Zcash’s Ironwood network upgrade, which replaces the compromised Orchard pool and could reveal whether counterfeit tokens were created via a recent bug, is scheduled for activation on July 28. The upgrade closes the current Orchard pool, prevents new activity, and establishes a new private pool, with funds moving through an accounting checkpoint that may produce evidence of any exploitation.
Background and timeline
Announced in June, Ironwood addresses an “infinity” bug discovered in May in the Orchard pool, Zcash’s main private transaction pool. Zcash core developer Sean Bowe confirmed on Thursday that the mainnet activation height is set at 3,428,143, targeting approximately 8:00 AM EST on July 28. This is one week later than the original target of July 21, after Shielded Labs raised concerns that exchanges, mining pools, and wallets would not have enough preparation time.
Implications for counterfeit detection
Shielded Labs previously noted that Ironwood may provide evidence about whether the Orchard vulnerability was ever exploited. As users migrate funds from the old Orchard pool to the new one, a hypothetical counterfeiter faces a dilemma: attempt to move counterfeit funds and risk exposure, or leave them behind and risk being unable to move them later.
Market and supply update
ZEC fell sharply after the bug disclosure on June 3, dropping from $602.68 to $299.25, a 50% decline. The price has partially recovered and is currently trading at $492.61. This week, Zcash surpassed a major milestone, with over 80% of its maximum 21 million ZEC supply now issued. Data from ruZCASH shows a current supply of 16,806,723 ZEC.