02 RECORD — 2013 to 2026 - one spine - filter by strand

From Zerocash to the ETF

Launch, funding, governance, leadership, exploits, upgrades, market and the promotion network on one axis. The governance strand alone runs Founders' Reward to ZIP 1014 to ZIP 1015 to ZIP 1016 to the January 2026 walkout to a VC-funded lab whose engineers accounted for roughly 82 per cent of merged protocol and wallet repository changes in Ironwood. Dates are printed as the record states them: a row the sources date only to a month says so rather than borrowing a day from its sort key.

shielded share of supply — 2018 to 2026

Shielded share of ZEC supply, 2018 to 2026
Shielded share of ZEC supply, by reading date
DateShare of supplySource note
Aug 20183.6 per centKappos et al.'s own measurement, in the paper that also found 0.3 per cent of transactions fully private
Aug 20217.4 per centZECStats' five-years-ago baseline
Early 20248 per cent-
Aug 20249 per centForbes gives it as about 9 per cent, 1.48M of 16.3M ZEC
Start of 202511 per cent-
Oct 202518 per cent-
Nov 202523 per cent-
May 202630 per centthe peak, about 5M ZEC, and the only time the shielded share has reached 30 per cent
2026-08-22 (block 3,456,227)26 to 26.8 per centCipherScan at block 3,456,227 gives 26.0 percent shielded; ZECStats reads 26.8 percent. Cite the range, roughly 26 to 27 percent. Coin Metrics adds that the growth was driven primarily by shielding and deshielding activity, and that fully shielded transfers remain a small share.

Nine and a half years after mainnet, the shielded share peaked at 30 per cent and fell back. The final reading is a band because its two sources disagree: CipherScan reads 26 per cent and ZECStats 26.8 per cent on the same day. The decline from the May 2026 peak spans the Orchard disclosure and the forced Ironwood migration; the corpus flags the fall and declines to attribute a cause, and so does this chart.

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last verified
2026-08-22
confidence
med
  1. Kappos, Yousaf, Maller, Meiklejohn — An Empirical Analysis of Anonymity in Zcash, USENIX Security 2018 USENIX · accessed 2026-08-22
  2. ZEC Stats (zecstats.com) ZEC Stats · accessed 2026-08-22
  3. crypto.news — Why 30% of Zcash supply is in the shielded pool (29 May 2026) crypto.news · 2026-05-29 · accessed 2026-08-22
  4. Forbes — How Satoshi Collaborator Zooko Wilcox Aims to Revive His Zombie Blockchain (8 Aug 2024) Forbes · 2025-03-12 · accessed 2026-08-22
  5. Coin Metrics, State of the Network #338 Coin Metrics · 2025-11-08 · accessed 2026-08-22
  6. CipherScan — Ironwood migration tracker CipherScan · 2026-08-22 · accessed 2026-08-22
  7. CoinGecko — Zcash CoinGecko · accessed 2026-08-22
  8. Coinglass ZEC derivatives coinglass.com · accessed 2026-08-22
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C8cite
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last verified
2026-08-22
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high
  1. The Block — Zcash developers quit, form new company (7 Jan 2026) The Block · 2026-01-07 · accessed 2026-08-22
  2. CoinDesk — ZODL raises $25M (9 Mar 2026) CoinDesk · 2026-03-09 · accessed 2026-08-22
  3. Draft ecc-zbloc (Obsolete) Zcash Improvement Proposals · accessed 2026-08-22
the 82 per cent figure, its scope and its confidence

124 dated entries, 9 strands. Showing the 20 network rows; the year numerals stay, so a strand's silent years remain visible.

