The full report. Score, pillars, arithmetic, risk, scenario, signal and notes.
Research, not financial advice. Read the terms.
About Railgun
Analysis of 1 Jul 2026Railgun is a zero-knowledge privacy protocol built on Ethereum, BSC, Polygon, and Arbitrum that enables private DeFi interactions using zk-SNARKs. Launched in 2021, the protocol currently maintains $83.4M TVL (March 2026) with monthly shielded volume exceeding $140M.
Full overviewShow less
The protocol was integrated into the Ethereum Foundation's Kohaku open-source privacy wallet framework unveiled by Vitalik Buterin at Devcon Buenos Aires in November 2025, providing institutional validation. As of March 2026, RAIL trades at $1.18 with a market cap of $67.7M (ranked #358 on CoinGecko), generating over $5M in annual protocol fees.
Railgun has undergone seven security audits by Zokyo, ABDK, and Hacken over two years. The protocol's 47-member Privacy Cluster team, supported by the Ethereum Foundation, positions RAIL as production-ready privacy infrastructure.
RAIL token governs the DAO with staking-based voting rights and showed 9.8% weekly gains in early March 2026, outperforming the broader crypto market.
