NFT NoHumBug

First they ignore. Then they laugh. Then they fight. Then they say gm.

[NFT NoHumBug @NFT_NoHumBug]

The ticker is $RAIL. @RAILGUN_Project

[Milk Road @MilkRoad]

CZ: Right now, crypto risks your physical safety.

E.g. If you book a hotel onchain, attackers can track your future location.

Crypto needs to be private enough for users to feel safe, and compliant enough for regulators to allow it.

That's the bridge to mainstream adoption.

[NFT NoHumBug @NFT_NoHumBug]

Dis.

[Jake Koch-Gallup @immutablejacob]

the monster has been unleashed. the $RAIL valuation report is live.

40 pages, 40 minute read.

https://t.co/TXYzEbhzGe

it is an enterprise report, so only @MessariCrypto enterprise clients have access. HOWEVER, let's break down the key points:

1) what is RAILGUN?

@RAILGUN_Project is onchain ZK privacy infra for EVM networks. it lets users transact on Ethereum, Arbitrum, Polygon, and BNB Chain without revealing wallet identity, balances, or transaction intent.

the protocol charges a 0.25% fee when assets enter or exit the privacy set (shield/unshield). all fees accrue onchain to the DAO treasury.

2% of the treasury is distributed to $RAIL stakers every two weeks, creating a direct link between usage, treasury growth, and staker cash flows.

2) how does RAILGUN work?

railgun lets users move assets from public ERC-20 balances into a shared private pool (shielding), then transact from that pool without revealing wallet identity, balances, or intent.

assets inside the pool aren’t account balances. they’re represented as private notes, proven valid with ZK proofs instead of being publicly readable onchain.

users keep their normal 0x address, but also generate a private railgun address (0zk…). private transactions are built in-wallet, proven locally, then executed onchain with no link back to the public wallet.

railgun is infrastructure, not a consumer wallet. wallets and apps integrate the railgun contracts and SDK to support private balances and private smart contract execution.

this design keeps users on Ethereum’s existing liquidity and apps, while adding privacy at the settlement layer.

3) what does railgun adoption and revenue look like?

railgun processed $2b in combined shield/unshield volume in 2025. this generated the protocol $5M.

importantly, this revenue is earned without emissions, liquidity incentives, or subsidized activity. users are paying real fees for privacy.

railgun captures nearly 5% of its TVL as revenue, materially higher than most DeFi infra protocols, which typically capture around 0.3-3%.

this reflects the transactional nature of privacy flows as railgun monetizes capital movement, not passive liquidity.

4) what is the Kohaku Wallet SDK and why does it matter for RAILGUN?

kohaku is an open-source wallet privacy SDK being developed under the @ethereumfndn. its goal is to make privacy native at the wallet layer, not a separate opt-in tool.

instead of users going out of their way to use a privacy protocol, wallets can integrate Kohaku and offer private balances and private transactions directly in normal wallet flows.

railgun is already integrated into Kohaku. that means railgun becomes part of default wallet transaction flows.

once Kohaku goes live and tier-1 wallets (like @MetaMask) start integrating it, railgun’s addressable market expands from users who actively seek privacy to a massive share of Ethereum’s wallet-reachable capital.

that shift, from niche tooling to default wallet infra, is the core driver behind the upside scenarios in my valuation.

5) how exactly did I value $RAIL?

i start with Ethereum’s capital base (ETH market cap + stablecoins), model how much of it migrates into RAILGUN’s privacy set over time, and translate that into revenue thru a declining capture rate.

revenue minus operating expenses = operating cash flow. ~52% gets paid to stakers, the rest accumulates in the DAO treasury, and i value both pieces (cash flows + treasury) to arrive at intrinsic $RAIL per token.

the base case intrinsic value provides a clean and defensible anchor for what $RAIL should be worth if adoption plays out as modeled.

$RAIL's current price sits at a significant discount to that base case.

6) disclaimer: i hold $RAIL. this report is meant for informational purposes only. It is not meant to serve as investment advice.

7) railtardio.

- railgun quant

[NFT NoHumBug @NFT_NoHumBug]

Damn. Spitting truth bombs.

[Daygame Charisma @DaygameCharisma]

@luxemiaa A guy with a bodycount of 10 had to convince 10 girls

A girl with a bodycount of 10 got convinced by 10 guys

It’s not the same

[NFT NoHumBug @NFT_NoHumBug]

@van00sa May I meet you.

[NFT NoHumBug @NFT_NoHumBug]

@Zedzies From Wikipedia:
"In 2022, DTCC settled the vast majority of securities transactions in the United States and $2.50 quadrillion in value worldwide, making it by far the highest financial value processor in the world."

[NFT NoHumBug @NFT_NoHumBug]

@crypto_condom @TheFlowHorse $LINK it is

[NFT NoHumBug @NFT_NoHumBug]

@TwonXBT @watchking69 @inversebrah

[NFT NoHumBug @NFT_NoHumBug]

@SilverBulletBTC $RAIL is the top 1. @RAILGUN_Project

Next question

[NFT NoHumBug @NFT_NoHumBug]

@Whale_Guru The ticker is $RAIL. @RAILGUN_Project

[NFT NoHumBug @NFT_NoHumBug]

Based

[rwlk @sherlock_hodles]

"90% of the pain in crypto comes from comparing yourself to people lying" is the realest thing ever written on this app

[NFT NoHumBug @NFT_NoHumBug]

@SilverBulletBTC $RAIL @RAILGUN_Project

[NFT NoHumBug @NFT_NoHumBug]

Read dis

[binji @binji_x]

since a lot of people are asking, here is what @RAILGUN_Project is:

railgun is a privacy protocol built on Ethereum that lets you interact with DeFi (swap, lend, trade, send tokens) without exposing your wallet address or transaction history.

here’s what it actually does:

1. private balances and transfers

railgun uses zero-knowledge proofs to let you deposit assets into a private pool and then move them around without linking those actions to your public wallet. you can send someone USDC or ETH, and no one can trace it back to your main address.

2. private defi actions
Railgun integrates directly with DeFi protocols. Your swaps or trades look like they came from a shared shielded contract and not your public wallet.

3. zk-Proofs for compliance (institutions will love this)

it’s not fully dark, railgun supports “viewing keys,” meaning you can prove your transaction history to someone privately (like an auditor) without revealing it to the world so its full privacy but wihtwith optional proof.

4. self-custodial and onchain

everything is smart-contract-based, it’s entirely on-chain which means ethereum itself enforces your privacy.

privacy is the next stage for defi, and this is an example of how it can work. excited to see more teams integrate it as an option for users!

[NFT NoHumBug @NFT_NoHumBug]

@van00sa Hermes scarves on the purse handles I presume?

[NFT NoHumBug @NFT_NoHumBug]

Told you

[NFT NoHumBug @NFT_NoHumBug]

@SizeChad The ticker is $RAIL. @RAILGUN_Project

[NFT NoHumBug @NFT_NoHumBug]

@van00sa Reply to me if you’re gonna be in Dubai during Dubai Watch Week.

[NFT NoHumBug @NFT_NoHumBug]

@CryptoCX1 @boneGPT @inversebrah Get me in too ya little shid

[NFT NoHumBug @NFT_NoHumBug]

@RubyTeagann @rektmando $RAIL from @RAILGUN_Project

[NFT NoHumBug @NFT_NoHumBug]

@AzukiWatchclub @0x8andy Both

[NFT NoHumBug @NFT_NoHumBug]

@SizeChad The ticker is $RAIL. @RAILGUN_Project

[NFT NoHumBug @NFT_NoHumBug]

@FynCas VEO