Coinholder-Directed Retroactive Grants Program RESULTS Nov 2025

[aquietinvestor]

The results are in! Coinholders voted on nine proposals in the inaugural Coinholder-Directed Retroactive Grants Program, and five were approved: FPF Administration, Bitcoin VN, Electric Coin Company, ZcashCommunity.com Hosting, and Unstoppable Wallet. For most questions, more than 1,000,000 coins were voted, representing over $500 million in value and reflecting strong participation from coinholders.

Congratulations to everyone whose proposal was approved! Someone from FPF will reach out early next week regarding fund disbursement and to conduct KYC for applicants for whom it is required.

The next quarterly round will be announced in January 2026, with voting scheduled for March. Stay tuned for more information!

Here is a summary of the results:

Blog post from Shielded Labs:

Coinholder-Directed Retroactive Grants Program: Q4 Results - Shielded Labs

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Shielded Results

Q1: FPF: Admin for the Coinholder-Directed Retroactive Grants Program

Q2: Bitcoin VN

Q3: Bootstrap Org / Electric Coin Company

Q4: ZcashCommunity.com Hosting

Q5: Zcash Community Voting Authorities

Q6: CrowdStore P2P Marketplace

Q7: NozyWallet

Q8: Unstoppable Wallet

Q9: Pepper-Sync by Zingo Labs

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Audit

Anyone can run the Coin Voting 2.0 audit by downloading the audit tool and entering in the election seed phrase and URL.

Releases · hhanh00/zcash-vote-audit

Question #1: FPF: Admin for the Coinholder-Directed Retroactive Grants Program

Seed phrase: kiwi merry radio question gain bean village gather useful gun dynamic train forward fatigue unveil base glance leave conduct legal hurdle panda trigger supreme

URL: https://zecvote.zone/election/66760cfc35b107e482889f1c5fcdf211f23212e4c666691a9bd73bf1d203391b

Question #2: Bitcoin VN

Seed phrase: dinosaur crowd explain true walk into hero business width word interest slot lottery thumb exchange liberty once captain horn pottery you casino donor nuclear

URL: https://zecvote.zone/election/303ffff8ccffed01d2562af7997554002baae57c8df3490828765e8b43e22c26

Question #3: Bootstrap Org / Electric Coin Company

Seed phrase: timber gold home achieve observe hill normal flavor rural vapor flash elephant disorder praise wing display evolve festival armor mango bracket giant lawn genuine

URL: https://zecvote.zone/election/89f9c0f7616a43f12c380f5902cccbd12034a41ed76afd66d3fdc6742e0b6f2b

Question #4: ZcashCommunity.com Hosting

Seed phrase: screen shock silk win tumble kitten famous strong panther head tuition stay next rebuild bronze embark audit rate reason turn sock result armed farm

URL: https://zecvote.zone/election/27b9e734cc93b858b1b1b1173bfd715ef1af4019e519149b4e8fedb1e2b9ab1a

Question #5: Zcash Community Voting Authorities

Seed phrase: regret click ball craft tip clerk notice view shove protect duty silk surprise elevator planet weapon write hill pond head script rifle nominee proof

URL: https://zecvote.zone/election/9392848ae272c35aa835a4a71ce4b57ed41f689cfd60f1c88777a213904e5002

Question #6: CrowdStore P2P Marketplace

Seed phrase: sphere middle space stem age trouble parent unhappy foam almost hour idea lady tilt crumble adult clay roof guilt reform found dove room swim

URL: https://zecvote.zone/election/564936e81224ff3ff75090cc665d47a6f3552cc7e4863ccc717f3cf8a64b2f23

Question #7: NozyWallet

Seed phrase: boost window chest night essence shiver balcony option indicate assist rebel hidden pistol saddle spread sustain bring sustain order edit pole rude upgrade appear

URL: https://zecvote.zone/election/9a40e30b17f87e4b019529dd2f0c31a6089f14972225f00944c55860618fa727

