The Privacy Flywheel Is Growing Zcash's shielded pool recently reached 30% of total supply compared to 11% a year ago. This trajectory shows that the privacy thesis is working. More capital in the shielded pool expands the anonymity set which helps pull in more users with better privacy. At the current pace, crossing 50% shielded looks achievable within 12-18 months. Users who shield tend to correlate with longer holding periods and higher conviction. November 2024's halving brought annual inflation down to roughly 4%, dropping to around 1% by 2028. Distribution has matured over nearly a decade of proof-of-work mining. Most of the supply is already out there scattered across a global miner base. Bitcoin's second halving came before its 2017 breakout. Zcash's second halving came before this.