Zcash team has announced that the Zcash Sapling upgrade was activated today at block height 419200. Sapling is an important upgrade for the Zcash network as it brings support for new shielded addresses and memory reduction of 97 percent.
Despite the new shielded addresses, the funds cannot be transferred from legacy shielded addresses to new ones without revealing amounts. Zcash team says that this will allow them to audit the monetary base of ZEC held in shielded addresses.
That said, the Zcash team is developing a tool to automate migration of funds to avoid privacy concerns, so if you don’t want your money to be revealed, do not move to the new shielded addresses and wait for the tool.
If you are running the latest node, you can now make use of the Zcash Sapling addresses. The entire ecosystem will need time to integrate new addresses as demand permits. Other benefits that are included in this Sapling upgrade include improved ceremony and the BLS12-381 curve, which benefits all shielded address users.
If you held funds on the exchange, there is no action needed from your side as your Zcash coins are automatically moved to new chain. If you were earlier running a local node, you should upgrade to latest version by downloading the client from here.