[Crypto projects](https://revain.org/projects/) › Horizen

# Horizen (ZEN): how it works, supply and reviews

## In short

- **Type**: EVM-compatible layer-3 rollup (OP Stack) that settles on Base, which settles on Ethereum
- **Maximum supply**: 21 million ZEN, unchanged by the migration to Base
- **Risks and caveats**: Horizen depends on Base and Ethereum for security and settlement.
- **Checked**: 28 October 2026

## Key facts

- **Ticker**: ZEN
- **Network**: token on Base
- **Mining algorithm**: Equihash
- **Official site**: [horizen.io](https://www.horizen.io)
- **Whitepaper**: [downloads.horizen.io/file/web-assets/Horizen+Whitepaper+v1.0.0.pdf](https://downloads.horizen.io/file/web-assets/Horizen+Whitepaper+v1.0.0.pdf)
- **Source code**: [github.com/HorizenOfficial](https://github.com/HorizenOfficial)

Data: CoinGecko, 2026-10-27. Only projects that still trade with meaningful volume are listed.

## What is Horizen

Horizen is a privacy-focused blockchain ecosystem that runs as an EVM-compatible layer-3 network built on Base. Its token, ZEN, began in 2017 as a fork of Zcash and since 23 July 2025 exists as an ERC-20 token on Base, used for governance, staking and ecosystem utility.

## Network and consensus

| Parameter | Details |
|---|---|
| Type | EVM-compatible layer-3 rollup (OP Stack) that settles on Base, which settles on Ethereum |
| Runs on | ZEN is an ERC-20 token on Base, bridged to Horizen Chain via LayerZero |
| Consensus | No own consensus: security is inherited from Base and Ethereum; ZEN staking does not secure the chain |
| Launched | ZEN dates back to 2017 as a fork of Zcash; migrated to Base on 23 July 2025 |
| Smart contracts | Yes; standard Solidity contracts with optional confidential execution through Vela (TEE) and zkVerify |
| Gas token | Gas on Horizen Chain is paid in ETH, not ZEN |

## Supply and issuance

| Parameter | Details |
|---|---|
| Maximum supply | 21 million ZEN, unchanged by the migration to Base |
| Initial distribution | No ICO and no pre-mined supply |
| Staking rewards | Staking pays ecosystem fees in ZEN from several sources; it is not a fixed-yield product |

## What ZEN is used for

- Voting on Horizen DAO proposals (ZenIPs).
- Staking for a share of ecosystem and protocol fees.
- Use in DeFi and applications on Horizen and Base.
- ZEN is not used to pay gas; gas is paid in ETH.

## Who develops and governs Horizen

- **Governance**: Horizen DAO: ZEN holders vote on ZenIP proposals via Snapshot; technical proposals need 5% quorum and a 67% majority
- **Developer**: Horizen Labs builds Vela, the confidential-compute product used on Horizen
- **Legal entity**: A MiCA crypto-asset white paper for ZEN is filed with Germany as home member state (BaFin)
- **Open source**: Yes; migration tools and documentation are public on GitHub

## History

| Date | Event |
|---|---|
| 2017 | ZEN launched as a fork of Zcash. |
| February 2025 | Horizen DAO voted to move Horizen to Base. |
| 23 July 2025 | ZEN migrated from the Horizen mainchain to Base as an ERC-20 token. |
| 25 November 2025 | First MiCA crypto-asset white paper for ZEN published (updated 1 June 2026). |

## Security and audits

- Horizen states that a security review of the ERC-20 contracts was completed before the migration to Base.
- As a rollup, Horizen inherits the security of Base and Ethereum rather than running its own validator set.

## Official ZEN contracts

| Network | Contract address |
|---|---|
| Base | [0xf43eB8De897Fbc7F2502483B2Bef7Bb9EA179229](https://basescan.org/address/0xf43eB8De897Fbc7F2502483B2Bef7Bb9EA179229) |
| Horizen | [0x57da2D504bf8b83Ef304759d9f2648522D7a9280](https://explorer.horizen.io/token/0x57da2D504bf8b83Ef304759d9f2648522D7a9280) |

ZEN is an ERC-20 token on Base; on Horizen Chain it is a LayerZero OFT token. ZEN still on the legacy Horizen mainchain can be claimed on Base through the official claim portal.

## Risks and caveats

- Horizen depends on Base and Ethereum for security and settlement.
- ZEN staking rewards are not fixed and depend on ecosystem revenue sources.
- ZEN left on the legacy Horizen mainchain must be claimed to be usable on Base.

## Official links

- Website: [www.horizen.io](https://www.horizen.io/)
- Docs: [docs.horizen.io](https://docs.horizen.io/)
- Block explorer: [explorer.horizen.io](https://explorer.horizen.io/)
- Source code: [github.com/HorizenOfficial](https://github.com/HorizenOfficial)
- Governance forum: [docs.horizen.io/governance/overview/about](https://docs.horizen.io/governance/overview/about)
- Whitepaper: [horizen.micarwhitepapers.eu](https://horizen.micarwhitepapers.eu/)

## Questions and answers

**What is Horizen (ZEN)?**

Horizen is a privacy-focused, EVM-compatible layer-3 network built on Base. ZEN is its governance and utility token, an ERC-20 on Base.

**What is the maximum supply of ZEN?**

ZEN has a fixed maximum supply of 21 million, unchanged by the 2025 migration to Base. There was no ICO or pre-mine.

**How does Horizen work?**

Horizen is an OP Stack rollup that settles on Base, which settles on Ethereum. Gas is paid in ETH, and ZEN staking does not secure the chain.

**Is ZEN regulated?**

A MiCA crypto-asset white paper for ZEN has been published, with Germany's BaFin as the competent authority of the home member state.

## Sources

- [CoinGecko — Horizen](https://www.coingecko.com/en/coins/zencash)
- [Horizen — ZEN token](https://www.horizen.io/zen)
- [Horizen — ZEN Migration Hub](https://www.horizen.io/horizen-upgrade)
- [Horizen Docs — What is Horizen Chain?](https://docs.horizen.io/horizen-chain/overview/what-is-horizen)
- [Horizen Docs — The L3 Architecture](https://docs.horizen.io/horizen-chain/overview/l3-architecture)
- [Horizen Docs — ZEN Token](https://docs.horizen.io/horizen-chain/tokens-and-gas/zen-token)
- [Horizen Docs — Gas on Horizen](https://docs.horizen.io/horizen-chain/tokens-and-gas/gas-on-horizen)
- [Horizen Docs — Voting Process](https://docs.horizen.io/governance/voting_process/voting_process)
- [Horizen — MiCAR whitepaper registry](https://horizen.micarwhitepapers.eu/)

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Page updated: 2026-10-31

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Source: https://revain.org/projects/zencash/