Zcash Network Report (W12 2026): Shielded Supply Exceeds 5.1M

Executive Summary

The Zcash network demonstrated continued growth in its privacy set during the third week of March 2026. The total value held in shielded pools reached 5,155,903 ZEC, a new high point for the network. This figure now represents 31% of the total circulating supply, a critical metric for assessing the adoption of Zcash's core privacy features. This report analyzes the implications of this growth, contextualizes current transaction volume, and evaluates core network health indicators.

Key findings for Week 12 (ending March 20, 2026):

Shielded Pool Analysis

The primary indicator of Zcash's utility as a privacy-preserving digital currency is the size and composition of its shielded pools. As of March 20, 2026, the combined value within the Sapling and Orchard pools stands at 5,155,903 ZEC. Given this represents 31% of the total supply, the estimated circulating supply of Zcash is approximately 16,631,945 ZEC.

The consistent growth of the shielded supply is fundamental to the network's privacy guarantees. A larger anonymity set makes it computationally more difficult to de-anonymize transactions through statistical analysis. The week's net inflow of over 48,000 ZEC into shielded pools suggests continued user demand for private transactions, moving assets from transparent addresses to shielded ones. This trend is a positive long-term signal for the health of the privacy set, which directly impacts the fungibility of ZEC.

Transaction Volume

During Week 12, the Zcash network processed an estimated 25,400 transactions. Of these, approximately 4,620 were fully-shielded transactions (z-to-z), representing 18.2% of the total volume. This ratio is a key performance indicator for privacy adoption. While the majority of transactions still have a transparent component, the gradual increase in the proportion of fully-shielded transfers reflects a maturing user base prioritizing confidentiality.

The total value transferred is more difficult to ascertain due to the nature of shielded transactions, but analysis of transparent outputs suggests a stable velocity of money on the network. The focus remains on the count and ratio of shielded transactions, as these metrics provide a clearer view of privacy feature utilization than notional value transferred.

Network Health

Network security and decentralization remain robust. The network's hash rate maintained a stable average of 9.8 GSol/s throughout the week. This level of hashing power provides significant security against 51% attacks and indicates sustained confidence from miners in the network's economic model. There were no significant block reorganization events or periods of abnormal block times reported.

Node count and geographic distribution (based on public data) remain healthy, contributing to the network's censorship resistance. The stability of these core infrastructure metrics is crucial, as they form the foundation upon which the privacy features are built. A secure and reliable base layer is a prerequisite for a functional shielded ecosystem.

Week-over-Week Trends

Comparing key metrics from Week 12 against the preceding week provides a clear snapshot of the network's short-term trajectory. The data indicates incremental growth in privacy metrics alongside stable network fundamentals.

| Metric | Week 12 (Mar 20, 2026) | Week 11 (Mar 13, 2026) | Delta | |-------------------------|------------------------|------------------------|------------| | Shielded Supply (ZEC) | 5,155,903 | 5,107,800 | +48,103 | | Shielded Percentage | 31.0% | 30.8% | +0.2% | | Avg. Hash Rate (GSol/s) | 9.8 | 9.7 | +1.0% | | Shielded Tx Ratio | 18.2% | 18.0% | +0.2% |

Outlook

The data from Week 12 reinforces a trend of steady, organic growth in the Zcash shielded pools. The increase to over 5.15M ZEC is a significant milestone, enhancing the privacy guarantees for all network participants. The critical metric to monitor in the coming weeks will be the shielded transaction ratio. A sustained increase in this ratio would signal a deeper integration of privacy into the typical user's workflow.

From a network fundamentals perspective, all indicators are stable. The consistent hash rate and incremental growth in the anonymity set provide a solid foundation. The primary challenge remains accelerating the transition of economic activity from the transparent pool to the shielded pools to realize the full potential of the Zcash protocol.