Zcash (ZEC)
Unlock Schedule
Shows the cumulative unlocked token supply by allocation category over time
Zcash (ZEC) Token Unlock & Vesting Schedule
The unlock chart above provides a clear visual overview of the Zcash (ZEC) token release schedule, showing when and how tokens enter circulation across investor, team, treasury, and community allocations. Understanding these tokenomics dynamics is critical for evaluating potential supply pressure, inflation impact, and market liquidity over time — key factors that can influence ZEC price performance.
Each color segment in the chart corresponds to a specific allocation group described in the Allocations section below. Underlying assumptions and data models used to reconstruct this schedule are explained in detail under Assumptions, while broader utility insights and token use cases are covered in Tokenomics & Utility.
Tokenomics & Utility
Zcash tokenomics follow a transparent, rule‑based schedule similar to Bitcoin.
Supply and issuance
- Fixed supply: 21 million ZEC.
- Target block time: ~75 seconds (post‑Blossom).
- Block subsidy halves about every four years. The second halving occurred around November 23, 2024 (NU6 era), reducing issuance on the same cadence as Bitcoin. (z.cash)
Post‑NU6 funding model
- As of late 2024, 80% of each block reward goes to miners. 8% funds Zcash Community Grants (ZCG). 12% accrues into a protocol “lockbox” for future community‑directed disbursements. In 2025, the community advanced a coinholder‑directed grants program (ZIP‑1016) to guide funding through the next epoch. (z.cash)
Utility of the ZEC token
- Medium of exchange: fast, low‑fee private payments.
- Network fees: small fees paid in ZEC secure the network and deter spam.
- Selective disclosure: encrypted memos and viewing keys support audits and business reporting when required.
- Future assets: with ZSAs, ZEC becomes the native currency for fees and could serve as base liquidity for on‑chain assets, which may influence long‑run Zcash tokenomics and the broader ZEC price narrative. (bitzecbzc.github.io)
Assumptions
- Modeled halving epoch boundaries by date using specified block heights and a 75-second target block time post-Blossom; dates beyond 2024 are approximations.
ZIP 214 fixes halving heights (first at 1,046,400; second at 2,726,400; third at 4,406,400). Converting heights to calendar dates depends on actual block intervals.
- Aggregated all post-2028 miner emissions (2.625M ZEC) into a single linear schedule through 2140.
To keep monthly modeling tractable while preserving totals; actual issuance continues via successive halvings with geometrically decreasing subsidy.
- Assumed no protocol-defined Dev Fund beyond the third halving (circa 2028) unless or until new ZIPs specify otherwise.
ZIP 214 Rev.2 specifies streams only up to the third halving; beyond that, absent new funding streams, 100% of subsidy is assumed to miners.
- Slow-start total issuance equals 125,000 ZEC; split 80% miners and 20% Founders’ Reward.
Designed property of slow-start per protocol authors; ensures first-epoch total issuance unaffected aside from timing.
- 1. https://electriccoin.co/blog/zcash-begins/
- 2. https://github.com/zcash/zcash/blob/master/doc/release-notes/release-notes-2.1.0.md
- 3. https://zips.z.cash/zip-0214
- 4. https://zips.z.cash/zip-1015
- 5. https://zips.z.cash/zip-0207
- 6. https://github.com/zcash/zips/blob/main/zips/zip-1014.rst
- 7. https://z.cash/learn/what-are-the-economics-of-zcash/
- 8. https://forum.zcashcommunity.com/t/which-zec-explorer-is-realtime-correct/34587/9
- 9. https://github.com/Electric-Coin-Company/zcash-blog/blob/master/_posts/2016-10-31-state-of-the-network-2016-10-31.md
Allocations
PoW Miner Rewards
82.50%
Percentage of total token supply
95%
How certain we are about this information
17,325,000 tokens
Linear vesting: Oct 28, 2016 - Dec 1, 2016 (monthly)
Slow-start mining period: block subsidy ramped linearly from 0 to full over first 20,000 blocks. Miners received 80% of the subsidy; total slow-start issuance capped at 125,000 ZEC by design.
Linear vesting: Dec 1, 2016 - Nov 18, 2020 (monthly)
Remainder of first issuance epoch through the first halving. Includes Blossom (activated at height 653,600) which reduced target block time from 150s to 75s and adjusted per-block subsidy to keep issuance per unit time unchanged.