all124exploit24governance16funding9leadership8protocol22market12regulatory8network20launch5
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2015
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2018
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2020
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2023
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2025
~1 Oct 2025networkNaval Ravikant calls ZEC insurance against Bitcoin Naval Ravikant (2015 Zerocoin Electric Coin Company co-investor, founding Zcash Foundation board member) calls ZEC "insurance against Bitcoin" while posting a chart of ZEC rising $49→$68. Protos notes ZEC actually correlates positively with BTC and had underperformed it over the full history.T2025-10-01
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2026-08-22
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  1. Zcash vs Bitcoin Debate Exposes Naval Ravikants Conflicts of Interest Protos · accessed 2026-08-22
18 Oct 2025networkCoinbase Institutional publishes hedged ZEC research Coinbase Institutional research ("Zcash: Demand for Privacy", Colin Basco) is notably hedged: "the path from here is mostly a function of how BTC trades." Coinbase lists ZEC, Coinbase Custody holds the Grayscale trust's ZEC, and Coinbase Ventures invested in ZODL — none of which is disclosed in the report.T2025-10-18
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2026-08-22
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high
  1. Coinbase Institutional coinbase.com · accessed 2026-08-22
24-26 Oct 2025a spannetwork / marketMumtaz 'fastest horse' and Hayes '$10k ZEC'; price +30% Mert Mumtaz (Helius CEO) calls Zcash "the fastest horse" for privacy (24 Oct, CoinDesk podcast), never disclosing a ZEC position. Arthur Hayes posts a $10,000 ZEC price target on X (~26 Oct). ZEC rises +30% in 24h ($272→$355) on the call.T2025-10-24
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high
  1. CoinDesk podcast CoinDesk · accessed 2026-08-22
  2. Arthur Hayes 10 000 ZEC Yahoo Finance · accessed 2026-08-22
  3. ZEC Surges 30percent After Arthur Hayes Predicts Dollar10000 Target CoinMarketCap · accessed 2026-08-22
3 Nov 2025networkCoinDesk Research runs Zcash report sponsored by GenZcash CoinDesk Research publishes "Inside Zcash: Encrypted Money at Planetary Scale" (updated 7 Nov), disclosed at the top as sponsored by "GenZcash" — an entity whose identity could not be established. It ran three days before ZEC broke $530 and supplied the "encrypted money at planetary scale" framing later reused in a Messari report title.T2025-11-03
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2026-08-22
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  1. coindesk.com/research/inside-zcash-encrypted-money-at-planetary-scale CoinDesk · accessed 2026-08-22
4 Nov 2025networkGalaxy Digital frames ZEC as Bitcoin's spiritual successor Galaxy Digital research (Will Owens) frames Zcash's advocates as calling it "encrypted Bitcoin," a "spiritual successor" to Bitcoin; no Galaxy ZEC position is disclosed in the coverage.T2025-11-04
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2026-08-22
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high
  1. Zcash Surging Cypherpunk Principles Bitcoin Galaxy Digital Decrypt · accessed 2026-08-22
6 Nov 2025networkSilbert entities file Rule 144 notices on Zcash Trust shares Two Rule 144 notices, read directly from SEC EDGAR. Silbert Family Investments LLC filed on 5 Nov 2025 to sell 9,753 Grayscale Zcash Trust shares for $407,312.59, and Barry E. Silbert filed on 6 Nov to sell 1,000 shares for $47,250.00; both sales were on OTCQX. They sit inside a run of 148 Form 144 filings by DCG and Silbert entities between 24 Jan 2024 and 6 Nov 2025, clustered in consecutive-day runs that read as a programmatic disposal schedule.T2025-11-06
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2026-08-22
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  1. Form 144, Silbert Family Investments LLC (2025-11-05) SEC EDGAR · 2025-11-05 · accessed 2026-08-22
  2. Form 144, Barry E. Silbert (2025-11-06) SEC EDGAR · 2025-11-06 · accessed 2026-08-22
  3. Coin Republic thecoinrepublic.com · 2025-11-06 · accessed 2026-08-22
12 Nov 2025network / marketCypherpunk Technologies launches with Winklevoss-backed ZEC treasury Cypherpunk Technologies (Winklevoss-backed, Nasdaq: CYPH, formerly Leap Therapeutics) buys 203,775 ZEC for $50 M (~$245/ZEC); launched with a $58.88 M private placement led by Winklevoss CapitalT2025-11-12
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T2025-11-12
last verified
2026-08-22
confidence
high
  1. CoinGecko treasuries CoinGecko · 2026-06-05 · accessed 2026-08-22
  2. PR Newswire — Cypherpunk Taps Zooko as Strategic Advisor (9 Dec 2025) PR Newswire · 2025-12-09 · accessed 2026-08-22
18 Nov 2025network / marketCypherpunk +29,869 ZEC ($18 M) at ~$603 Cypherpunk +29,869 ZEC ($18 M) at ~$603T2025-11-18
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T2025-11-18
last verified
2026-08-22
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high
  1. CoinGecko treasuries CoinGecko · 2026-06-05 · accessed 2026-08-22
9 Dec 2025network / leadershipZooko named strategic advisor to Cypherpunk Zooko Wilcox named strategic advisor to Cypherpunk Technologies; described as Chief Product Officer of Shielded LabsT2025-12-09
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2026-08-22
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  1. PR Newswire — Cypherpunk Taps Zooko as Strategic Advisor (9 Dec 2025) PR Newswire · 2025-12-09 · accessed 2026-08-22
