# Railgun Markdown version of https://l2beat.com/privacy/projects/railgun ## Summary - Total Value Locked: $111.27 M (-1.49% compared to seven days ago) - Assets tracked: 8 - Buckets tracked: 8 - Deposits 7D: 967 (+0.83% compared to the previous seven days) - Deposits 30D: 3.89 K - Deposits Total: 68.92 K - Avg. Relayers 30D: 75 - Tracked on: Ethereum - Attributes: ZK, Transfers, DeFi, Any amount ### Risks - Trusted setup: 55 participants (sentiment: warning). Railgun: Circuit-specific trusted setup for 54 Groth16 Railgun circuits over BN254. It was built on top of 55 phase 1 contributions, with 304 phase 2 participants. Proving system could be broken if either phase 1 or 2 is compromised. - Exit window: 7d (sentiment: warning). DAO-approved upgrades wait 7d before they can execute, giving users time to unshield funds if they do not approve the change. This protocol passes the walkaway test: users can fully use it if all centralized protocol participants disappear. - Privacy: Link privacy. Public observer: Link private (sentiment: good); Chain analyst: Link private (sentiment: good); Network observer: Link private (sentiment: good); Privileged insider: Link private (sentiment: good); Future adversary: Link at risk (sentiment: warning). - Reproducibility: Reproducible (sentiment: good). The contracts, circuits, and supporting software needed to participate in the protocol are publicly available and can be run locally. ### About An onchain privacy system for Ethereum based on encrypted UTXO-style private balances and zk-proven DeFi interactions. ### Links - Website: https://railgun.org - Contracts explorer (Disco): https://disco.l2beat.com/ui/p/railgun ## Protocol description Railgun is a non-custodial privacy protocol on Ethereum built around encrypted UTXO-style private balances rather than fixed-denomination pools. This design enables in-protocol transfers of shielded tokens and interactions with DeFi smart contracts on L1. A shield transaction moves assets from a public address on Ethereum into the Railgun contract and creates encrypted commitments in a Merkle-tree state. Later private transfers or unshields use zk-SNARK proofs to spend those commitments without revealing the sender, recipient, token type, or amount. Notes created by deposits and private transactions represents ownership of tokens in Railgun, users must keep them secret and make sure the notes are not lost. Railgun supports private transfers and cross-contract interactions without fragmenting liquidity across denominations. DeFi calls can be executed through the RelayAdapt contract, which temporarily unshields tokens to Ethereum L1, performs a sequence of contract calls, and shields the resulting assets back into Railgun in a single transaction (facilitated by a relayer). Railgun has a DAO governed by holders of the RAIL token. The DAO has the authority to arbitrarily change the logic of the protocol and its shielded tokens. ### Privacy considerations Railgun protocol supports [relayed withdrawals](https://docs.railgun.org/developer-guide/wallet/transactions/unshielding), in which a relayer (called a broadcaster in Railgun ecosystem) processes withdrawals on the user's behalf for a fee, which enables sending funds to fresh addresses. Transactions from private addresses can be sent through relayers over the [Waku network](https://blog.waku.org/2024-04-26-railgun-case-study/), which increases network-level privacy. Railgun allows interactions between shielded tokens and DeFi, which allows depositing and withdrawing different tokens. Practical privacy also depends on the timing and amounts of deposits and withdrawals. Users are advised to research [OPSEC best practice](https://l2beat.com/publications/privacy-best-practices). ### Fees There are mandatory onchain protocol fees of 0.25% for shields and 0.25% for unshields. The NFT fee field is currently set to 0. Shield and unshield fees are sent to the Railgun Treasury. Relayers can charge additional offchain fees for submitting transactions on a user's behalf. These relayer fees are not set by the core protocol contracts. ### Compliance Railgun protocol does not enforce any compliance measures. However it allows using [Private Proof of Innocence](https://docs.railgun.org/wiki/assurance/private-proofs-of-innocence)(PPoI), which can attest to the origin and history of shielded tokens. Relayers and some wallets require a valid PPoI for their services, but they are not generally enforced. Additionally, Railgun users can share a read-only viewing key to expose all sent and received private transactions, if required by a regulator or enforcer. ### Anonymity set Because Railgun allows private transfers, optional PPoIs that can be enforced by relayers, and interactions with DeFi, its anonymity set depends on many details. A withdrawal from Railgun could be connected with a deposit of another token, or could not correspond to any deposit if a user received a private transfer from another user. The anonymity set, in the best case, corresponds to the set of all Railgun users. ## Privacy **What the protocol promises:** Hides everything inside the pool, including which shield funds which unshield. Shields and unshields are public. On public blockchains like Ethereum, all actions transparent by default. A privacy protocol can at best cut the link between addresses or offer privacy while deposited. The colour says whether a careful user can keep the link, amount or recipient private against that adversary: green yes, yellow only outside supported options or by accepting