Zcash’s planned NU7 upgrade would permanently freeze about 12,224 ZEC, valued at roughly $15.6 million, according to Tyler Warner’s Morning Minute newsletter published by Decrypt on November 6, 2026, at 21:29:20 UTC+8.
The upgrade was the clearest supply-mechanism development in a broader briefing on a sharp crypto and equity selloff. The newsletter also highlighted changes to Pump.fun’s user incentives and daily revenue figures for onchain protocols.
NU7 would close the remaining exit from Sprout
According to the report, NU7 will invalidate the only transaction format capable of moving coins out of Sprout, Zcash’s original privacy pool introduced in 2016. That change would leave approximately 12,224 ZEC permanently frozen in the pool.
The mechanism matters: the reported change is a restriction on moving existing coins, rather than a new distribution or token unlock.
NU7 would also reduce Zcash’s target block time from 75 seconds to 25 seconds. The newsletter did not specify an activation date or explain whether the shorter target would be accompanied by changes to issuance parameters.
Pump.fun changes what its callouts reward
Pump.fun introduced a Diamond mode for callouts, which the newsletter described as rewarding higher-market-cap calls and longer-term holds. The report did not detail the reward amounts or distribution rules.
Separately, Pump.fun opened business-development roles covering perpetual futures, prediction markets and a trading terminal, signaling an expansion beyond memecoins.
Protocol revenue during the selloff
The briefing reported the following daily revenue figures:
| Protocol | Reported revenue |
|---|---|
| Hyperliquid | $2.72 million |
| Pump.fun | $1.35 million |
| Papertrade | $822,000 |
| Lighter | $314,000 |
Hyperliquid led onchain protocols by the newsletter’s revenue measure. Lighter recorded its second-highest revenue day since early February.
These figures came amid a broad market decline. Bitcoin fell 5.4% to $75,871, while Ethereum dropped 7.6% to $2,239. The main account put crypto long liquidations at almost $1.1 billion, followed by a slight overnight relief rally.
Zcash fell 0.8%, less than the broader market, and remained up for the week. Those price observations were separate from the planned NU7 changes; the report did not establish that the upgrade caused Zcash’s relative resilience.
Source: Decrypt — Morning Minute: Bitcoin Erases Election Rally as AI Stocks Crater, by Tyler Warner. The newsletter states that its analysis and opinions are the author’s and do not necessarily reflect Decrypt’s views.