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ZEC Zcash migrates US$81 million (176,000 ZECs) to the Ironwood Privacy Pool
Zcash has begun moving funds from the retired Orchard Privacy Pool to the newly launched Ironwood Pool, marking a major change in the way private transactions are managed on the privacy-oriented blockchain network.
Ironwood Activation and Early Migration Data
On the first day after the Ironwood upgrade, approximately 176,000 ZECs (worth approximately US$81 million) were transferred to the new Ironwood pool. This figure represents approximately 5% of the 3.66 million ZECs held by the Orchard pool that was closed when the upgrade was activated.
Ironwood is the latest version of the Zcash privacy pool, launched after developers discovered a four-year-old fake vulnerability in the Orchard pool. After the upgrade, the Orchard pool no longer accepts deposits, and any remaining funds must be withdrawn through a mechanism called a "turnstile"(revolving door).
According to data from the network migration tracker, Orchard's remaining balance has dropped to approximately 3.51 million ZECs, and approximately 46,000 ZECs have been transferred to the Ironwood pool in the past 24 hours.
The revolving door mechanism ensures that funds withdrawn from the Orchard pool do not exceed the verified deposit amount. The purpose of the system is to prevent counterfeiting and maintain the integrity of the blockchain, a key consideration after vulnerabilities in old pools are discovered.
Explanation of Terms
Ironwood Privacy Pool: Zcash's latest upgrade for private transactions was implemented after a vulnerability was discovered to replace the Orchard Pool. Ironwood Pool uses advanced cryptographic technology to ensure the security and privacy of privacy transfer transactions on the Internet.
Voluntary relocation and its impact on privacy supply
The transfer of funds from Orchard to Ironwood is voluntary. As a result, most of the ZEC privacy supply remains temporarily stuck in the Orchard pool. Zcash holders, wallets and exchanges are expected to move funds at varying rates in the coming weeks or months.
Currently, Orchard's balance will only continue to decline when the holder initiates a withdrawal through the revolving door process. Due to the inability to deposit new funds into the Orchard pool, its role in the Zcash privacy ecosystem has effectively ended, and Ironwood will become the new standard for privacy transactions.
Migration speed depends on how quickly users and service providers transfer assets, which leads to a transition phase: most of Zcash's private holdings are still locked in retired pools.
Comparison with current pool balance
The following data shows the scale of this migration: Orchard pool held 3.66 million ZECs at the time of activation, and the current balance is 3.51 million ZECs, and 150,000 ZECs have been migrated;Ironwood pool held 0 ZECs at the time of activation, and the current balance is 176,000 ZECs, and 176,000 ZECs have been migrated. As exchanges and users adapt to changes in Zcash privacy technology, the industry will pay close attention to subsequent developments.