another leak, red no. Fields marked at risk stay private only under the condition in their note. ### Public observer Link private (sentiment: good) **Who:** Everyone with a block explorer and some basic tools. Sees every public onchain event, but does no correlation beyond following links. Examples: A curious counterparty, an employer, a journalist. Everything inside the pool is hidden, including which shield funds which unshield. Shields and unshields show address, token and amount. DeFi bundles unshield to the adapter in cleartext. **Advice:** Exit through a broadcaster, so no wallet of yours pays gas for the receiving address. **Inside** - Sender: private - Recipient: private - Amount: private. Leaked for DeFi bundles, which unshield to the adapter in cleartext. - Asset: private. Leaked for DeFi bundles. - Link: private **Sources** - [RailgunSmartWallet](https://l2beat.com/privacy/projects/railgun#RailgunSmartWallet) - [Note ciphertext format](https://github.com/Railgun-Community/engine/blob/main/src/note/transact-note.ts) ### Chain analyst Link private (sentiment: good) **Who:** Scrapes all public data and correlates it: timing, amounts, gas and wallet fingerprints, address clusters. Examples: Chain analytics firms, ZachXBT, data brokers. The candidates for an unshield are the shields of the same token. In-pool transfers break the one-to-one match of a mixer, but timing and exact or round amounts narrow the set. Paying gas from your own wallet instead of a broadcaster exposes that wallet's fingerprint, its account implementation and fee habits, even from a fresh address. **Advice:** Withdraw common amounts rather than everything at once. Wait before exiting and pick a different time of day than the deposit. Exit to a fresh address every time and spend from it with a different wallet than the one that deposited. **Inside, compared with a public observer** - Amount: private - Asset: private **Sources** - [A Tattered Cloak of Invisibility (arXiv:2606.25926)](https://arxiv.org/abs/2606.25926) - [The Anonymity Gap (arXiv:2608.22987)](https://arxiv.org/abs/2608.22987) ### Network observer Link private (sentiment: good) **Who:** Sits between the user and the chain and sees web2 traffic only: RPC providers, relayers and broadcasters, indexers, ISPs. Learns IP addresses, timing, browser fingerprints, ciphertext and what becomes public. Assumes Tor to send transactions and, where the client has an RPC setting, an own node to read the blockchain. Examples: Infura or Alchemy, a Tornado relayer, a wallet vendor selling telemetry, Google captcha or analytics in the dapp frontend. The wallet finds its notes by trial-decrypting every note locally, so nodes learn nothing about which are yours. By default it sends the pending unshield to the configured node for a gas estimate, which reveals the destination early. **Advice:** Read the chain from your own node, send through a public RPC over Tor, and use a popular broadcaster. If you settle for a VPN instead of Tor, pick one you trust: it hides your IP from the broadcaster but sees it itself. **Inside, compared with a public observer** - Amount: private - Asset: private **Sources** - [Gas estimation with dummy proof](https://github.com/Railgun-Community/wallet/blob/main/src/services/transactions/tx-gas-details.ts) - [Broadcaster decrypts request](https://github.com/Railgun-Community/ppoi-safe-broadcaster-example/blob/main/src/server/waku-broadcaster/methods/transact-method.ts) ### Privileged insider Link private (sentiment: good) **Who:** Holds a protocol operator role or receives keys or plaintext by design: upgrade admin, sequencer, decryption or view key holder, TEE vendor, association set provider, hosted prover, note registry. Examples: A compliance backdoor key, a DAO with an upgrade key, a KMS committee, an ASP operator. There is no view key, so nobody can read past activity. The DAO can upgrade the contracts after a seven-day delay. The proof-of-innocence list provider can refuse to list a shield, leaving only a self-broadcast exit. **Advice:** Watch governance proposals. You have seven days to unshield before an upgrade takes effect. Be ready to self-broadcast if the list provider censors you. **Inside, compared with a public observer** - Amount: private - Asset: private - Link: at risk. POI nodes tie a session to a note cluster and its transaction ids. **Sources** - [Governance roles](https://l2beat.com/privacy/projects/railgun#permissions) - [POI required lists](https://github.com/Railgun-Community/shared-models/blob/main/src/models/poi.ts) - [POI node interface](https://github.com/Railgun-Community/engine/blob/main/src/poi/poi.ts) ### Future adversary Link at risk (sentiment: warning) **Who:** Harvest now, decrypt later. Holds every byte ever written onchain plus any retained logs, and future cryptanalysis such as a large quantum computer that breaks elliptic-curve key exchange and pairings, but not hashes, symmetric ciphers or lattices. Examples: First well-funded insiders, then everyone in a potential post-quantum future. Notes are encrypted with elliptic-curve key exchange. A quantum computer decrypts every note sent to a 0zk address that was ever shared, including broadcaster fee notes: amounts, tokens and counterparties. **Advice:** Treat your 0zk address as a secret: share it privately, and use a fresh one per counterparty where you can. **Inside, compared with a public observer** - Sender: at risk. Decrypts for notes touching any shared 0zk address. - Recipient: at risk - Amount: at risk - Asset: at risk - Link: at risk **Sources** - [Shared key derivation (Ed25519 ECDH)](https://github.com/Railgun-Community/engine/blob/main/src/utils/keys-utils.ts) - [AES-GCM note encryption](https://github.com/Railgun-Community/engine/blob/main/src/utils/encryption/aes.ts) ## Value Locked The interactive value chart is shown on [the HTML page](https://l2beat.com/privacy/projects/railgun#privacy-tvl). ## Anonymity sets ### 30 day historic anonymity set How many unique addresses you could have blended in with if you withdrew on a particular day after depositing during the previous 30 days. This metric is a proxy for the historic anonymity set and shows how it developed over time. The metric looks backwards: it counts deposits that already happened, including from addresses that have since withdrawn. Your real anonymity also depends on deposits made after yours, which cannot be known in advance. ### Estimated anonymity set by holding duration An estimate of how many unique addresses you blend in with, depending on how long you leave your deposit in the pool. It is based on historic data of past deposits: each point counts depositors from the preceding period, so holding for up to 30 days effectively means blending in with everyone who deposited during the last 30 days. The interactive charts are shown on [the HTML page](https://l2beat.com/privacy/projects/railgun#privacy-anonymity-set). ## Flows The interactive flows chart is shown on [the HTML page](https://l2beat.com/privacy/projects/railgun#privacy-flows). ## Assets Breakdown | Asset | Deposits 7D | Deposits 30D | Deposits Total | Value Locked | | --- | --- | --- | --- | --- | | WETH | 474 ($4.16 M) | 1.86 K ($14.39 M) | 44.42 K ($1.52 B) | $52.00 M | | USDT | 372 ($5.79 M) | 1.42 K ($39.65 M) | 11.90 K ($412.22 M) | $29.84 M | | USDC | 102 ($3.44 M) | 510 ($11.44 M) | 9.42 K ($302.86 M) | $16.87 M | | DAI | 5 ($40.20 K) | 55 ($3.87 M) | 2.16 K ($197.00 M) | $5.06 M | | NEAR | 0 ($0.00) | 0 ($0.00) | 0 ($0.00) | $4.41 M | | WBTC | 7 ($26.32 K) | 17 ($75.91 K) | 665 ($41.48 M) | $2.39 M | | RAIL | 7 ($804.52) | 22 ($2.61 K) | 343 ($3.69 M) | $687.23 K | | FLUID | 0 ($0.00) | 0 ($0.00) | 2 ($1.55 M) | $219.39 K | | Total | 967 ($13.46 M) | 3.89 K ($69.45 M) | 68.92 K ($2.48 B) | $111.49 M | ## Risk summary ### Funds can be stolen if 1. the zk proof system is broken, allowing invalid spends or withdrawals. 2. the [trusted setup](https://l2beat.com/privacy/projects/railgun#trusted-setups) is compromised or all ceremony participants collude, allowing invalid spends or withdrawals. 3. the DAO passes a malicious [upgrade](https://l2beat.com/privacy/projects/railgun#upgrades-and-governance) and users do not react before the 7-day execution delay expires. ### Funds can be lost if 1. a user loses the private keys required to control their private balance. ### Privacy can be lost if 1. no broadcaster is available and transactions must be sent from a public address that can be linked to the user. ## Upgrades & Governance Railgun features an omnipotent DAO governed by the stakers of the RAIL token. The DAO has the authority to change ZK circuit logic on the core Railgun contract, which can arbitrarily change the rules for shielded tokens; as well as manage blacklisted tokens, mint RAIL tokens and manage governance rewards. See docs here: ### Governance profile #### Upgrades | Property | Value | | --- | --- | | Normal upgrade path | Create a proposal with an IPFS link and onchain calldata in the [Voting contract](https://etherscan.io/address/0xc480F68A3dcC3EdD82134FAB45C14A0FcF1dA3CC) → collect **500.00 K RAIL** sponsorship within 1mo → wait 2d → cast Yay votes within 5d and Nay votes within 6d → pass with a simple majority and **2.00 M RAIL** quorum → wait 7d → permissionless execution through the Delegator within 14d. | | Exit window | **7d** — a passed proposal must wait this long before it can be executed, giving users time to unshield funds. | #### Token governance | Property | Value | | --- | --- | | Governance token | `RAIL` 1 token = 1 vote, delegated. Total supply: **60.00 M RAIL**, DAO-owned treasury (unavailable for voting): **2.30 M RAIL**, staked for voting: **41.61 M RAIL**, the rest is circulating supply. | | Stake lock | Unstaking has **1mo** delay. | | Voting venue | [Voting contract](https://etherscan.io/address/0xc480F68A3dcC3EdD82134FAB45C14A0FcF1dA3CC) on Ethereum. Proposal text is distributed over IPFS, its CID is available as a parameter of `createPropsal()` call on the voting contract. | | Proposal threshold | **No threshold to create a proposal.** A proposal must receive sponsorship from **500.00 K RAIL** stake within 1mo. | | Quorum | **2.00 M RAIL**, with a simple majority required for acceptance. | | Execution model | **Onchain calldata · Permissionless execution through the Delegator.