Railgun V3 is coming
Some background
Community members are working on extending ZKPay, a system to enable private transfer of any tokens to multiple users in 1 transaction, or multi-send. - “RAILGUN is already the most capable private payments infrastructure in the Ethereum based ecosystem and multi-sends further increases the usability of private payments”.
Blog post, June 29, 2023: “RAILGUN will get significantly cheaper in v3 thanks to some gas savings coming from optimizations in the cryptographic systems.”
Governance and Tokenomics
RAIL is the governance token for RAILGUN.
Stake RAIL to vote on governance proposals such as protocol upgrades and shielding/unshielding fees. Any wallet that stakes RAIL becomes a member of the DAO. RAILGUN on Arbitrum (and future Ethereum Layer 2s) is governed by the DAO on Ethereum and thus L2 value and voting power accrues to the Ethereum RAIL token.
RAILPOLY & RAILBSC - RAILGUN on Polygon and BSC have their own separate governance DAOs and therefore have their own chain-specific tokens. RAIL(on Ethereum), RAILPOLY and RAILBSC are different to each other as they govern and receive rewards from the RAILGUN deployment on their respective chains.
This governance structure with a separate DAO on each chain maximizes security and decentralization as there is no reliance on cross-chain bridging and each DAO can vote on chain-specific issues.
RAILPOLY and RAILBSC were distributed via airdrops to RAIL stakers and RAIL liquidity providers. docs.railgun.org/wiki/r…
Staking and Active Governor Rewards
RAIL stakers can become Active Governors. To be an Active Governor, stakers must 1/ Have a stake fully locked (at least some portion that is not going through the unlock period). 2/ View the Governance Portal at least once and check for any ongoing proposals. 3/Not delegate their vote to a different address. If votes are delegated, the delegated to address will receive the rewards.
Active Governors receive a slice of shielding/unshielding fees. 2% of the treasury is distributed to the claiming mechanism every 2 weeks. RAILGUN Active Governors then receive a share of this distribution proportionate to the amount of RAIL they have staked. - Rewards are distributed in ETH (or BNB/MATIC for other chains), RAIL, or DAI depending on the makeup of the treasury balance. Active Governors can claim their reward share (a transaction which requires gas) on whichever chain their RAIL is staked on. Further, Active Governors can only claim rewards from chains where they have RAIL staked. - docs.railgun.org/wiki/r…
Maximum Supply - 100,000,000 (RAIL on Ethereum) - 44,546,789 (RAILBSC on BNB Smart Chain) - 55,000,000 (RAILPOLY on Polygon) - docs.railgun.org/wiki/r…
Protocol Governance and the RAILGUN DAO Voting - All wallets which stake RAIL become members of the DAO. By staking their RAIL tokens, DAO members earn the ability to vote on RAILGUN Governance proposals, allowing anyone to shape the direction of the RAILGUN Project. Wallets can submit, sponsor and vote on proposals that determine the project direction. - docs.railgun.org/wiki/r…
Proposals
6 steps to bring a proposal to execution: Proposal - Sponsorship - Call to vote - Review period - Voting - Execution -
