Zcash caps supply at 21 million coins, mirroring Bitcoin, with block subsidies halving roughly every four years (November 2020, November 2024, next expected 2028). Early emission was steep: the launch-era scarcity that sent single coins above $3,000 in 2016 inverted into years of miner sell pressure as emission ran well ahead of demand.
By the second halving the annual issuance rate had fallen under 2 percent, comparable to Bitcoin's, one of the structural arguments made for the 2025-2026 repricing visible on the chart.