** A passed proposal waits 7d, after which anyone can execute it through the [Delegator contract](https://etherscan.io/address/0xB6d513f6222Ee92Fff975E901bd792E2513fB53B) within 14d. | ## Trusted setup Risk levels follow the [Trusted Setups Risk Framework](https://forum.l2beat.com/t/the-trusted-setups-framework-for-zk-catalog/381). Yellow (medium risk): all contributions are published and the final output can be verified, the ceremony client is open source, there were at least 30 contributions, participation was open to the public and announced, and participants are publicly identified. Green (lowest risk): everything required for yellow, with at least 150 contributions. Red (highest risk): at least one requirement for yellow is not met. N/A: the proof system needs no trusted setup. ### Railgun - Risk: yellow (medium risk) - Proof systems: Snarkjs (Groth16) Circuit-specific Phase 2 trusted setup for Railgun's 54 Groth16 circuits (parameterised by transaction input/output counts) over the BN254 curve. It [builds on the Polygon zkEVM ceremony](https://github.com/Railgun-Privacy/circuits-v2/blob/d0ec02dea0cbc8cd02a3b727b28de16e51f9a741/prepare_for_ceremony.sh#L13) as phase 1, which contains 55 participants. A separate Phase 2 ceremony was publicly announced, open to anonymous and identified participants, and wrapped up in late December 2022. Verified against the ceremony artifact IPFS hash `QmWAySHYhaZqioKi1ufrPJC1n1ZVtHP2w4hLA9XqqJCFne`: the `/contributors` directory contains 328 sequentially-numbered attestation files with GitHub or Twitter handles, and the `/zkeys` directory contains 54 final zkey files (one per circuit). Parsing the final zkey binary for the 1x1 circuit shows 304 Phase 2 contributions on that circuit. - Phase 1 ceremony: . - Ceremony artifacts on IPFS: [https://ipfs.io/ipfs/QmWAySHYhaZqioKi1ufrPJC1n1ZVtHP2w4hLA9XqqJCFne](https://ipfs.io/ipfs/QmWAySHYhaZqioKi1ufrPJC1n1ZVtHP2w4hLA9XqqJCFne) - Ceremony announcement: [https://medium.com/@Railgun_Project/railgun-project-begins-setup-ceremony-with-an-emphasis-on-security-d1c63117c312](https://medium.com/@Railgun_Project/railgun-project-begins-setup-ceremony-with-an-emphasis-on-security-d1c63117c312) - Advanced Circuit ceremony user guide: [https://medium.com/@Railgun_Project/railgun-advanced-circuit-setup-ceremony-user-guide-32361c54242](https://medium.com/@Railgun_Project/railgun-advanced-circuit-setup-ceremony-user-guide-32361c54242) - Docs overview of the trusted setup: [https://docs.railgun.org/wiki/learn/privacy-system/trusted-setup-ceremony](https://docs.railgun.org/wiki/learn/privacy-system/trusted-setup-ceremony) - Railgun circuits repository with ceremony scripts: [https://github.com/Railgun-Privacy/circuits-v2](https://github.com/Railgun-Privacy/circuits-v2) ## Verifier IDs ### Railgun verifier - Verifier ID: `Railgun 91 circuit verifier 03.07.2026` - Source: https://github.com/Railgun-Privacy/circuits-v2/tree/0aa2d13763a9fcfbb7b7ea9c02e004e71f1394bb/src/library - Verification: successful (verified by [L2BEAT](https://l2beat.com)) - Used in: [Railgun](https://l2beat.com/privacy/projects/railgun) **Known deployments** - [0xFA7093CDD9EE6932B4eb2c9e1cde7CE00B1FA4b9](https://etherscan.io/address/0xFA7093CDD9EE6932B4eb2c9e1cde7CE00B1FA4b9#code) on Ethereum, used in: [Railgun](https://l2beat.com/privacy/projects/railgun) #### Verification steps Railgun smart contract acts as a verifier for ZK proofs for all 91 Railgun circuits. 91 different verification keys for these circuits are stored onchain in the verifier smart contract. This regeneration attests that the verification keys stored onchain correspond to circuits published in Railgun repo. Generally, to regenerate all Railgun verification keys, the following has to be done: 1. Checkout the `main` branch of the [Railgun circuits-v2 repo](https://github.com/Railgun-Privacy/circuits-v2) (commit hash `0aa2d13763a9fcfbb7b7ea9c02e004e71f1394bb`). 2. Download Railgun trusted setup artifacts, which could be found at IPFS CID `QmUsmnK4PFc7zDp2cmC4wBZxYLjNyRgWfs5GNcJJ2uLcpU` or [on L2BEAT trusted setup hosting](https://trusted-setup-hosting.l2beat.com/privacy/railgun/trusted_setup_railgun.zip). It contains the proving keys for all 91 circuits, which contain circuit information and Groth16 phase 2 trusted setup information. 3. Build required version of circom and compile circuit sources into `.r1cs` binaries. 4. Download the phase 1 trusted setup files and use it to verify that all published prover keys correspond to the compiled circuits. This step will implicitly check the integrity of phase 2 contributions. 5. Generate all 91 verification keys from all prover keys, and make sure that it is identical to the ones in the onchain smart contract. Helper scripts that implement the flow above and more detailed explanations could be found in this [script .zip archive](https://trusted-setup-hosting.l2beat.com/privacy/railgun/verification_railgun.zip). This .zip must be extracted in `circuits-v2` dir checked out on commit `0aa2d13763a9fcfbb7b7ea9c02e004e71f1394bb` before the execution. ## Ossification & Updates Each date links the update on the HTML page, which also shows its contract diffs. ### [2026-09-11 11:11 UTC](https://l2beat.com/privacy/projects/railgun?update=eed67565) (high severity, 2 changes) Both VerificationKeySetters were moved into SETTING state by their EOA owners, thus preventing the possibility of changing Railgun contract verification keys to an older version by a single EOA without DAO participation. ### [2026-09-07 15:06 UTC](https://l2beat.com/privacy/projects/railgun?update=8eedb3fd) (high severity, 1 change) Four new proposals (IDs 29-32) created 2026-09-06 by the same proposer (0x5964ed1e...), all byte-identical, so effectively one proposal submitted four times. Title: "Add USDC and USDT to AGR Rewards". Single action: Delegator calls `addTokens([USDT, USDC])` on GovernorRewards, adding both stablecoins to the Active Governor Rewards distribution set (4.2% of Treasury balance per 2-week interval streamed to stakers). No other parameter changes. Only ID 32 has sponsorship (~90.7k of the 500k RAIL threshold), 29-31 have none. None has gone to vote or been executed. Proposal 28 (swap ~15.1k Treasury USDC to DAI via Curve 3pool, all DAI returned to Treasury) is still open with zero sponsorship. Governance