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Day 3 post-Ironwood activation: • 500,000+ ZEC migrated, securing over $240M • No network disruption • Formally verified cryptography protects Ironwood funds • Supply verification continues through Zcash's turnstile Onward.

As of 27 September 2026, one ZEC buys 0.01949 BTC — up 7.9× over five years, up 38× on the year and up 208% over three months. Five years ago it bought 0.002454 BTC. In dollars that is $1,646.40 a coin (up 30× on the year and up 336% over three months), a market cap of $27.9B — 1.6% of Bitcoin's. Spot sits 4.9× above the realized price of $333 — the average price at which a ZEC last crossed a pool boundary — so the typical coin is held at a gain. Behind it: 28.9% of all ZEC — 4.90M ZEC, $8.1B — sits in shielded pools, against 23.5% a year ago and 7.9% five years ago. Ironwood, the current shielded pool, holds 3.99M ZEC, with 382k ZEC still in Orchard, its predecessor, crossing the turnstile. Transactions average 18,332 a day (up 6.7× on the year and up 308% over three months), of which 9,700 — 53% — are shielded, against 21% a year ago. Transparent addresses are being paid for the first time at 3,949 a day (up 5.5× on the year and up 215% over three months). An address is not a person: wallets derive a fresh one per payment received. 17.0M of 21M ZEC has been issued, 81% of the cap. Network security: the hashrate is 29.8 GSol/s, up 5.4× over five years and up 270% on the year. Block rewards run $2.5M a day — 1,516 ZEC of coinbase, of which 4.7 ZEC — 0.3% — is transaction fees rather than new issuance.