The price of Zcash (ZEC) has surged by 7.26% to reach $501.62 following the announcement of the Ironwood mainnet upgrade set for July 28. This upgrade offers traders a specific timeline for a crucial network fix addressing the Orchard shielded pool’s counterfeiting issue.

Ironwood Upgrade Set for July 28

According to Zcash developer Sean Bowe, the Ironwood activation will take place at block 3,428,143, expected around 8 a.m. EST on July 28. He mentioned that major stakeholders backing Zcash are committed to activating NU6.3 at this block height.

This upgrade comes in response to the identification of a critical soundness flaw in the Orchard shielded pool in late May. This bug raised significant concerns as it could allow the creation of counterfeit ZEC without immediate detection, posing a threat to Zcash’s privacy features.

Developers acted swiftly, implementing emergency patches in early June. A soft fork temporarily disabled the Orchard pool while further network modifications were made to mitigate risks as the long-term Ironwood solution was developed. The Ironwood upgrade will feature a new shielded pool based on revised Orchard code, incorporating a public accounting checkpoint often referred to as a turnstile ensuring that funds transitioning from the old Orchard pool undergo verification before entering the new one.

Market Reactions and Future Outlook

After the Orchard flaw was revealed, ZEC's value dropped significantly, with estimates suggesting a decline of nearly 50%, touching lows around $300. Since then, the token has made a recovery, bolstered by the emergency patches and the anticipated Ironwood upgrade. Traders are now closely monitoring whether this upgrade will restore faith in Zcash following the bug's fallout.

  • Key resistance level identified near $800.

Chart analysis from MCO Global indicates ZEC is still in a correction phase despite its recent recovery, suggesting the possibility of a triangle formation before the next significant price movement. The primary support zone appears to be between $90 and $203, while critical resistance is seen near the $800 mark. Analysts are particularly focused on the upcoming Ironwood activation and its implications for ZEC’s market integrity.

This article is for informational purposes only and should not be considered financial advice.