UI: https://governance.railgun.org/proposals/v2/32 (proposal document on IPFS: bafkreia5rfx3x4phxl3tyscjc55eaac5sd7dnfjpsk4nywlgq55viy4e5e). ### [2026-09-01 12:17 UTC](https://l2beat.com/privacy/projects/railgun?update=c5d5795f) (high severity, 4 changes) Swap USDC to DAI proposal: https://tools.l2beat.com/decoder-new/?hash=0x83963ddea866aa6d77200fd5f6633d59aa6d4dc9a807496277f6910cc76a0369&data=AwA Actions: 1. Treasury → Delegator: 15109.211424 USDC 2. Delegator: USDC.approve(Curve3pool, 15109.211424) 3. Curve3pool: exchange USDC→DAI (min_dy = 15031.466111962828487747 DAI, 0.5% slippage) 4. Delegator → Treasury: 15031.466111962828487747 DAI (floor) 5. Delegator → Treasury: 75.535005587752906974 DAI (expected bonus) ### [2026-08-21 11:18 UTC](https://l2beat.com/privacy/projects/railgun?update=ebe8672f) (high severity, 1 change) New proposal on Railgun DAO: "Base deployment of RAILGUN Privacy System". Onchain execution of this proposal sends tasks to OPStackSender contract: https://tools.l2beat.com/decoder-new/?hash=0xfd5860b22fad6d5bf81cd4e9c809b2016ed08971b0fbf96aaf033fdbf87b52ec&data=AwA. These tasks initialize verification keys for all railgun circuits on the main Railgun contract on Base (`base:0x0047d1F97674614189E80566575FB615788AcF25`). Railgun smart contracts on Base are already deployed, with bytecode matching the deployment on Ethereum. The proposal doesn't look malicious. ### [2026-08-19 10:25 UTC](https://l2beat.com/privacy/projects/railgun?update=63068031) (high severity, 1 change) New railgun proposal created: https://tools.l2beat.com/decoder-new/?hash=0xb0f02fe28a805756fbd58c90a0704c26be69882460b1bd8885ca9fe93dd77718&data=AwA. It sweeps most tokens from railgun treasury (excluding WETH, RAIL which have most value) to 0xA4f2eA0a81179362558eBC1d2Bc817c9a0134ee3. Also triggers an action on arbitrum deployment. IPFS-published proposal description: "This proposal will gather tokens that are not part of the biweekly security staker rewards and use them to issue a research grant. The previous research funding ended earlier this year, so this would be a new and separate funding. All slightly significant tokens on Arbitrum will be collected. Most tokens not related to RAIL Security Rewards on Ethereum treasury will be collected.\n\nThe sum for this will be to fund the further development on the following (but not limited to): \n\n- RAILGUN-reloaded SDK, \n- RAILGUN v3,\n- Hardware Support \n- Post-Quantum Research \n- Multisig Support \n- and incentivise researchers and ecosystem.\n\nPlease do your own security review & vote YES to support this grant." Looks legit. ### [2026-08-17 10:12 UTC](https://l2beat.com/privacy/projects/railgun?update=276685e8) (high severity, 4 changes) The RailgunSmartWallet implementation upgrade proposed and reviewed in the entry below (2026-07-30) has now been executed by governance. The new implementation (https://disco.l2beat.com/diff/eth:0xB4F2d77bD12c6b548Ae398244d7FAD4ABCE4D89b/eth:0xd662c4b1f22aceb0beacdf3a493de6f478686a0c): - adds an `Action` event (caller + per-transaction nullifier/commitment counts, unshield flag, and boundParamsHash) emitted in `shield()` and `transact()` as an anchoring point for wallets/indexers to decode batched and nested Railgun transactions, - changes `Verifier.verify()` and `validateTransaction()` return signatures to also return the boundParamsHash for the new event (validation logic unchanged), - moves the token blocklist check from `validateCommitmentPreimage()` (now pure) directly into `shield()` (same effective behavior: blocked tokens still cannot be shielded). No permission, fee, or escrow logic changes. ### [2026-07-30 09:44 UTC](https://l2beat.com/privacy/projects/railgun?update=ebc35776) (high severity, 1 change) New railgun proposal created. It is evaluated as not malicious. The trx: https://tools.l2beat.com/decoder-new/?hash=0x818c219e6081d0b650f6be93fb19e1829c154c299f2dae0c7e2f6a6dcd3f2a71&data=AwA. Proposed upgrade of the main Railgun contract: https://disco.l2beat.com/diff/eth:0xB4F2d77bD12c6b548Ae398244d7FAD4ABCE4D89b/eth:0xd662c4b1f22aceb0beacdf3a493de6f478686a0c. Changes: - Added Action event that has overview of trxs in the action. This event is now emitted in transact() - verify() and validateTransaction() now also return hashBoundParams to be included in the new event - minor refactoring. Proposal also executes task 6 on Arbitrum Executor, which is this one: https://tools.l2beat.com/decoder-new/?hash=0xa2403ae37d69e9b92b5934bfb13779176d8484402b211ed8f55cd3d415ef0d66&data=AwA. It makes the same railgun contract upgrade on Arbitrum. The newly deployed railgun contracts have poseidon hash libraries not verified, it is confirmed that the EVM byte code of these libraries is equivalent to the previous deployment (no vulnerabilities introduced) on Ethereum and Arbitrum. ### [2026-07-20 10:27 UTC](https://l2beat.com/privacy/projects/railgun?update=492590d7) (high severity, 7 changes) Executed a railgun proposal. It: - Upgraded Governor rewards (https://disco.l2beat.com/diff/eth:0xaF51CD5f71Ed88D6d1F65b575f1a8Ce3a78eC42b/eth:0xaC76eB94703b16e704f76ECFFDADF36b6A53ECDB). Diff mostly a solidity & lib version upgrades + minimal refactoring around changing interval BP parameter. - Minted 2.5M RAIL (currently ~$4M) for Treasury (staker rewards). - Increased staker rewards from 200 bp of treasury per 2 weeks to 420 bp of treasury (4.2%). ### [2026-05-21 15:54 UTC](https://l2beat.com/privacy/projects/railgun?update=9fbdda0e) (1 change) Added Relay adapter to discovery. ### [2026-04-30 12:09 