What Railgun does

RAILGUN is a decentralized, on-chain zero-knowledge privacy protocol for Ethereum and EVM-compatible chains (including BNB Chain and Polygon). Built as a set of non-custodial smart contracts with supporting backend infrastructure, it uses zk-SNARKs to shield the sender, receiver, and amount of on-chain transactions, enabling private token transfers and private DeFi interactions (swaps, yield) via "0zk" private addresses. The protocol explicitly has no admin keys, no bridges, and no standalone chains, and its website states there is no RAILGUN company, entity, or business — it is maintained by community contributors and evangelists rather than a traditional corporate structure. Nominally associated with London, United Kingdom, and founded in 2021, it operates at an estimated 11-50 contributor scale.

The product surface centers on the RAILGUN Protocol and the RAIL token (deployed on Ethereum, BSC, and Polygon), which is staked to secure the protocol and earn rewards. Distinguishing technical components include Private Proofs of Innocence (PPOI), zero-knowledge proofs that reject high-risk sources from the anonymity set and prove non-association; Viewing Keys, shareable read-only keys that reveal fund origin for compliance and tax purposes; and per-DApp address generation. There is no single official wallet; instead, multiple independent third-party wallets and interfaces (Anon Wallet, Railway Wallet, Terminal Wallet, TokenShielder, Faceless) integrate the protocol, and a Wallet SDK lets developers embed RAILGUN privacy into any EVM wallet. The contracts have been audited by Zokyo, HashCloak, Hacken, and ABDK, and the protocol runs an active bug bounty (up to $250,000 for critical exploits).

Because RAILGUN is open-source infrastructure with no corporate entity, it has no conventional pricing or product revenue. Value accrues at the protocol level through transaction fees and a treasury (WETH ~$1.59M, DAI ~$422.95K, RAIL ~$497.38K), with 82.85M RAIL staked for security. Go-to-market is community-led and OEM/embedded: distribution occurs through third-party wallets and developer SDK integration, driven by organic network effects as the privacy set grows. It serves privacy-conscious Ethereum/DeFi users, compliance-minded holders who need to demonstrate fund legitimacy, and — per Grayscale's 2026 outlook — institutional participants seeking confidential transactions.

Name

Railgun

Legal name

Railgun (No formal legal entity - decentralized protocol)

Website

https://railgun.org

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

11–50 employees

Short description

RAILGUN is a decentralized zero-knowledge privacy protocol for Ethereum and EVM chains, using zk-SNARKs and smart contracts to enable private token transfers and DeFi for privacy-conscious crypto users, compliance-minded holders, and institutional participants.

Ownership category

akta.pro rank

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Markets served

GTM type

B2C

Offering type

Software

Cost components

Technology or R&D, Infrastructure, Operations, Marketing or Sales, Personnel

Revenue model

1. Protocol Fees: The Railgun protocol generates fees from private transactions executed through the protocol. Treasury addresses hold significant TVL (over 121M across fees, TVL, and treasury combined) used to secure the protocol and reward participants.
2. RAIL Token Economics: The RAIL token is used for staking to secure the protocol and collecting rewards. Token holders can stake RAIL to provide security and earn rewards for supplying security to the protocol.
3. Treasury Revenue: The protocol maintains treasury holdings including WETH ($1.59M), DAI ($422.95K), and RAIL ($497.38K) accumulated through protocol operations.

Go-to-market motion2 records

Distribution channels6 records

Marketing channels5 records

Core offering

Railgun is a set of open-source smart contracts and backend infrastructure that brings on-chain privacy to Ethereum and other EVM-compatible blockchains using zero-knowledge proofs. It enables users to send, receive, and use tokens privately through 0zk addresses without exposing sender, receiver, or amount data on the public ledger, while offering compliance tools such as viewing keys and Private Proofs of Innocence. The ecosystem includes the RAIL governance/security token, a Wallet SDK for third-party integration, and multiple independent third-party wallet frontends.

Product overview

RAILGUN is a unified on-chain ZK privacy ecosystem comprising smart contracts and backend infrastructure that enables private transactions on Ethereum and EVM-compatible chains. The core product is the RAILGUN Protocol, which uses zero-knowledge proofs to shield transaction sender, receiver, and amount data on the public blockchain. The ecosystem includes the RAIL Token (deployed on Ethereum, BSC, and Polygon) for protocol security via staking, and the Private Proofs of Innocence (PPOI) feature that mathematically proves non-association with high-risk sources. Multiple independent third-party wallets (Anon Wallet, Railway Wallet, Terminal Wallet, TokenShielder, Faceless) provide user-facing interfaces to the protocol. The RAILGUN Wallet SDK enables developers to integrate privacy capabilities into any Ethereum/EVM wallet. The protocol is non-custodial, has no admin keys, no bridges, and operates without standalone chains.

