Zcash’s new security fund is 99.7% old money

Zcash’s new reserve for future block rewards is still overwhelmingly inherited value. About 99.7% of its balance in an early post-NU7 mainnet observation on November 7, 2026, came from previously unclaimed subsidy and fees, leaving just 1.12 ZEC accumulated under the new rules.At 05:08:38 UTC, the mainnet API for Zakura’s NU7 monitoring dashboard reported a Network Sustainability Mechanism, or NSM, balance of 369.7 ZEC at block 3,547,068. Its status data showed NU7 active.ZIP 237, the specification governing the reserve, sets the historical seed at 368.58445520 ZEC. Subtracting that seed leaves 1.11895065 ZEC of subsequent accumulation, or about 0.3% of the observed total.Historical seed and fee contributions in Zcash’s NSMA proportional bar shows 99.70 percent historical seed and 0.30 percent fee accumulation. A flow shows fees accumulating now and subsidy reissuance later. 7 NOV 2026 · 05:08:38 UTC · BLOCK 3,547,068 OBSERVED RESERVE 369.70340585ZEC HISTORICAL SEED368.58445520 ZEC 99.70%Unclaimed subsidy + fees NEW FEE ACCUMULATION1.11895065 ZEC0.30%Bar drawn to scale ACCUMULATING NOW → REISSUED LATER Block feesAggregate per block 60% to NSMRounded down once per block Future subsi...