Question #8: Unstoppable Wallet

Seed phrase: lemon wrong length that hill omit depend gossip social gauge select round spot thrive gaze arena thank juice bachelor fetch quote record wealth banner

URL: https://zecvote.zone/election/3fe5b488b3b18e4538d4f9169b2a8ff6c781ff48da68bb2d3165b2441ba9e435

Question #9: Pepper-Sync by Zingo Labs

Seed phrase: exit buffalo useful fashion come unit chest diary open tortoise switch program switch wheel wire ankle setup subject wing opinion invite naive property call

URL: https://zecvote.zone/election/666add26a3a4b43c7f8ac629dc591b2188cffe4742b7bc5fd65ae767e7d67602

Transparent ZEC

Orchard Address:

u16hc0w0ldvpx6v8yu4yex4wp6d5m80t77tqku39fv56pfwqg8fgq2duf4dky67eum5nzz3em95fdmlxe7pfnq9vmrx8zgk3ee2c44ppnu

View Key:

uview1m9t2g393ev9lrk60hhrunadtyp4g5ct24nqglgnm476ga4mxn99zp24nf0s424pvc6j26y7aljkpq5h3s0y9y822dfl889am0v4hul5yl8tp8u8e433psal7ewpqu3350h7gzyg5j9knyalugrdtlpwsgt5searqglw4rjfz6cnqt7awn7zxk4q0jhexrval86gx4garpn5x32j5p6l4cwewknnyul6saulmwkd5thhnq68kgsw29jmydujgc7k5cmvg5srwfelc77meuw2fgacpn9tj6j6uxj3gvpy5dtd9gyxvuvku22srs4aah5mkw8ckgrc9xwlv4c07ph4de0u4zd0aa9crw7n84f85r3ytgsue5kdvwy6mpc74a4lscv9q0tcc6haly

Birthday Height:

3,134,000

A huge thank you to @dismad, @james_katz, Yasser, @judah, and @alchemydc for serving as Voting Authorities in this poll!

[dismad]

Thank you fellow vote auths and congrats to all the successful retroactive grants!!! You have the honor of being the first \o/

[joshs]

Amazing. On behalf of ECC, to those that voted your coins, thank you for your support of our work. We don’t take it for granted.

And thank you @aquietinvestor for stewarding this process. Well done.

[dismad]

For ref here are 3 different views of the same data:

By Total ZEC voted

By Total APPROVE ZEC

By Total REJECT ZEC

I’m actually kind of proud my Vote Auth prop got some much engagement. TY ZEC holders

[Tomas-M]

My proposal won the Total Reject category, that is an achievement

The results are very interesting. Except @outgoing.doze’s vote, every proposal ended up with either overwhelmingly positive votes or overwhelmingly negative ones. It reminds me of elections in former communist Czechoslovakia, (where I am from), where the ruling party somehow always won by an almost unanimous miracle. Some habits apparently never die

Anyway, congrats to the winners, and back to work

[outgoing.doze]

It’s to be expected at this early stage of the governance. As we make it easier to participate, and the tokens are spread to a larger international audience, the results should become a bit more exciting to look at.

That aside, my vote certainly has powers that the others don’t have. The transparency here is actually beneficial. People could delegate to me and they know exactly (without any trust involved) what their tokens would vote for, for example. Hope that’s an incentive to eventually solve that riddle for the shielded votes.

Only problem is I’m the one that would like to delegate my tokens but I’m the only one voting transparently so I’m a bit stuck ahaha.

[gigantes]

@outgoing.doze

That aside, my vote certainly has powers that the others don’t have. The transparency here is actually beneficial.

Yeah right… If you are an exhibitionist, that’s between you and yourselves…

[lien.bitcoinvn]

Thank you for your trust and recognition in our team’s work

And thank you to the team who administered & organized the process!

Lien - on behalf of Team BitcoinVN

[Tomas-M]

@dismad could you share the final amount of ballots for each question?

