Pine Analytics has released its third-quarter 2026 report on Zcash, outlining changes in shielded supply, price performance, mining activity and the network’s upcoming governance decision. The report said Ironwood was activated on July 28 at block 3,428,143. Over the following five weeks, holders moved 87% of Orchard balances out, leaving the new pool with 3.84 million ZEC as of Aug. 31.
Shielded supply rose 9.9% to 4.86 million ZEC, and the share of shielded coins recovered from 26.3% to 28.7%. The report also said 440,000 ZEC had returned from the 745,000 de-shielded in June, while 470,000 ZEC remained in Orchard.
ZEC climbed from $407 on June 30 to $836 on Aug. 31, a gain of 106%. On the investment product side, Grayscale ZCSH converted into a spot ETF, with assets increasing from $155 million to $346 million. Mining difficulty rose 35% to a record high, and two corporate miners committed about $65 million in hashpower. Pine Analytics added that NU7 still does not have a mainnet activation height, and tokenholder voting runs through Sept. 14 to decide whether the upgrade should go live by Sept. 30 with 25-second block times and smooth issuance.
ChainCatcher reported that Pine Analytics has published its third-quarter 2026 report on Zcash.
According to the report, Ironwood was activated on July 28 at block 3,428,143. In the five weeks that followed, holders moved 87% of Orchard balances out, and the new pool held 3.84 million ZEC as of Aug. 31.
Shielded supply increased 9.9% to 4.86 million ZEC, while the shielded share recovered from 26.3% to 28.7%. Of the 745,000 ZEC that had been de-shielded in June, 440,000 ZEC had moved back. Orchard still had 470,000 ZEC remaining.
ZEC rose from $407 on June 30 to $836 on Aug. 31, representing a 106% gain.
Grayscale ZCSH has converted into a spot ETF, and assets grew from $155 million to $346 million.
On the mining side, network difficulty increased 35% to a record high. Two corporate miners also committed about $65 million in hashpower.
The report added that NU7 still has no mainnet activation height. Tokenholder voting will close on Sept. 14 to decide whether the upgrade should launch by Sept. 30 and adopt 25-second block times and smooth issuance.
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