# Shielded Supply vs Circulating Supply **URL:** \ **Category:** General\ **Created:** [May 21, 2022, 9:49pm UTC](https://forum.zcashcommunity.com/t/shielded-supply-vs-circulating-supply/41778 "2022-05-21T21:49:05Z")\ **Posts on this page:** 13\ **Page:** 1
**Author:** ![bloxster](https://sea2.discourse-cdn.com/zcash/user_avatar/forum.zcashcommunity.com/bloxster/32/20512_2.png) [@bloxster](https://forum.zcashcommunity.com/u/bloxster)\ **Post date:** [May 21, 2022, 9:49pm UTC](https://forum.zcashcommunity.com/t/shielded-supply-vs-circulating-supply/41778/1 "2022-05-21T21:49:05Z")
Hi to everyone, I am trying to put up some charts to understand the adoption of shielded funds. I see that previous attempts in this forum are not maintained so I played a bit with the sources I could find. I did a quick verification and the official Zcash metrics match the data from Messari. Shielded total pool balance from [https://electriccoin.co/zcash-metrics/](https://electriccoin.co/zcash-metrics/) ![pool balance](https://global.discourse-cdn.com/zcash/original/3X/8/4/84f1ee969f836930f40ebbb579bbe0e13effcd75.png) Messari supply metrics [https://messari.io/asset/zcash/metrics/supply](https://messari.io/asset/zcash/metrics/supply) ![supply shielded](https://global.discourse-cdn.com/zcash/original/3X/6/5/657b97c415587a379fe76d8e6650f65851918ee0.png) The advantage of using Messari is that it is possible to extract circulating supply data beside shielded supply, so I could easily get the utilization of shielded funds as a percentage of the circulating supply. I imported these data to a trivial Excel sheet and produced the following chart: ![Schermata 2022-05-21 alle 23.51.11](https://global.discourse-cdn.com/zcash/original/3X/c/0/c09e8f6dd34d1c450ba4a94c47102a61e3ed4de4.jpeg) Given that input data are correct I can see that: - There is some kind of support at 4% slowly growing to 5% around the end of last year. - There are two peaks of shielded adoption at roughly 8.25% around the end of November 2018 and the end of November 2021 - The overall average adoption rate of shielded funds is 5,57% Overall, the adoption of shielded addresses is still quite low. One reason that comes to my mind is that we still don’t have hardware wallet supporting it (but hopefully the grants to Ledger and Trezor will do). For example I store my ZEC on Ledger and have just a fraction of them shielded on Nighthawk. Also, I can’t explain where the peaks of adoption come from, if they are driven by fundamental reasons or some technical improvement into supported wallets (e.g. automatic shielding). I guess that NU5 will help adoption of shielded addresses, especially when wallets and exchanges will start to support UAs. Just my thoughts, hope it will sparkle some discussion in the community. ---
**Author:** ![eth03](https://avatars.discourse-cdn.com/v4/letter/e/a5b964/32.png) [@eth03](https://forum.zcashcommunity.com/u/eth03)\ **Post date:** [May 22, 2022, 4:03am UTC](https://forum.zcashcommunity.com/t/shielded-supply-vs-circulating-supply/41778/2 "2022-05-22T04:03:59Z")
After the Trezor announcement, I noticed a Trezor Model T costs almost double what a Ledger Nano X costs. On the other hand, several mobile wallets will support or do support shielded addresses. I tried Edge wallet last week on iOS and at first it took a very long time to do the initial sync. Maybe this will be improved. Also, Zec Wallet Lite had some issues last week supporting the shielded transactions for the NFT promotion mentioned in this forum. I think mobile wallets might need more improvements in supporting NU5 and could be improved to sync more quickly after the initial installation. I dont think the average user will buy a hardware wallet separate from their mobile phone so maybe Trezor’s announcement may be a big deal for some of us, but not the average user. I am personally planning on migrating all my funds to the shielded pool via a Trezor now that it supports NU5 addresses. Other than a single tweet mentioning Trezor support for NU5 in their latest update, I don’t think this has been sufficiently circulated. This is where I found out: > and this is where I confirmed these firmware versions have been released already: > **[Trezor Suite and Firmware Updates May 2022](https://blog.trezor.io/trezor-suite-and-firmware-updates-may-2022-b1af60742291)** > > Install the latest updates and security fixes by opening Trezor Suite and following the on-screen instructions. ---
