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About $81 million in ZEC migrates to Zcash’s new Ironwood pool
Roughly 5 percent of the Orchard pool balance moved on day one, and Orchard now can only shrink as withdrawals are capped by a turnstile mechanism.
CoinDesk reports that about 176,000 ZEC, worth roughly $81 million, moved into Zcash’s newly activated Ironwood shielded pool within the first day after the upgrade.
That figure represents around 5 percent of the Orchard pool’s balance at activation, with Orchard closed to new deposits and coins inside unable to receive additional funds.
Because migration is voluntary, most of Zcash’s shielded supply remains temporarily stranded in the now-closed Orchard pool while holders, wallets, and exchanges move funds at their own pace.
CoinDesk adds that Orchard’s balance has since fallen to about 3.51 million ZEC, after around 46,000 ZEC crossed over in the past 24 hours, as the turnstile limits total withdrawals to the amount verifiably deposited.