughly 46,000 ZEC transferring over in the past 24 hours, as reported by the Ironwood migration tracker.
Zcash operates with funds stored in different compartments known as pools, each representing a generation of the network's privacy technology. The transparent pool functions similarly to Bitcoin, where all balances and transactions are publicly visible on the blockchain and currently holds about 12.5 million ZEC.
The shielded pools are designed to obfuscate amounts and participant identities. The Sapling pool, which was introduced in 2018, contains around 582,000 ZEC, while the Orchard pool, launched in 2022 and the most recent until this week, held roughly 3.5 million ZEC. Each time the network upgrades its privacy cryptography, it establishes a new pool rather than modifying the existing one, requiring users to migrate their coins independently.
Since the Orchard pool can no longer accept deposits, every coin remaining within it must exit through the turnstile, an accounting mechanism that limits total withdrawals to the amount that can be verified as deposited, meaning the pool's balance can only decrease from here on.
The migration process is voluntary, so the timing will depend on how quickly holders, wallets, and exchanges choose to transfer their assets. Currently, a significant portion of Zcash's private supply remains in a pool that has been closed to new deposits since Tuesday.
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Anvil: The Missing Collateral Layer
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Anvil is a shared on-chain collateral layer built on a programmable letter of credit: reserve assets as a guarantee -no loan, no interest, keep custody & yield.
By CoinDesk Research15 minutes agoCommissioned byAnvilAnvil is a shared on-chain collateral layer built on a programmable letter of credit: reserve assets as a guarantee -no loan, no interest, keep custody & yield.
Why it matters:
Anvil is a shared on-chain collateral layer built on a programmable letter of credit: reserve assets as a guarantee -no loan, no interest, keep custody & yield.
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