Zcash Supply Verification Under Scrutiny as Ironwood Targets Orchard Fix

Zcash contributors say the Orchard shielded-pool counterfeiting vulnerability is unlikely to have been exploited. An emergency upgrade patched the issue, but Zcash supply verification still cannot be fully proven cryptographically for historical shielded activity. The proposed Ironwood upgrade seeks to restore Zcash supply verification at the protocol level. It would deploy a new shielded pool using the corrected Orchard circuit, stop new outputs in the old Orchard pool, and route remaining funds through Zcash’s turnstile accounting before entering the new pool. Ironwood adds a migration evidence mechanism: if “excess” ZEC tries to exit the old pool, the turnstile should block the attempt and make it publicly visible. If no excess exits occur, it strengthens the case that no counterfeit funds were created. For traders, the key swing factor is credibility. This shifts attention from “was the bug patched” to whether Zcash supply verification becomes independently verifiable—an event that can quickly change sentiment around ZEC’s monetary reliability.