What happened

Zcash has activated the Ironwood hard fork. The upgrade retires the Orchard shielded pool, which the supplied record describes as vulnerable following a counterfeiting scare, and launches a new shielded pool in its place.

Why it matters

The supplied record says Orchard held about $1.7 billion. Ironwood also ships more than 2,700 machine-checked theorems intended to rule out undetectable counterfeiting bugs, making the upgrade a technically significant response to the reported vulnerability.

What to watch next

The key receipt is evidence that the new shielded pool and its formal checks operate as intended after activation. The supplied material does not provide post-upgrade results, migration details, or independent confirmation of the new pool’s performance.

What to watch

Watch for post-activation evidence on the new shielded pool and the operation of Ironwood’s formal checks.

Sources and limits

Upstream references and independent checks

Digest dated 2026-07-29 · upstream model claude-sonnet-4-6. Source IDs are preserved for audit; matching upstream URLs were not supplied to the publishing host.

  1. 1
    764311200766a867fdbd16fb171fcbaaa29b3f50Upstream reference; direct URL unavailable.
  2. 2
    a656a0f831223126a6f92e11e786f667b2df1eb9Upstream reference; direct URL unavailable.
  3. 3
    1e1986f951b8da66c5964aa5d1052881c98b9694Upstream reference; direct URL unavailable.
  4. 4
    1c60587e29065fe1fee7111b1b8013827e24c828Upstream reference; direct URL unavailable.

This Research brief was generated by Terra from a dated upstream research digest. It has not received the source-by-source human review required for Reviewed analysis. Material limit: This brief relies only on the supplied upstream record, which does not include post-upgrade results, migration details, or independent verification of the new pool’s performance.