**Author:** ![dismad](https://sea2.discourse-cdn.com/zcash/user_avatar/forum.zcashcommunity.com/dismad/32/18432_2.png) [@dismad](https://forum.zcashcommunity.com/u/dismad)\ **Post date:** [May 22, 2022, 6:47pm UTC](https://forum.zcashcommunity.com/t/shielded-supply-vs-circulating-supply/41778/3 "2022-05-22T18:47:43Z")
I updated to v1.11.1 and can’t see what has been updated – still T addresses. Updated to add relevant link: > > > Zcash will soon \[1\] deploy the NU5 upgrade to mainnet. Currently NU5 is running …on Zcash testnet. Suite only supports v4 transactions. As a result of the upgrade Suite users will not be able to spend UTXOs created in v5 transactions. However, they will still be able to spend UTXOs created in v4 transactions and earlier-version transactions. > > In order to spend a UTXO created in a v5 transaction, Suite needs to spend it in a v5 transaction, which can be done as follows: > \- The \`version\` field in \`SignTx\` needs to be set to 5. > \- The \`branchId\` needs to be set to 0xc2d6d0b4, see https://zips.z.cash/zip-0252. > \- The \`versionGroupId\` needs to be set to 0x26a7270a, I think (no source available). > \- When signing v5 transactions the client does not need to provide the previous transaction(s). > > The accounts and addresses remain the same as for version 4. The serialized transaction structure is different, but that is taken care of by Trezor firmware. Suite should not need to make any updates in this regard, just broadcast the transaction that Trezor spits out. > > There are two implementation options for signing Zcash transactions: > 1. Once this is implemented Suite will only create v5 transactions. > 2. Suite will create a v5 transaction only if at least one transaction input comes from a v5 transaction. Otherwise it will create a v4 transaction. > > The advantage of Option 1 is that no prev\_tx streaming is needed. The advantage of Option 2 is that we only create v5 UTXOs if it's necessary to spend our selected UTXOs. This way if the wallet used by the recipient of the payment does not support v5 transactions yet, they might still be able to receive the payment, i.e. see that the payment was received and be able to spend it. > > We can implement Option 2 for a transition period and switch to Option 1 later. > > On Trezor NU5 support will be available starting with the upcoming releases of T1 firmware v1.11.1 and TT firmware v2.5.1. If Suite intends to sign a v5 transaction, it will need to ensure that the user has this firmware version or a later version. > > This issue might be related to https://github.com/trezor/trezor-suite/issues/3749 (maybe \`branchId\` and \`versionGroupId\` can be retrieved from blockbook?). But implementing it is certainly not a prerequisite for this issue. > > \[1\] Zcash schedule: https://z.cash/support/schedule/ > \[2\] Firmware issue: https://github.com/trezor/trezor-firmware/issues/2031 > \[3\] TT firmware PR: https://github.com/trezor/trezor-firmware/pull/2166 > \[4\] T1 firmware PR: https://github.com/trezor/trezor-firmware/pull/2244 ---
**Author:** ![noamchom](https://sea2.discourse-cdn.com/zcash/user_avatar/forum.zcashcommunity.com/noamchom/32/20269_2.png) [@noamchom](https://forum.zcashcommunity.com/u/noamchom)\ **Post date:** [May 23, 2022, 2:15pm UTC](https://forum.zcashcommunity.com/t/shielded-supply-vs-circulating-supply/41778/4 "2022-05-23T14:15:58Z")
The most obvious explanation for low shielded supply % is because no central exchanges use those pools. If ECC were able to persuade a few of the Top 5 (and if this is technically legal and feasible) Binance, Coinbase, and Kraken then we’d see the shielded pool double or triple. Can anyone from ECC weigh in to the question, are ECC held ZEC kept in the shielded pool? ---
**Author:** ![Autotunafish](https://sea2.discourse-cdn.com/zcash/user_avatar/forum.zcashcommunity.com/autotunafish/32/7827_2.png) [@Autotunafish](https://forum.zcashcommunity.com/u/Autotunafish)\ **Post date:** [May 23, 2022, 3:08pm UTC](https://forum.zcashcommunity.com/t/shielded-supply-vs-circulating-supply/41778/5 "2022-05-23T15:08:33Z")
> ---
**Author:** ![joshs](https://sea2.discourse-cdn.com/zcash/user_avatar/forum.zcashcommunity.com/joshs/32/13631_2.png) [@joshs](https://forum.zcashcommunity.com/u/joshs)\ **Post date:** [May 23, 2022, 5:38pm UTC](https://forum.zcashcommunity.com/t/shielded-supply-vs-circulating-supply/41778/6 "2022-05-23T17:38:19Z")
Hi. Generally, there is little to no interest from exchanges to support storing ZEC in a shielded pool. It requires some engineering. There had been some discussion with Anchorage and Bitgo about shielded custody and providing them engineering support but no recent movement to my knowledge. We at ECC have some stored in a pool and some stored with a custodian. ---