[dismad]

Here is what I see,

Q1:   election 1   ballots: 40
Q2:   election 4   ballots: 22
Q3:   election 9   ballots: 39
Q4:   election 6   ballots: 19
Q5:   election 2   ballots: 18
Q6:   election 5   ballots: 17
Q7:   election 3   ballots: 15
Q8:   election 8   ballots: 19
Q9:   election 7   ballots: 28

Total ballots: 217

[zancas]

This is an exciting new era in Zcash governance! And that means it’s an exciting new era in human organization!

It’s been a great privilege to be involved in this process, I want to echo the statement of gratitude for the diligent effort put forth by the people who made this happen!

@aquietinvestor highlighted @dismad @james_katz Yasser @judah and @alchemydc

I want to append @aquietinvestor himself to that list.

Much gratitude for all your hard work over the years @aquietinvestor we would not be where we are without your unfailing diligence.

[zancas]

Wait.. you beat us?!

[Tomas-M]

Q7: election 3 ballots: 15

I am curious how many individual voters actually determined all the outcomes. To make it clear, this is not about dissatisfaction with my own grant being rejected, I simply would like to understand how concentrated or distributed the voting power currently is.

For Q7, the record shows 15 ballots. My own vote accounts for 2.99 ZEC in the Approval field, so removing my ballot leaves 14. Lets assume that the remaining 1 ZEC in Approval came from another single voter, that reduces the set of Reject voters to at most 13 people - it appears the full 1,000,000 ZEC rejecting this proposal came from roughly 13 voters or fewer. If my logic is flawed, feel free to correct me

From this alone, I would assume that a small number of individuals currently hold the majority of effective voting power. I am not saying this is necessarily a bad thing. I am simply trying to understand how many people actually drive outcomes and to encourage more transparency.

If you voted on Q7, whether to reject or approve, it would be helpful if you identify yourself so we can refine this estimate.

Anyway. The network upgrade NU 6.1 should bring “Community & Coinholder (C&C) Funding Model” to Zcash (that is a quotation from shieldedlabs blog), but at this stage, the word community seems a little bit absurd to me. I sincerely hope those with substantial voting power recognize the responsibility that comes with it.

[frankbraun]

@Tomas-M

Lets assume that the remaining 1 ZEC in Approval came from another single voter, that reduces the set of Reject voters to at most 13 people - it appears the full 1,000,000 ZEC rejecting this proposal came from roughly 13 voters or fewer.

Your logic is correct.

Coinholder voting is currently not production ready and a whale oligarchy

There is currently some pushback against the ZCG election process in various places. Some examples: I totally understand the concerns with the ZCG election process. As I’m currently running myself for the ZCG committee I’m wondering who I actually have to convince to vote for me. Namely, who exactly are people on the Zcash Community Advisory Panel (ZCAP) that I have to convince and where are they are mostly active (I assume it’s mostly OGs active on this forum, so here we go). However, I c…

[thowar2]

Proposal rejections are not evidence of corruption or bias. Not spending funds is the default choice and every proposal must be weighed against the alternative of not spending (or even burning).

What should receive scrutiny is the proposals that receive funding. They should be checked to ensure they received that funding on merit and not on corruption or bias.

[Tomas-M]

@thowar2 you completely misunderstood my point. I don’t complain about anyone’s rejection and nobody claims there is any corruption.

[dismad]

We have shut down the nodes, here is my copy of the vote.db for ref:

Proton Drive

Thanks again everyone involved.

[FPF]

The following Q4 2025 Coinholder-Directed Retroactive Grants Program disbursements have been completed by Zcash Foundation and Shielded Labs Keyholders:

• BitcoinVN

• ZcashCommunity Website

• Unstoppable Wallet

• FPF CDRGP Administration Fee

The Bootstrap/ECC disbursement will remain on hold until that situation has been resolved.

Thank you to @str4d, @nuttycom, @aquietinvestor, @Danika and @arya2 for the incredibly hard work you put in to get these distributions completed.

Coinholder details and summary can be viewed at any time on the Coinholder tabs on the public dashboard.

Reminder that the Q1 2026 call for proposals ends on February 15th at 11:59pm UTC.