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Zcash welcomes its first halving, with a network upgrade imminent, and the ZEC price responds with a pump.
Recently, the privacy coin Zcash is about to reach an important milestone. According to the plan, the network will undergo its first halving when the block height reaches 1,046,400. After this halving, the rewards for each block will decrease from the current 6.25 ZEC to 3.125 ZEC, cutting the output in half.
At the same time, the development team of Zcash announced a significant upgrade plan. They will activate a network update called Canopy on November 18. One of the important goals of this upgrade is to establish a brand new development fund aimed at promoting the Zcash ecosystem towards a more decentralized direction.
These messages seem to have a positive impact on the market. Following the relevant announcements, the price of ZEC tokens saw a significant increase, reaching a rise of 5.94% in a short period and briefly breaking the 60-dollar mark.
This halving and network upgrade will undoubtedly have a profound impact on the future development of Zcash. The halving may affect the supply dynamics of the coin, while the new development fund is expected to provide more support for the project's long-term development. The market's reaction to these changes is also worth keeping an eye on.