Horizen

ZEN is the token of Horizen, a former privacy coin that is now a privacy-focused layer-3 network on Base with DAO governance and staking.

Horizen started in 2017 as a fair-launch privacy coin with its own blockchain and no ICO. It has since changed course: ZEN is now an ERC-20 token on Base, the Ethereum layer 2 developed by Coinbase, and Horizen itself is a layer-3 network on Base. Its aim is private on-chain execution for traders, funds and businesses, using a confidential coprocessor called Vela.

ZEN is the governance token of the Horizen DAO. Since July 2026 holders can stake ZEN on Horizen mainnet with no lock-up. Staking no longer secures the network; the rewards pool is meant to collect DAO funds, returns on DAO liquidity, a share of fees from ecosystem apps and sequencer fees. Horizen says these inputs are still small because many apps are not live yet.

Supply is capped at 21 million ZEN, of which about 18.4 million were circulating in October 2026. In August 2026 Horizen offered up to $150,000 each to teams building private trading vaults and a private borrow-lend protocol.