UTC](https://l2beat.com/privacy/projects/railgun?update=faa0799c) (19 changes) Discovery rerun on the same block number with only config-related changes. ## Permissions Explore these contracts and permissions in Disco, L2BEAT's contract explorer: https://disco.l2beat.com/ui/p/railgun ### Ethereum #### Actors ##### Voting Addresses: [0xc480F68A3dcC3EdD82134FAB45C14A0FcF1dA3CC](https://etherscan.io/address/0xc480F68A3dcC3EdD82134FAB45C14A0FcF1dA3CC) Token-weighted Railgun governance contract. Proposals must be sponsored, voted through quorum, and then executed through the Delegator. - Can upgrade **with no delay** - GovernorRewards [via: Delegator → ProxyAdmin] - LegacySweeper [via: Delegator] - Treasury [via: Delegator → ProxyAdmin] - RailgunSmartWallet [via: Delegator → ProxyAdmin] - Can interact with VerificationKeySetter_64DA - switch the VKeySetter into COMMITTING so its owner can push stored verification keys to the verifier [via: Delegator] - Can interact with VerificationKeySetter_9086 - switch the VKeySetter into COMMITTING so its owner can push stored verification keys to the verifier [via: Delegator] - Can interact with GovernorRewards - add or remove allowed reward safety vectors [via: Delegator] - add or remove reward tokens from the distribution set [via: Delegator] - change the per-interval reward rate [via: Delegator] - pause, unpause, transfer proxy ownership, or upgrade the GovernorRewards implementation [via: Delegator → ProxyAdmin] - Can interact with LegacySweeper - pause, unpause, transfer proxy ownership, or upgrade the legacy Sweeper implementation [via: Delegator] - Can interact with Delegator - grant or revoke delegated caller permissions and transfer ownership of the Delegator - Can interact with Rail Token - mint additional RAIL up to the hard cap and transfer token ownership [via: Delegator] - Can interact with Treasury - grant or revoke treasury roles, including who can move ETH and ERC20s out of the treasury [via: Delegator] - pause, unpause, transfer proxy ownership, or upgrade the treasury implementation [via: Delegator → ProxyAdmin] - transfer ETH or ERC20s out of the treasury [via: Delegator → ProxyAdmin → GovernorRewards - or Delegator → LegacySweeper - or Delegator] - Can interact with RailgunSmartWallet - add or remove allowed SNARK safety vectors [via: Delegator] - add or remove tokens from the shielding blocklist [via: Delegator] - change the shield, unshield, and NFT fee schedule [via: Delegator] - change the treasury that receives protocol fees [via: Delegator] - pause, unpause, transfer proxy ownership, or upgrade the Railgun smart wallet implementation [via: Delegator → ProxyAdmin] ##### EOA 1 Addresses: [0x76EB574EFF49FB64DE6f7F2854952B05B5E24624](https://etherscan.io/address/0x76EB574EFF49FB64DE6f7F2854952B05B5E24624) - Can interact with VerificationKeySetter_9086 - stage replacement verification keys and manage the helper's local SETTING and WAITING states ##### EOA 2 Addresses: [0xbbc2fB58643235AFfBF1f0CDd27Bc6E6CFBBa4e2](https://etherscan.io/address/0xbbc2fB58643235AFfBF1f0CDd27Bc6E6CFBBa4e2) - Can interact with VerificationKeySetter_64DA - stage replacement verification keys and manage the helper's local SETTING and WAITING states ## Smart contracts ![A diagram of the smart contract architecture](https://l2beat.com/static/images/architecture/railgun.ccc2c8d3.png) Explore these contracts and permissions in Disco, L2BEAT's contract explorer: https://disco.l2beat.com/ui/p/railgun ### Ethereum #### Treasury Addresses: [0xE8A8B458BcD1Ececc6b6b58F80929b29cCecFF40](https://etherscan.io/address/0xE8A8B458BcD1Ececc6b6b58F80929b29cCecFF40#code), [0xA092c7577354EA82a6c7e55B423c3DD80f0dF255](https://etherscan.io/address/0xA092c7577354EA82a6c7e55B423c3DD80f0dF255#code) (Implementation (Upgradable)), [0x4F8E20f55f879beE7Bc010Bd6bD2138B34aC65c8](https://etherscan.io/address/0x4F8E20f55f879beE7Bc010Bd6bD2138B34aC65c8#code) (Admin) **Past upgrades** (Count of upgrades: No upgrades, Last upgrade: N/A, Avg upgrade interval: N/A) - 2022-07-14 05:21 UTC, deployment of [Treasury](https://etherscan.io/address/0xE8A8B458BcD1Ececc6b6b58F80929b29cCecFF40#code): transaction [0x271cb0bfab8dfeeda44381b22e6f93adc955002d387a96c0f8cd5719fb6a9504](https://etherscan.io/tx/0x271cb0bfab8dfeeda44381b22e6f93adc955002d387a96c0f8cd5719fb6a9504), implementations: [0xA092c7577354EA82a6c7e55B423c3DD80f0dF255](https://etherscan.io/address/0xA092c7577354EA82a6c7e55B423c3DD80f0dF255#code) Collects Railgun fees. Managed through access control roles. - Roles: - **admin**: ProxyAdmin; ultimately Voting - **defaultAdminRoleMembers**: Delegator; ultimately Voting - **transferRoleMembers**: Delegator, GovernorRewards, IntervalPayouts, LegacySweeper; ultimately Voting Can be upgraded by: Voting with no delay #### RailgunSmartWallet Addresses: [0xFA7093CDD9EE6932B4eb2c9e1cde7CE00B1FA4b9](https://etherscan.io/address/0xFA7093CDD9EE6932B4eb2c9e1cde7CE00B1FA4b9#code), [0xD662C4B1F22AcEb0BEaCdf3A493De6f478686A0C](https://etherscan.io/address/0xD662C4B1F22AcEb0BEaCdf3A493De6f478686A0C#code) (Implementation (Upgradable)), [0x4F8E20f55f879beE7Bc010Bd6bD2138B34aC65c8](https://etherscan.io/address/0x4F8E20f55f879beE7Bc010Bd6bD2138B34aC65c8#code) (Admin) **Past upgrades** (Count of upgrades: 4, Last upgrade: 1mo 24d ago, Avg upgrade interval: 10mo 22d) - 2026-08-14 13:50 UTC, upgrade of [RailgunSmartWallet](https://etherscan.io/address/0xFA7093CDD9EE6932B4eb2c9e1cde7CE00B1FA4b9#code): transaction [0x7ac142845ccd9f156d992099a7ca8d6cb52655f4153cc49c48c38c8966a6b3ad](https://etherscan.io/tx/0x7ac142845ccd9f156d992099a7ca8d6cb52655f4153cc49c48c38c8966a6b3ad), implementations: [0xD662C4B1F22AcEb0BEaCdf3A493De6f478686A0C](https://etherscan.io/address/0xD662C4B1F22AcEb0BEaCdf3A493De6f478686A0C#code) ([diff](https://disco.l2beat.com/diff/eth:0xB4F2d77bD12c6b548Ae398244d7FAD4ABCE4D89b/eth:0xD662C4B1F22AcEb0BEaCdf3A493De6f478686A0C)) - 2025-07-28 15:48 UTC, upgrade of [RailgunSmartWallet](https://etherscan.io/address/0xFA7093CDD9EE6932B4eb2c9e1cde7CE00B1FA4b9#code): transaction [0xfc6cda4a6e9b8e2d055a50212551e6daa8ec180ad7aced11d00ae71e1d0eab6e](https://etherscan.io/tx/0xfc6cda4a6e9b8e2d055a50212551e6daa8ec180ad7aced11d00ae71e1d0eab6e), implementations: [0xB4F2d77bD12c6b548Ae398244d7FAD4ABCE4D89b](https://etherscan.io/address/0xB4F2d77bD12c6b548Ae398244d7FAD4ABCE4D89b#code) ([diff](https://disco.l2beat.com/diff/eth:0xc0BEF2D373A1EfaDE8B952f33c1370E486f209Cc/eth:0xB4F2d77bD12c6b548Ae398244d7FAD4ABCE4D89b)) - 2023-03-09 11:09 UTC, upgrade of [RailgunSmartWallet](https://etherscan.io/address/0xFA7093CDD9EE6932B4eb2c9e1cde7CE00B1FA4b9#code): transaction [0xe001ac69697083957933db13ff27c56769ce8826d4ab676b3965d7a44b9f0668](https://etherscan.io/tx/0xe001ac69697083957933db13ff27c56769ce8826d4ab676b3965d7a44b9f0668), implementations: [0xc0BEF2D373A1EfaDE8B952f33c1370E486f209Cc](https://etherscan.io/address/0xc0BEF2D373A1EfaDE8B952f33c1370E486f209Cc#code) ([diff](https://disco.l2beat.com/diff/eth:0x321617E18bE9EC7CFE5ab8856DE2aAbAA478E13B/eth:0xc0BEF2D373A1EfaDE8B952f33c1370E486f209Cc)) - 2022-11-29 16:10 UTC, upgrade of [RailgunSmartWallet](https://etherscan.io/address/0xFA7093CDD9EE6932B4eb2c9e1cde7CE00B1FA4b9#code): transaction [0xab0625746a64ed88fd040a39bdbe9ed930328d9b09245b36cd1d9a64444dad95](https://etherscan.io/tx/0xab0625746a64ed88fd040a39bdbe9ed930328d9b09245b36cd1d9a64444dad95), implementations: [0x321617E18bE9EC7CFE5ab8856DE2aAbAA478E13B](https://etherscan.io/address/0x321617E18bE9EC7CFE5ab8856DE2aAbAA478E13B#code) ([diff](https://disco.l2beat.com/diff/eth:0xBCFA4De73afb071C9FF18a20A22F818e657C541a/eth:0x321617E18bE9EC7CFE5ab8856DE2aAbAA478E13B)) - 2022-05-08 18:32 UTC, deployment of [RailgunSmartWallet](https://etherscan.io/address/0xFA7093CDD9EE6932B4eb2c9e1cde7CE00B1FA4b9#code): transaction [0x2bd98cd135e2eaf7b7239bb4951a043f655629b5d0f0ca12334ce05718512361](https://etherscan.io/tx/0x2bd98cd135e2eaf7b7239bb4951a043f655629b5d0f0ca12334ce05718512361), implementations: [0xBCFA4De73afb071C9FF18a20A22F818e657C541a](https://etherscan.io/address/0xBCFA4De73afb071C9FF18a20A22F818e657C541a#code) Main system contract and escrow that accepts shielded deposits, verifies private transactions and unshields, and maintains the commitment tree. - Roles: - **admin**: ProxyAdmin; ultimately Voting - **owner**: Delegator; ultimately Voting Can be upgraded by: Voting with no delay #### ProxyAdmin Addresses: [0x4F8E20f55f879beE7Bc010Bd6bD2138B34aC65c8](https://etherscan.io/address/0x4F8E20f55f879beE7Bc010Bd6bD2138B34aC65c8#code) Admin interface for Railgun's pausable upgradeable proxies. It does not hold funds, but its controller can operate every proxy attached to it. - Roles: - **owner**: Delegator #### VerificationKeySetter_64DA Addresses: [0x64DA0892E8E24fECa6Eb5E3D8cbf2D9b6Fbe7598](https://etherscan.io/address/0x64DA0892E8E24fECa6Eb5E3D8cbf2D9b6Fbe7598#code) Auxiliary verifier-key staging contract. Its owner stores replacement verification keys locally and, if Railgun governance switches the contract into COMMITTING state, can register the new keys in the Railgun smart wallet verifier. - Roles: - **delegator**: Delegator; ultimately Voting - **owner**: EOA 2 #### VerificationKeySetter_9086 Addresses: [0x9086aFC6FC88667d4031Cabd556AfDD0E3903B46](https://etherscan.io/address/0x9086aFC6FC88667d4031Cabd556AfDD0E3903B46#code) Auxiliary verifier-key staging contract. Its owner stores replacement verification keys locally and, if Railgun governance switches the contract into COMMITTING state, can register the new keys in the Railgun smart wallet verifier. - Roles: - **delegator**: Delegator; ultimately Voting - **owner**: EOA 1 #### GovernorRewards Addresses: [0xA02782CE1bF85f56f8cC7C0E66e61299Ac75c86f](https://etherscan.io/address/0xA02782CE1bF85f56f8cC7C0E66e61299Ac75c86f#code), [0xaC76eB94703b16e704f76ECFFDADF36b6A53ECDB](https://etherscan.io/address/0xaC76eB94703b16e704f76ECFFDADF36b6A53ECDB#code) (Implementation (Upgradable)), [0x4F8E20f55f879beE7Bc010Bd6bD2138B34aC65c8](https://etherscan.io/address/0x4F8E20f55f879beE7Bc010Bd6bD2138B34aC65c8#code) (Admin) **Past upgrades** (Count of upgrades: 3, Last upgrade: 2mo 21d ago, Avg upgrade interval: 11mo 9d) - 2026-07-18 18:15 UTC, upgrade of [GovernorRewards](https://etherscan.io/address/0xA02782CE1bF85f56f8cC7C0E66e61299Ac75c86f#code): transaction [0x01b125307242dcb57f77aa1c925ac1b0af56dc29616631336bb15f25fdca1778](https://etherscan.io/tx/0x01b125307242dcb57f77aa1c925ac1b0af56dc29616631336bb15f25fdca1778), implementations: [0xaC76eB94703b16e704f76ECFFDADF36b6A53ECDB](https://etherscan.io/address/0xaC76eB94703b16e704f76ECFFDADF36b6A53ECDB#code) ([diff](https://disco.l2beat.com/diff/eth:0xaF51CD5f71Ed88D6d1F65b575f1a8Ce3a78eC42b/eth:0xaC76eB94703b16e704f76ECFFDADF36b6A53ECDB)) - 2023-01-20 05:59 UTC, upgrade of [GovernorRewards](https://etherscan.io/address/0xA02782CE1bF85f56f8cC7C0E66e61299Ac75c86f#code): transaction [0x948534918749a94532adcbc0b5fbf6248e2cdb1ac905c688fc30b8eef649260b](https://etherscan.io/tx/0x948534918749a94532adcbc0b5fbf6248e2cdb1ac905c688fc30b8eef649260b), implementations: [0xaF51CD5f71Ed88D6d1F65b575f1a8Ce3a78eC42b](https://etherscan.io/address/0xaF51CD5f71Ed88D6d1F65b575f1a8Ce3a78eC42b#code) ([diff](https://disco.l2beat.com/diff/eth:0x3db1c53366Fff57001fF6a9DaaCdA1FCFBaB56A9/eth:0xaF51CD5f71Ed88D6d1F65b575f1a8Ce3a78eC42b)) - 2023-01-20 05:40 UTC, upgrade of [GovernorRewards](https://etherscan.io/address/0xA02782CE1bF85f56f8cC7C0E66e61299Ac75c86f#code): transaction [0x14b883f710dbcdc1be58c03cedc447a7af82c843bfb2259c194eea7aef19d972](https://etherscan.io/tx/0x14b883f710dbcdc1be58c03cedc447a7af82c843bfb2259c194eea7aef19d972), implementations: [0x3db1c53366Fff57001fF6a9DaaCdA1FCFBaB56A9](https://etherscan.io/address/0x3db1c53366Fff57001fF6a9DaaCdA1FCFBaB56A9#code) ([diff](https://disco.l2beat.com/diff/eth:0xF035cEBa76C0C1f2c15457775745B1F5DC42CA2c/eth:0x3db1c53366Fff57001fF6a9DaaCdA1FCFBaB56A9)) - 2023-01-20 05:37 UTC, deployment of [GovernorRewards](https://etherscan.io/address/0xA02782CE1bF85f56f8cC7C0E66e61299Ac75c86f#code): transaction [0x2a5967e08e872f7bd998842cbd9224ee81a39ddd16f7f40452fc3ba47c01c783](https://etherscan.io/tx/0x2a5967e08e872f7bd998842cbd9224ee81a39ddd16f7f40452fc3ba47c01c783), implementations: [0xF035cEBa76C0C1f2c15457775745B1F5DC42CA2c](https://etherscan.io/address/0xF035cEBa76C0C1f2c15457775745B1F5DC42CA2c#code) Reward distributor that pulls assets from the Railgun treasury and allocates them to stakers via token voting. - Roles: - **admin**: ProxyAdmin; ultimately Voting - **owner**: Delegator; ultimately Voting Can be upgraded by: Voting with no delay #### LegacySweeper Addresses: [0xa353bC0454931Ac46fd90c8EF27f908Ab9E34686](https://etherscan.io/address/0xa353bC0454931Ac46fd90c8EF27f908Ab9E34686#code), [0x9b1310BdCC19D172D0092240e33209a9156c8EE2](https://etherscan.io/address/0x9b1310BdCC19D172D0092240e33209a9156c8EE2#code) (Implementation (Upgradable)), [0xB6d513f6222Ee92Fff975E901bd792E2513fB53B](https://etherscan.io/address/0xB6d513f6222Ee92Fff975E901bd792E2513fB53B#code) (Admin) **Past upgrades** (Count of upgrades: 1, Last upgrade: 3y 10mo ago, Avg upgrade interval: 2y) - 2022-12-02 04:09 UTC, upgrade of [LegacySweeper](https://etherscan.io/address/0xa353bC0454931Ac46fd90c8EF27f908Ab9E34686#code): transaction [0xa61b7db4ff3ca6d8a4b44f396b019ee3bea1f9a8616ef8a35d0511bf03c2b7e1](https://etherscan.io/tx/0xa61b7db4ff3ca6d8a4b44f396b019ee3bea1f9a8616ef8a35d0511bf03c2b7e1), implementations: [0x9b1310BdCC19D172D0092240e33209a9156c8EE2](https://etherscan.io/address/0x9b1310BdCC19D172D0092240e33209a9156c8EE2#code) ([diff](https://disco.l2beat.com/diff/eth:0x27d30E803A0EC079DAA3A2e6c3590Cca9f63C9D8/eth:0x9b1310BdCC19D172D0092240e33209a9156c8EE2)) - 2022-09-10 00:32 UTC, deployment of [LegacySweeper](https://etherscan.io/address/0xa353bC0454931Ac46fd90c8EF27f908Ab9E34686#code): transaction [0x1413ff21c2423fcb8cf10812ada82f33fe76a34f18368277ce5f1cd51e5750a5](https://etherscan.io/tx/0x1413ff21c2423fcb8cf10812ada82f33fe76a34f18368277ce5f1cd51e5750a5), implementations: [0x27d30E803A0EC079DAA3A2e6c3590Cca9f63C9D8](https://etherscan.io/address/0x27d30E803A0EC079DAA3A2e6c3590Cca9f63C9D8#code) Older Railgun sweeper generation that still holds Treasury transfer rights. It is upgradeable and forwards balances to an immutable receiver. - Roles: - **admin**: Delegator; ultimately Voting Can be upgraded by: Voting with no delay #### Delegator Addresses: [0xB6d513f6222Ee92Fff975E901bd792E2513fB53B](https://etherscan.io/address/0xB6d513f6222Ee92Fff975E901bd792E2513fB53B#code) Permission router proxy owned by Railgun governance. - Roles: - **owner**: Voting - **verificationKeyDelegates**: VerificationKeySetter_64DA, VerificationKeySetter_9086 #### Rail Token Addresses: [0xe76C6c83af64e4C60245D8C7dE953DF673a7A33D](https://etherscan.io/address/0xe76C6c83af64e4C60245D8C7dE953DF673a7A33D#code) RAIL governance token contract with a capped (100,000,000 RAIL total supply) mint schedule and an early anti-bot transfer override. - Roles: - **owner**: Delegator; ultimately Voting #### Staking Addresses: [0xEE6A649Aa3766bD117e12C161726b693A1B2Ee20](https://etherscan.io/address/0xEE6A649Aa3766bD117e12C161726b693A1B2Ee20#code) RAIL staking contract that tracks delegated voting power, enforces a 1mo unstake delay, and snapshots staking balances for governance every 1d. Its parameters define the governance voting system. #### IntervalPayouts (6 instances) Addresses: [0x29905A43aA3865D0D7F2743dDE63754B4aa9CA11](https://etherscan.io/address/0x29905A43aA3865D0D7F2743dDE63754B4aa9CA11#code), [0x7673e2E62435D25EDBcb58fD0d88c4C95806b10F](https://etherscan.io/address/0x7673e2E62435D25EDBcb58fD0d88c4C95806b10F#code), [0x859E0C1790b8a721F4943742603cDB685A73BA5D](https://etherscan.io/address/0x859E0C1790b8a721F4943742603cDB685A73BA5D#code), [0xa863262Bf5E97e8CFeC47a71402aC360C0983060](https://etherscan.io/address/0xa863262Bf5E97e8CFeC47a71402aC360C0983060#code), [0xCA9A2894e814305fAfc2BA83a70B34295b1DdE9D](https://etherscan.io/address/0xCA9A2894e814305fAfc2BA83a70B34295b1DdE9D#code), [0xf5F9d74FbFd04801DFf83425ff6C2002f60B921A](https://etherscan.io/address/0xf5F9d74FbFd04801DFf83425ff6C2002f60B921A#code) Immutable payout stream that can pull a fixed amount of a configured asset from the Railgun treasury to a fixed beneficiary whenever the next interval is due. #### RelayAdapt Addresses: [0xAc9f360Ae85469B27aEDdEaFC579Ef2d052aD405](https://etherscan.io/address/0xAc9f360Ae85469B27aEDdEaFC579Ef2d052aD405#code) Execution adapter contract for Railgun. To interact with public contracts from shielded pools, tokens are unshielded to RelayAdapter, which performs specified calls and shields tokens back to the same user.