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Ironwood's security upgrade is failing to earn $ZEC a rerating. ZIP-318 splits balances into canonical denominations and staggers broadcasts, so a measured migration pace fits privacy preservation and raw transfer counts can overstate holder adoption. Orchard's circuit flaw could let a malicious proof create hidden value... the corrected circuit restored actions at block 3,364,600. From July 27 to July 30, ZEC fell 8.1%, vs 2.2% for BTC and 0.2% for XMR. That relative weakness implies the supply discount remains, leaving ZEC exposed to more underperformance. #Fed3Dissents