RAIL
Railgun · EVM privacy
Score qualifies for T3; held by Value engine 0 (needs 2).
Key facts
- Circulating 60.0M, 60%
- Not yet issued 40.0M, 40%
- Max 100.0M
Market data: CoinGecko, Oct 24, 2026. Scores reviewed Oct 23, 2026.
Assessment
Railgun earns real but small fees: a 0.25% shield and unshield fee brought in ~$4.3M over the trailing year, which goes to the DAO treasury, and 2% of the treasury is paid to active-voting stakers every two weeks, so little reaches holders by rule. Soundness is a strength: 60M of a 100M cap exist with zero issuance, minting the rest needs an on-chain RAIL vote, and all issued RAIL circulates. The contracts are owned by the on-chain Voting contract with a 7-day execution delay and no admin multisig. What holds it back is reach: there is no major exchange listing, and trading runs ~$370K a day, mostly on Uniswap.
How value reaches holders
0.25% shield/unshield fee (~$4.3M trailing year, ~$3.8M current pace) to DAO treasury; 2% of treasury biweekly to active-voting stakers in WETH/DAI/RAIL. 60M issued of a 100M cap, all circulating, no cliffs
Score anatomy
Demand
9 / 45: the stronger of two routes, plus adoptionWhy would anyone hold it: does value reach the token, and is the network or product used today?
Small or discretionary flows, plumbing under 25%, or buy-and-hold into a treasury
$0.5-5M/yr, or undisclosed
Governance staking token; shield fees are paid in the shielded asset, and no lender lists RAIL as collateral.
Trading onlymedium confidenceHow this is scored
Railgun fees $4.2M TTM (-17% YoY), TVL $0.11B; the main active EVM privacy system and lead of the EF Kohaku stack, in a small category
Established: a meaningful, steady share of its categorymedium confidenceHow this is scored
Two routes, the stronger counts
Soundness
27 / 40Can a long-term holder trust the rules: supply, float, distribution and control?
60M issued of a 100M cap with zero issuance; minting the rest needs an on-chain RAIL governance vote executed by the DAO delegator contract.
Under 1%/yr net without a hard cap, a hard cap with halvings issuing 1-3%/yr, or zero issuance where binding on-chain token governance could vote to mint moremedium confidenceHow this is scored
All 60M issued RAIL circulates with no vesting cliffs; the 40M cap headroom is unminted.
Fully vested, no scheduled unlockshigh confidenceHow this is scored
Genesis split not published in current docs; 60M of the 100M max exist, the rest mintable only by on-chain protocol request; the treasury (3.4%) moves by that vote and no wallet outside staking tops 1.2%
Insiders received 10-25%, or one organization directs 3-10%low confidenceHow this is scored
The RAIL token and contracts are owned by the on-chain Voting contract: voting opens 2 days after sponsorship and execution only 7 days in, with no admin multisig (read Oct 23, 2026)
Attack cost $100M-1B with the top entity under 35%, or contracts immutable or upgradeable only by on-chain vote with a 7+ day exit window on a base layer scoring 4+high confidenceHow this is scored
Durability
4 / 15Is it big, proven and reachable by institutions?
$155.3M market cap (band 2), $369K/day median volume (band 1), no flags.
Marginal: $10-50M market cap and $250K/day+How this is scored
Token contract deployed Jul 3, 2021 (5.3 years); fell over 80% from its 2021 high; no protocol exploit found.
5-8 years and survived an 80%+ drawdownmedium confidenceHow this is scored
No top-tier spot listing: trading is on Uniswap, SushiSwap and MEXC (CoinGecko tickers, Oct 23, 2026).
No top-tier exchangehigh confidenceHow this is scored
What would move it up
To reach T3 Mixed, one gate is still open:
- Value engine 0needs 2(open)
- Score 40gate 40(met)
- Adoption 3gate 2(met)
- Supply 4gate 1(met)
Tier outlook
Stable
- Revenue reaches the $5-25M band if shield fees pass $5M a year (~$3.8M current pace)
- Holder routing rises if the DAO pays stakers a fixed, larger share of fees rather than 2% of treasury every two weeks
- Access rises off 0 with a first major exchange listing
- Scale rises to 2 once daily volume passes $1M (~$370K on Oct 23, 2026)
- Revenue: Railgun's Kohaku integration reaching an audited production release and wallet rollouts
Research report
Sep 17, 2026 · source confidence 65%A privacy system with measurable usage on Ethereum: roughly $4M a year of shield and unshield fees, about $16M of shielded value, a fully diluted 60M supply with no cliffs, and a place as the lead integration in the Ethereum Foundation Kohaku wallet stack (alpha, unaudited). Staker distributions are real but set by DAO discretion (2% of treasury biweekly) rather than by contract. The main structural limits are liquidity, at roughly $360K a day almost entirely on Uniswap, and the regulatory tail that follows any mixer-adjacent protocol. In 2026 privacy attracted capital as a sector, led by Zcash and its ETF wrapper; Railgun is the Ethereum-native expression with fees attached.
Structure (11 facts)
- Chain
- ethereum
- What it is
- EVM privacy system (shielded balances and private DeFi on Ethereum and other EVM chains); lead integration of the Ethereum Foundation Kohaku privacy wallet stack (alpha)
- Max supply
- 60,000,000
- Circulating supply (approx)
- 60,000,000
- Market cap (approx)
- $135,000,000
- Unlocks
- fully diluted; no vesting cliffs ahead
- Value accrual
- 0.25% shield/unshield fee to DAO treasury (~$4.3M trailing year, ~$3.8M current pace); 2% of treasury distributed biweekly to active-voting stakers in WETH/DAI/RAIL (DAO-discretionary). Shielded TVL ~$15.8M
- Annualized revenue
- $4,000,000
- Fees (30d)
- $349,000
- Liquidity
- ~$360k/day, almost entirely Uniswap V2/V3 on Ethereum (0.6% spread); MEXC ~$66k
- Sector context
- Privacy sector ~$33.6B (Sept 2026) vs ~$7.1B a year earlier; ZEC ~$25B with Grayscale ZCSH ETF >$500M AUM. Kohaku SDK (May 2026) brings Railgun/Privacy Pools to any Ethereum wallet. EU AMLR bars CASPs from anonymous accounts from Jul 1 2027
Market figures at report date (Sep 17, 2026)
- Price (approx)
- $2.25
- FDV (approx)
- $135,000,000
Compare with
How the ranking works and how RAIL compares: see the full ranking. This entry as JSON:
GET https://tokens.10102.io/api/v1/tokenomics?symbol=RAIL