Differentiator

Problem solved

Functional benefit

Products and services

• RAILGUN Protocol An on-chain zero-knowledge privacy ecosystem comprising smart contracts and backend infrastructure that enables private token transfers and private DeFi interactions on Ethereum and EVM-compatible chains. Non-custodial with no admin keys, no bridges, and no standalone chains.
• RAIL Token The native utility and governance token of the Railgun ecosystem, used for staking to secure the protocol and to collect rewards for supplying protocol security. Deployed on Ethereum (RAIL), BNB Chain (RAILBSC), and Polygon (RAILPOLY).
• RAILGUN Wallet SDK A standalone software development kit that enables developers to integrate Railgun smart contracts, 0zk addresses, shielding, and private DeFi functionality into any new or existing Ethereum/EVM wallet with minimal development overhead.
• RAIL Staking Portal A staking platform where users stake RAIL tokens to secure the Railgun protocol and collect rewards for supplying security.

Quantifiable outcome

• $5.23 Billion USD value of tokens transacted through private 0zk addresses since launch
• +3 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

Feature7 records

Partnerships

Seven partnerships are on record, tiered core.

• Ethereum Foundation - Kohaku InitiativecoreTechnology or Integration · 1 January 2026The Ethereum Foundation's Kohaku Initiative integrates with Railgun for private transactions via ERC-4337 account abstraction standards. Railgun is the primary supported integration for private transactions in Kohaku's modular privacy SDK, enabling wallet-level privacy integration for existing Ethereum wallets.
• AmbirecoreStrategic or Co-development Partner · 9 October 2025Ambire is a key development partner in the Kohaku privacy roadmap, providing the browser extension foundation for the first Kohaku SDK version. Collaborates with Railgun and other partners on wallet privacy features.
• DeFi WonderlandcoreStrategic or Co-development Partner · 9 October 2025Partner in the Kohaku privacy roadmap for improving wallet privacy and security through a modular framework for developers and advanced users.
• HelioscoreStrategic or Co-development Partner · 9 October 2025Partner in the Kohaku privacy roadmap, contributing to the modular framework for wallet privacy and security improvements.
• Oblivious LabscoreStrategic or Co-development Partner · 9 October 2025Partner in the Kohaku privacy roadmap, working on wallet privacy and security through a modular framework.
• Ethereum Foundation Privacy ClustercoreStrategic or Co-development PartnerRailgun is part of the Ethereum Foundation Privacy Cluster initiative bringing together 47 researchers to develop protocol-level privacy features for Ethereum. The cluster comprises research teams including those from the Privacy and Scaling Explorations team.
• stakerail.ficoreTechnology or IntegrationThird-party staking portal for RAIL token staking to secure the protocol and collect rewards. Key interface for token holders to participate in protocol security.

Scale indicators9 records

Recent moves6 records

Expansion highlights5 records

Emerging players

• Penumbra: Penumbra is a privacy-focused DEX and shielded staking protocol built on Cosmos using ZK proofs. It is an emerging competitor that brings Railgun-style programmable privacy to a non-Ethereum ecosystem.
• Polygon Miden: Polygon Miden is a STARK-based ZK rollup supporting private smart-contract execution. As part of Polygon's broader ecosystem, it represents an emerging alternative to Railgun for Ethereum-aligned programmable privacy.
• Aleo: Aleo is a privacy-first Layer-1 blockchain using zero-knowledge proofs for private, programmable applications. While it operates as a separate L1 rather than on Ethereum like Railgun, it competes for the same end-market of private DeFi users.
• Oasis Network: Oasis Network is a Layer-1 blockchain with confidential computing and privacy-preserving smart contracts. It targets similar use cases of private DeFi but uses trusted execution environments rather than Railgun's pure ZK approach.

Direct peers

• Tornado Cash: Tornado Cash is an Ethereum-based smart-contract privacy mixer for ETH and ERC-20s using zk-SNARKs. Although OFAC-sanctioned in 2022, it remains the closest historical comparison and direct functional peer to Railgun's privacy-set model.
• Secret Network: Secret Network is a blockchain with privacy-preserving smart contracts enabling encrypted inputs, outputs, and state for dApps. Like Railgun, it targets programmable privacy for DeFi, though it uses TEE-based cryptography on its own L1 rather than ZK proofs on Ethereum.
• Aztec Network: Aztec is a privacy-first ZK-rollup on Ethereum enabling private smart-contract execution and DeFi. It is the closest direct competitor to Railgun, with both protocols using zero-knowledge proofs to deliver programmable privacy on Ethereum.
• Manta Network: Manta Network is a ZK-based privacy protocol for DeFi that provides compliant private transactions on EVM and Substrate chains. It competes directly with Railgun in the on-chain programmable privacy space.

Broad incumbents

• Monero: Monero is the largest privacy-focused cryptocurrency, using ring signatures and stealth addresses. It is the broadest incumbent in crypto privacy and a frequent comparison point, though it is a standalone L1 rather than Ethereum-based infrastructure.
• Zcash: Zcash is the leading privacy cryptocurrency using zk-SNARKs, the same underlying technology as Railgun. It is a broader incumbent in the privacy-coin category, recognized by Grayscale alongside Railgun, but operates on its own chain rather than as Ethereum infrastructure.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/railgun_project
• GitHubgithub.com/Railgun-Community
• LinkedInlinkedin.com/company/railgun-project

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Railgun