Hashrate
Network security. Miners follow the price, so it confirms moves rather than leading them.
Hashrate, 24h
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±3% daily noise
Difficulty
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Resets at NU7
How we measure
- Estimated from block difficulty and timing (ZecBlock); checked against a Zebra node and difficulty data within ~0.5%.
- A day has ~1,150 blocks, so daily values wobble ±3% from luck alone. The tag compares 7-day averages and only turns green or red beyond twice that noise.
- NU7 (planned Nov 2026) moves blocks to 25 seconds: difficulty isn't comparable across it, hashrate is.
Shielded pool
Is the privacy actually used? Watch transactions, not just coins, and whether growth comes from a few whales.
Shielded txs
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Median day, 30d
Fully shielded
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Median day, 30d
Shielded ZEC by pool
Orchard is withdraw-only since Jul 2026; funds are moving to Ironwood.
Net flow into shielded pools
ZEC shielded minus deshielded, per day, 7-day average.
Who is shielding (30d)
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Where deshielded ZEC went (30d)
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Latest 1,000+ ZEC shieldings
How we measure
- Pool sizes match a Zcash node to the zatoshi. Daily flows (t↔z) match the node's pool changes within ~3%.
- Transaction shares are the median day over 30 days. Burst days (over 2.5× the usual shielded transactions) are left out of the trend tags, since one actor can dominate them.
- Daily net flow swings with whales: transactions of 1,000+ ZEC (0.1% of them) drive half the daily moves. Hence the 7-day average.
- "Moved on" includes exchanges and bridges. Only 7 exchanges have labeled addresses and the bridge label went quiet on Sep 1, so we don't split them out. "Not moved yet" runs high because recent coins haven't had time to move.
- Concentration gets a tag after 60 days of our own history.
- Over two years of daily data, these usage signals neither led nor followed the price: they measure something the price doesn't.
Dev fund & issuance
Who gets paid, until when, and the steady selling that comes with it.
Where each new block goes
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ZCG sell pressure, max
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How funding has changed
- Nov 2020ZIP 1014: 20% for 4 years (ECC 7, ZF 5, grants 8).
- Nov 2024NU6: 8% to ZCG, 12% to a lockbox. ECC and ZF cut off.
- Nov 2025NU6.1: extended to the 3rd halving. Coinholders vote on lockbox grants.
- Nov 2028Current funding ends. Needs a new decision.
How we measure
- Rules from ZIPs 214, 271, 1016 and 2008, checked against the node software.
- ZCG sell pressure is an upper bound: it assumes every ZEC received is sold.
- Multisig "in" is the 78,750 ZEC lockbox payout; "out" is what has left it, net of round trips through shielded pools.
- At NU7, ZCG's stream moves to a new address and the per-block reward splits by 3. Daily issuance and the end date stay the same.
Leverage & treasuries
Fuel on the way up, forced selling on the way down.
OI / market cap
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Leverage per dollar of ZEC
Open interest by venue
Funding: latest reading per 8h. Positive means longs pay.
Companies and funds holding ZEC
How we measure
- Open interest counts one side of each position. Bybit and Gate report both sides, so we halve them. Totals match each venue's own API within ~1%.
- Most single funding readings sit at the 0.01%/8h default, so the headline is the 7-day average of settled rates (Hyperliquid and OKX).
- Daily open interest moves under ~10% are mostly price, not new leverage. Rising leverage counts as negative: it's fragility.
- Over two years, open interest moved with the price in the same week but didn't predict the next one. Funding looked predictive only from Nov 2025 to Apr 2026.
- Treasuries update on their own every 6 hours: the ETF from Grayscale's daily fund file (shares × ZEC per share, net of its 2.5% fee), Cypherpunk from its own ledger, accepted only if the entries add up to the holdings it states. Each row links the latest SEC filing. Holdings older than 45 days are marked "old". An ETF redemption or a treasury sale has to sell ZEC.