**Author:** ![daira](https://sea2.discourse-cdn.com/zcash/user_avatar/forum.zcashcommunity.com/daira/32/43253_2.png) [@daira](https://forum.zcashcommunity.com/u/daira)\ **Post date:** [May 23, 2022, 6:15pm UTC](https://forum.zcashcommunity.com/t/shielded-supply-vs-circulating-supply/41778/7 "2022-05-23T18:15:00Z")
Note that dev fund outputs are required by consensus to be moved to shielded addresses as a first step. My understanding is that this is in fact done reasonably promptly, and so the fact that the hardcoded dev fund addresses are transparent doesn’t really have a significant effect. (The reason for the ECC addresses being transparent is that it allows them to be multisig, since support for FROST shielded multisig is not implemented yet.) ---
**Author:** ![Autotunafish](https://sea2.discourse-cdn.com/zcash/user_avatar/forum.zcashcommunity.com/autotunafish/32/7827_2.png) [@Autotunafish](https://forum.zcashcommunity.com/u/Autotunafish)\ **Post date:** [May 23, 2022, 7:09pm UTC](https://forum.zcashcommunity.com/t/shielded-supply-vs-circulating-supply/41778/8 "2022-05-23T19:09:38Z")
I remember shielded multi-sig not being available as part of one of the more recent conversations about it but beyond what the addys are (or where I suppose) I don’t know ---
**Author:** ![dontbeevil](https://avatars.discourse-cdn.com/v4/letter/d/4491bb/32.png) [@dontbeevil](https://forum.zcashcommunity.com/u/dontbeevil)\ **Post date:** [May 24, 2022, 2:20am UTC](https://forum.zcashcommunity.com/t/shielded-supply-vs-circulating-supply/41778/9 "2022-05-24T02:20:14Z")
> [@daira](#): > > since support for FROST shielded multisig is not implemented yet Why not use MPC based custody? ---
**Author:** ![daira](https://sea2.discourse-cdn.com/zcash/user_avatar/forum.zcashcommunity.com/daira/32/43253_2.png) [@daira](https://forum.zcashcommunity.com/u/daira)\ **Post date:** [May 25, 2022, 4:30am UTC](https://forum.zcashcommunity.com/t/shielded-supply-vs-circulating-supply/41778/10 "2022-05-25T04:30:58Z")
> [@dontbeevil](#): > > Why not use MPC based custody? Because that isn’t/wasn’t implemented either. ---
**Author:** ![noamchom](https://sea2.discourse-cdn.com/zcash/user_avatar/forum.zcashcommunity.com/noamchom/32/20269_2.png) [@noamchom](https://forum.zcashcommunity.com/u/noamchom)\ **Post date:** [February 27, 2023, 10:42pm UTC](https://forum.zcashcommunity.com/t/shielded-supply-vs-circulating-supply/41778/11 "2023-02-27T22:42:31Z")
Can anyone confirm that the supply circulating shown by Blockchair is correct? That number is about 4 million coins different from what I see in my [Binance.US](http://Binance.US) application on mobile. ![image](https://global.discourse-cdn.com/zcash/original/3X/9/2/925f4db0b5adb70c226fc735405d00d53142c52a.png) ---
**Author:** ![Autotunafish](https://sea2.discourse-cdn.com/zcash/user_avatar/forum.zcashcommunity.com/autotunafish/32/7827_2.png) [@Autotunafish](https://forum.zcashcommunity.com/u/Autotunafish)\ **Post date:** [February 28, 2023, 2:11am UTC](https://forum.zcashcommunity.com/t/shielded-supply-vs-circulating-supply/41778/12 "2023-02-28T02:11:20Z")
I posted the metrics week before last, Im rescanning right now… > [@Radical “to the moon” thread](https://forum.zcashcommunity.com/t/radical-to-the-moon-thread/32260/4660): > > “chain”: “main”, “blocks”: 1989020, “initial\_block\_download\_complete”: true, “headers”: 1989020, “bestblockhash”: “00000000010d7a24c1e0cb9843ab26fefa647513cc02577b79834fc446948a5e”, “difficulty”: 89516560.26736684, “verificationprogress”: 0.9999987562898469, “chainwork”: “0000000000000000000000000000000000000000000000000c5fa2b4449d7a33”, “pruned”: false, “size\_on\_disk”: 225017595707, “estimatedheight”: 1989020, “commitments”: 1545212, “chainSupply”: { “monitored”: true, “chainValue… Their metric is probably transparent only, would be close to that with the shielded supply subtracted from the combined total ---
**Author:** ![dismad](https://sea2.discourse-cdn.com/zcash/user_avatar/forum.zcashcommunity.com/dismad/32/18432_2.png) [@dismad](https://forum.zcashcommunity.com/u/dismad)\ **Post date:** [April 22, 2024, 3:07am UTC](https://forum.zcashcommunity.com/t/shielded-supply-vs-circulating-supply/41778/13 "2024-04-22T03:07:51Z")
![Screenshot_2024-04-21_19-32-56](https://global.discourse-cdn.com/zcash/original/3X/8/2/824adf0340aeb36d87cb5475bb55f39257cad9b5.png) Sharing this script I made tonight to help zcashd users who want to verify supply questions. For most users the default > ./extractSupplyInfo.sh should produce the current results with zcashd running. Subtract Total Chain from Transparent to find the Shielded Supply. Yah for full nodes! 🦓 > **[GitHub - dismad/zcashdUtilities: Helper scripts for using zcashd](https://github.com/dismad/zcashdUtilities)** > > Helper scripts for using zcashd. Contribute to dismad/zcashdUtilities development by creating an account on GitHub.