The Railgun privacy protocol has seen a significant surge in usage, surpassing the $1 billion mark in transaction volume. This growth is particularly noteworthy as several competing cryptocurrency mixers have recently shut down, highlighting Railgun’s strength and market adherence.
Notably, on May 22, Vitalik Buterin, the chief scientist at Ethereum, utilized the Railgun protocol to transfer 80 ETH, valued at around $300,000. According to Arkham Intelligence, Buterin has been consistently using Railgun for the past six months, including a transfer of 100 ETH in April.
Buterin took to his social media platforms to highlight the privacy benefits of the protocol, stating, “Railgun utilizes the privacy pools protocol, making it significantly more challenging for malicious actors to compromise users’ privacy by joining the pool.” He further emphasized that privacy is a fundamental right.
The endorsement from Buterin contributed to Railgun’s historic transaction volume, which has now surpassed the billion-dollar mark. Since its launch in January 2022, Railgun has processed a total of $1.16 billion in transactions, as reported by Dune Analytics. Additionally, the protocol’s total value locked (TVL) has grown by 146% to reach $76.2 million, according to DefiLlama.
Railgun’s TVL has experienced a fourfold increase to $80 million in just three months since reaching this milestone. The growing adoption and usage of Railgun not only enhance its permanent anonymity but also ensure a closed-off anonymity set for bad actors, providing users with a sense of safety when utilizing Railgun.
Railgun is specifically designed to conceal transactions on the blockchain and users’ wallet addresses. It incorporates advanced technologies such as succinct, non-interactive zero-knowledge arguments (ZK SNARKs), which are advanced forms of zero-knowledge proofs (ZKPs) that enhance privacy by enabling on-chain data verification without publicly revealing the data.
Disclaimer: The opinions and views expressed in this article, whether by the author or anyone mentioned, are solely for informational purposes and should not be considered as financial or investment advice. Investing or trading cryptocurrencies carries the risk of financial loss.
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