Railgun

Description sourced from DeFiLlama's protocol metadata; teams submit their own copy when listing.

Railgun's governance or utility token carries a market capitalisation of $78.7M based on circulating supply at the latest DeFiLlama snapshot. Token market cap ($78.7M) and TVL ($89.9M) trade close together, giving a mcap/TVL multiple of 0.88× — broadly the range market participants treat as "fair" for an established DeFi protocol. A further $57.8M sits in the protocol's native staking modules — these deposits are typically locked, vote-bonded, or earning a share of fees, and they reduce the freely circulating float that can hit the market.

Market cap and supply figures are sourced from DeFiLlama's price feed (which reconciles CoinGecko, CoinMarketCap, and on-chain DEX prices). Treasury and staking values reflect on-chain balances controlled by the protocol at last sync.

Major events flagged by the DeFiLlama community — protocol launches, exploits, governance changes, and incentive programs.

1. Jan 27, 2022
   Listed on DeFiLlama

Railgun operates in the Privacy category of DeFi. It is deployed across 4 chains, including Ethereum, Arbitrum, Binance, Polygon. The codebase has been independently audited (2 reports on file).

Railgun operates on 4 networks (Ethereum, Arbitrum, Binance, Polygon), keeping its surface area narrower than chain-agnostic peers. Roughly 98% of its on-chain value sits on just three networks (Ethereum, Ethereum-staking, staking), so a fault on any one of them would affect a large slice of users. Two audit reports are published on DeFiLlama, which is in line with typical practice for protocols at this scale. Token market cap ($78.7M) and TVL ($89.9M) trade at a ratio of 0.88, in the range generally considered normal for an established DeFi protocol.

Verified external resources for Railgun — use these to read the source code, follow governance discussions, or cross-check on-chain data against the original team's channels.

Railgun is one of 7 Privacy protocols Mantapex tracks in this category. Direct peers ranked by total value locked include Tornado Cash, Aztec Connect, Privacy Pools, and 3 more. These peer protocols collectively secure $573M in deposits, giving you a frame of reference for whether Railgun's own TVL is at the top, middle, or tail of the category.

Tornado Cash

TVL $560.3M · 24h +0.55%

Aztec Connect

TVL $5.8M · 24h -0.38%

Privacy Pools

TVL $2.5M · 24h -15.50%

Privacy Cash

TVL $1.8M · 24h -5.82%

Namada Shielded Pools

TVL $1.5M

Hinkal

TVL $1M · 24h +4.76%