Just $1m mkt cap...
Non inflationary token which gives an APR when staked, currently about 2%. The APR is organic, as it is merely the fees from protocol use being returned to token holders.
TVL is showing strong growth, 4X in the last 5 months. No downtime or issues noted, it's a working app.
User base is increasing and with it the privacy sets for individual tokens ( btc, usdc, usdt, eth and matic being the largest) which should lead to increased volumes as larger transactions become more feasible.
It's a trustless privacy app / onchain wallet which uses zero knowledge proofs to provide shielded balances within an otherwise open blockchain. When you deposit tokens your balance is ledgered separately, though from the outside nobody can tell.
It provides for private DEX transactions, feeless internal private transfers to other 0zk addresses and the ability to withdraw funds to a fresh wallet. Fees are low at 0.25% per transaction and these fees are paid out in 2 week increments to stakers.
Other than the extremely low gas costs, due to the nature of Polygon, it is identical to the other Railgun deployments on Ethereum, BSC and Arbitrum though operates on a stand alone basis with a separate token and governance.
Whilst privacy is an end in itself several use cases spring to mind. Protocols can pay their workforce privately from within Railgun without divulging individual salaries. Miners can sell their wrapped tokens OTC completely privately, with settlement entirely onchain. Users of any chain which has a wrapped equivalent (wBTC, wEth etc) on Polygon can anonymise their coins for roughly 1% in fees (private dex trades incur both a withdraw and a deposit fee, so 0.5%). This seems to be 1/5th the cost of an equivalent bitcoin mixer.
Bad points:
If the team behind this actively promote it then they really don't do so very well.
Token was airdropped without any liquidity provided, hence the few which are available are in very small DEX pools. Seems to be tightly held.
There is a telegram channel where Railpoly can be traded via a bot, though no-one appears to be selling.
Whilst the privacy sets for major coins are adequate for $10k transactions or so further growth in TVL is required. Privacy can be enhanced by using the entire chains DEX liquidity as well as the larger balances within Railgun though ideally there'd be intrinsic privacy sets available.
Major competitor in Tornado Cash. Has advantages over it, for instance in being able to use any amount and Railgun isn't just a mere mixer, though does not seem to have the brand name recognition of TC ( which might be a good thing).
Railpoly token contract: 0x92A9C92C215092720C731c96D4Ff508c831a714f
https://railgun.org/
