Exploring Railgun: The Future of Crypto Privacy | with Messari Research

Jan 15, 2026

Guest

Qorban Ferrell

Guest

Sam Ruskin

Guest

Jake Koch-Gallup

Jake Koch-Gallup, a research analyst specializing in crypto infrastructure, leads the way discussing Railgun, a revolutionary ZK privacy tool for EVM networks. He shares insights on its market impact, valuation, and the significance of wallet integration for user adoption. Sam Ruskin highlights the emergence of equity perpetuals, while Qorban Ferrell connects increased privacy demand to geopolitical risks and macroeconomic trends. The trio delves into the meme coin resurgence and speculates on future market dynamics, making for a lively and informative conversation.

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INSIGHT

Railgun's Core Privacy Design

Railgun provides ZK privacy infrastructure for EVM assets by shielding balances and transactions into a private pool.
It uses dual addresses and proves transactions locally to execute on-chain without linking to public wallets.

INSIGHT

Built-In Revenue Capture

Railgun charges a 0.25% fee on shield and unshield operations that accrues to the DAO treasury.
About 2% of treasury revenue is distributed to RAIL stakers biweekly, creating a clear revenue-to-staker cash flow.

INSIGHT

High Revenue Capture Rate

In 2025 Railgun processed ~$2B shield+unshield volume yielding ~$5M revenue and implied average TVL of ~$100M.
That equates to a ~5% revenue capture rate, materially above typical DeFi infra ranges.

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Join us for another episode of Fully Diluted with Messari Analysts Matthew Nay, Sam Ruskin, Qorban Ferrell, and Jake Koch-Gallup.This week, we explore Jake's insightful analysis of RAILGUN, a cutting-edge ZK privacy tool for EVM networks, and discuss its valuation and market impact. We also cover the resurgence of meme coins, the rise of equity perps, and the macro trends driving the metals market. Tune in for a deep dive into the world of privacy tech, market dynamics, and the future of decentralized finance. Don't miss out on this engaging conversation!00:00:00 -- Introduction and Episode Overview00:01:48 -- Privacy & Railgun00:05:51 -- Privacy Wallets00:18:26 -- Privacy Coins Market00:23:28 -- Equity Perps00:29:39 -- Market Fragmentation00:33:22 -- Robinhood & TradFi00:36:40 -- Meme Coins Outlook00:46:12 -- Onchain Activity00:48:09 -- ConclusionFollow Messari on Twitter: / messaricrypto Follow Unqualified Opinions on Spotify: https://open.spotify.com/show/0uG5qpw...Follow Unqualified Opinions on Apple Podcasts: https://podcasts.apple.com/us/podcast...____This episode and its contents do not necessarily reflect the opinions of Messari, Inc. Hosts and guests may hold cryptocurrencies discussed in this content. This content is meant for informational purposes only. It is not meant to serve as investment advice. You should conduct your own research, and consult an independent financial, tax, or legal advisor before making any investment decisions. Nothing contained in this content is a recommendation or suggestion, directly or indirectly, to buy, sell, make, or hold any investment, loan, commodity, or security, or to undertake any investment or trading strategy with respect to any investment, loan, commodity, security, or any issuer. This content should not be construed as an offer to sell or the solicitation of an offer to buy any security or commodity. Messari does not guarantee the sequence, accuracy, completeness, or timeliness of any information provided in this content.