Linear vesting: Nov 18, 2020 - Nov 23, 2024 (monthly)
Second issuance epoch (between first and second halvings). Miners continued to receive 80% of block subsidy; 20% flowed to the Canopy Development Fund recipients.
Linear vesting: Nov 23, 2024 - Nov 20, 2028 (monthly)
Third issuance epoch (between second and third halvings). Miners receive 80% while Dev Fund streams (ZCG and Lockbox/CCF) total 20%.
Linear vesting: Nov 20, 2028 - Jan 1, 2140 (monthly)
Post-third-halving aggregate of all remaining halvings until subsidy becomes negligible; absent specified funding streams beyond the third halving, 100% of subsidy is modeled to miners. Aggregated for tractability; see assumptions.
Founders' Reward (2016–2020)
10.00%
Percentage of total token supply
99%
How certain we are about this information
2,100,000 tokens
Linear vesting: Oct 28, 2016 - Dec 1, 2016 (monthly)
Founders’ Reward share (20% of subsidy) during slow-start. Slow-start total issuance capped at 125,000 ZEC.
Linear vesting: Dec 1, 2016 - Nov 18, 2020 (monthly)
Founders’ Reward distributed as 20% of each block subsidy until the first halving; totals 2.1M ZEC over the first four years.
Dev Fund (2020–2024) — ECC slice (7% of subsidy)
1.75%
Percentage of total token supply
98%
How certain we are about this information
367,500 tokens
Linear vesting: Nov 18, 2020 - Nov 23, 2024 (monthly)
ZIP 1014/214 Canopy Development Fund: 20% of subsidy split as 35% ECC (Bootstrap/ECC), 25% ZF, 40% Major Grants. 7% = 35% of 20%.
Dev Fund (2020–2024) — Zcash Foundation slice (5% of subsidy)
1.25%
Percentage of total token supply
98%
How certain we are about this information
262,500 tokens
Linear vesting: Nov 18, 2020 - Nov 23, 2024 (monthly)
ZIP 1014/214 Canopy Development Fund: ZF slice is 25% of Dev Fund (i.e., 5% of block subsidy) from first halving to second.
Dev Fund (2020–2024) — Major Grants slice (8% of subsidy)
2.00%
Percentage of total token supply
98%
How certain we are about this information
420,000 tokens
Linear vesting: Nov 18, 2020 - Nov 23, 2024 (monthly)
ZIP 1014/214 Canopy Development Fund: Major Grants (administered via ZF processes) receive 40% of Dev Fund (i.e., 8% of block subsidy).
Dev Fund (2024–2028) — Zcash Community Grants (ZCG) slice (8% of subsidy)
1.00%
Percentage of total token supply
96%
How certain we are about this information
210,000 tokens
Linear vesting: Nov 23, 2024 - Nov 23, 2025 (monthly)
NU6 / ZIP 1015 one-year stream (FS_FPF_ZCG) starting at second halving: 8% of subsidy to ZCG.
Linear vesting: Nov 23, 2025 - Nov 20, 2028 (monthly)
NU6.1 / ZIP 214 Rev.2 follow-on stream (FS_FPF_ZCG_H3) until third halving: continues 8% of subsidy to ZCG.
Dev Fund (2024–2028) — Deferred/Lockbox & CCF slice (12% of subsidy)
1.50%
Percentage of total token supply
95%
How certain we are about this information
315,000 tokens
Linear vesting: Nov 23, 2024 - Nov 23, 2025 (monthly)
NU6 / ZIP 1015 deferred lockbox stream (FS_DEFERRED): 12% of subsidy accumulates in a protocol lockbox (not disbursable until future mechanisms).
Linear vesting: Nov 23, 2025 - Nov 20, 2028 (monthly)
NU6.1 / ZIP 214 Rev.2: lockbox funding continues as Coinholder/Community-Controlled Fund streams (FS_CCF_H3) until third halving; disbursement governed by subsequent ZIPs (e.g., ZIP 271 one-time lockbox disbursement).
Last Updated: 10/8/2025 20:27 UTC
Description
#15
Zcash is a privacy-focused cryptocurrency that uses trustless zero-knowledge proofs to enable fully encrypted transactions while maintaining blockchain transparency and security.
| Sector: | Payments |
| Blockchain: | Other L1 |
2016
Launch Year 2016
Privacy
Privacy Token
POW
Proof of Work Consensus