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Whitepaper read

AZTEC

AZTEC · Aztec

UtilityPays fees on the Aztec scaling network; used in governance.

What it is

Privacy-first Layer 2 on Ethereum enabling a fully programmable smart-contract environment with an encrypted state ledger, using zk-SNARKs. Designed around the Noir universal ZK language with client-side proving so sensitive data never leaves the user's device.

Technology & consensus

zk-validity rollup on Ethereum: sequencers produce blocks, provers generate validity proofs, and a hybrid public/private state model supports both public and encrypted data. Includes governance staking escrow, slashing framework, and an escape hatch.

Token utility

Intended for sequencer staking, governance, and fee payment following governance approval. Distribution: token sale 21.96%, ecosystem grants 10.73%, future incentives 4.88%, foundation 11.71%, insiders 48.31% (team 21.06%, investors 27.25%), year-1 network rewards 2.41%.

Key risks & notes

Cutting-edge cryptographic complexity; prover and sequencer concentration; dependence on Ethereum as the settlement layer; privacy regulation; future utility depends on governance decisions.

Primary source

Read the official whitepaper →

Research status

Classification: Whitepaper read · Researched · Source material: official project documents only.

Machine-readable summary →

👁️ Evidence dossier

Verification classClass AFORA-01 scale — verification, not a quality ranking
Claim type · L2 / scaling token
What does the holder own?

Title, redemption claim, fractional ownership, reserve exposure — or just narrative.

AZTEC is the staking and governance token of Aztec, the privacy-first Ethereum L2 (Ignition chain). Sequencers and provers stake AZTEC for network security (a validator needs 200,000 AZTEC staked), holders vote in decentralized governance, and the token is used for transaction fee settlement.

high confidence

Evidence: [1] · [2]

Verified
Who holds the underlying?

Needs an identifiable custodian or entity — not a wallet address or a label.

No underlying or backing exists by design — a verified negative finding. AZTEC is a bearer ERC-20 on Ethereum; holders own the token itself with protocol rights, not a claim on any reserve asset, and no custodian holds anything for them.

high confidence

Evidence: [1]

Verified
How are reserves checked?

Custodian records → inventory → third-party audit → supply reconciliation.

No reserves exist by design. Supply is fixed (10 billion max) and the token is an ERC-20 on Ethereum, fully auditable on-chain.

high confidence

Evidence: [1]

Verified
How does redemption work?

Eligibility, minimums, fees, KYC, settlement — and what happens to the token.

No redemption is promised. Sequencers can exit the validator set and withdraw their own staked AZTEC (subject to an exit delay period), which is return of one's own stake, not issuer redemption.

high confidence

Evidence: [1]

Verified
Who is liable if redemption fails?

A legally accountable entity and jurisdiction — not a DAO label.

The Aztec Foundation is a memberless nonprofit foundation (Stiftung) domiciled in Zug, Switzerland (registered 2024-12-16, LEI 506700JRDV5Z828A9D47), stewarding the Aztec Network and ecosystem, per its own MiCA whitepaper; The Block independently describes it as a Swiss non-profit. Development is done by the separate company Aztec Labs.

high confidence

Evidence: [1] · [2]

Verified

❔ UNVERIFIED means not yet researched — not disproven. Rows marked “researched” were investigated and independent evidence was not found. Coverage expands as FORTUNA verifies. This dossier was researched 2026-09-15. Method: FORA-01 Asset Claim Verification Protocol.

❔ Frequently asked questions

What is AZTEC (AZTEC)?

Privacy-first Layer 2 on Ethereum enabling a fully programmable smart-contract environment with an encrypted state ledger, using zk-SNARKs. Designed around the Noir universal ZK language with client-side proving so sensitive data never leaves the user's device.

What does the holder own?

AZTEC is the staking and governance token of Aztec, the privacy-first Ethereum L2 (Ignition chain). Sequencers and provers stake AZTEC for network security (a validator needs 200,000 AZTEC staked), holders vote in decentralized governance, and the token is used for transaction fee settlement.

What is AZTEC's verification status?

AZTEC (AZTEC) carries verification class A (Class A): every applicable FORA-01 question is VERIFIED — a full verification chain. What would change it: A status change would require new evidence — a status never changes from reinterpreting old evidence.

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