19 Dec 2025networkSwihart joins Cypherpunk as paid advisor after Zooko Josh Swihart, then CEO of Electric Coin Company, joins Cypherpunk Technologies as a paid strategic advisor — ten days after Zooko Wilcox (Shielded Labs CPO) took the same role on 9 Dec 2025.T2025-12-19
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last verified
2026-08-22
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high
  1. Investing.com investing.com · accessed 2026-08-22
  2. PR Newswire — Cypherpunk Taps Zooko as Strategic Advisor (9 Dec 2025) PR Newswire · 2025-12-09 · accessed 2026-08-22
30 Dec 2025network / marketCypherpunk +56,418 ZEC ($29 M) at ~$514 Cypherpunk +56,418 ZEC ($29 M) at ~$514T2025-12-30
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2026-08-22
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  1. CoinGecko treasuries CoinGecko · 2026-06-05 · accessed 2026-08-22
2026
21 Jan 2026networkWinklevoss twins donate 3,221 ZEC to Shielded Labs Tyler and Cameron Winklevoss personally donate 3,221 ZEC (~$1.2M) to Shielded Labs — their second donation — where Zooko Wilcox, a paid Cypherpunk advisor, is Chief Product Officer.T2026-01-21
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T2026-01-21
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2026-08-22
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  1. Zcash Developer Shielded Labs Gets Donation From Winklevoss Twins DL News · 2026-01-21 · accessed 2026-08-22
26 Jan 2026networkZooko calls 'encrypted Bitcoin' the winning meme Zooko Wilcox tells Bankless: "Zcash being encrypted Bitcoin is the winning meme because it's only two words" — explicitly framing the slogan as a memetic strategy to build consensus for protocol upgrades.T2026-01-26
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T2026-01-26
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2026-08-22
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  1. Zcash Founder on Privacy Ai and How ZEC Is Encrypted Bitcoin Zooko Bankless · accessed 2026-08-22
29 Jan 2026networkGemini launches Zcash Edition credit card Gemini launches a Zcash Edition credit card paying up to 4% cashback in ZEC; Gemini's ZEC trading volume rises 45% after launch. Gemini is owned by the Winklevosses, who also seeded Cypherpunk Technologies.T2026-01-29
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2026-08-22
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  1. CryptoBriefing Crypto Briefing · 2026-01-09 · accessed 2026-08-22
4 Mar 2026networkNasdaq issues deficiency notice to Cypherpunk Nasdaq issues a deficiency notice to Cypherpunk Technologies (CYPH) after the stock closed below $1.00 for 30 consecutive days; 180-day cure deadline 31 Aug 2026; a reverse split is flagged as an option.T2026-03-04
T2026-03-04cite
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2026-08-22
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high
  1. 8-K via StockTitan StockTitan · accessed 2026-08-22
12 Mar 2026network / marketCypherpunk +4,680 ZEC ($2 M) at ~$428 Cypherpunk +4,680 ZEC ($2 M) at ~$428T2026-03-12
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T2026-03-12
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2026-08-22
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high
  1. CoinGecko treasuries CoinGecko · 2026-06-05 · accessed 2026-08-22
6 May 2026network / marketMulticoin discloses ZEC position; price jumps 30% Multicoin Capital managing partner Tushar Jain discloses a "significant position" in ZEC built since Feb 2026, size undisclosed, framing it as "a return to the cypherpunk ideals crypto was founded on"; ZEC rises >30% on the disclosure.T2026-05-06
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T2026-05-06
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2026-08-22
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high
  1. Yahoo/CoinDesk Yahoo Finance · accessed 2026-08-22
5 Jun 2026network / marketCypherpunk reaffirms its 5%-of-supply target Cypherpunk (314,185.70 ZEC, ~1.88% of supply) reaffirms its 5%-of-supply target. Cameron Winklevoss: "Encrypted money with provable correctness is unstoppable."T2026-06-05
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T2026-06-05
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2026-08-22
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  1. The Block — Cypherpunk remains committed to 5% (5 Jun 2026) The Block · 2026-06-05 · accessed 2026-08-22
12 Aug 2026networkCypherpunk reports Q2 results, adds Dev Ojha as advisor Cypherpunk Q2 2026 results: net income $39.4M ($0.18 diluted EPS) on a $46.0M unrealised ZEC gain; holdings 323,394.38 ZEC at $341.83 weighted-average cost; adds advisor Dev Ojha (Valar Group).T2026-08-12
T2026-08-12cite
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T2026-08-12
last verified
2026-08-22
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high
  1. Cypherpunk Technologies Reports Second Quarter 2026 Financial Results PR Newswire · accessed 2026-08-22
17-18 Aug 2026a spannetwork / marketCypherpunk acquires 18% of Zcash network hashrate Cypherpunk acquires ~18% of Zcash network hashrate for $33.33 M (Bitmain Z15 Pro fleet, 4.2 GSol/s, ~7,800 ZEC/month) from Moria Mining LLC and Winklevoss Treasury Investments LLC. Holdings 323,394.38 ZEC (~1.92% of supply). Kevin Zhang heads miningT2026-08-17
T2026-08-17cite
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T2026-08-17
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2026-08-22
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high
  1. crypto.news, "Cypherpunk becomes largest Zcash miner in $33M deal" crypto.news · 2026-06-05 · accessed 2026-08-22
Timeline - ZCashReveal