Horizen (ZEN) is the native token of the Horizen ecosystem. Today, Horizen is focused on building a privacy-oriented execution layer for decentralized applications, with its current architecture centered on an EVM-compatible Layer 3 (L3) on Base.
The project has a long history in blockchain privacy. It launched in 2017 under the name ZenCash, as a fork of Zclassic, which itself was a fork of Zcash. Over time, the project evolved from a privacy-focused blockchain into a broader infrastructure platform.
In 2024, Horizen removed its shielded pool and no longer supported private payments, marking an explicit move away from its identity as a privacy cryptocurrency. Privacy became a major part of the project's strategy again with Horizen 2.0, but in a different form: the current ecosystem focuses on privacy-preserving applications and confidential computation rather than private cryptocurrency payments.
If you’re searching for ZEN crypto or Horizen crypto, it is important to distinguish between the project's earlier blockchain architecture and its current L3-based ecosystem.
Horizen history: from ZenCash to Horizen 2.0
Horizen's history begins with ZenCash, which launched in May 2017 as a fork of Zclassic, itself a fork of Zcash.
In 2019, Horizen Labs was founded to develop blockchain infrastructure and privacy-related technologies around the Horizen ecosystem.
One important stage in the project's earlier development was Zendoo, a zero-knowledge-based sidechain protocol designed to allow independent blockchains and sidechains to connect to the Horizen ecosystem. The Sidechains SDK was a separate toolkit developed for building sidechains.
Horizen later operated both its original mainchain and the EON EVM-compatible chain. These networks now belong to Horizen's legacy architecture and are being discontinued as the project transitions to its new L3-based model.
A major transition took place in 2025. On July 23, 2025, ZEN completed its migration to an ERC-20 token on Base. This completed the token migration but did not launch the new Horizen L3.
The Horizen L3 went live later in 2025, with its mainnet launch marked by a public livestream on December 10, 2025.
As part of the transition, balances from both the original Horizen mainchain and EON were moved into the new ERC-20-based architecture. The old chains are being discontinued, while the current Horizen ecosystem is centered on its L3 on Base.
This transition is central to understanding Horizen 2.0: the project is no longer structured as its former standalone privacy blockchain.
What is ZEN coin used for?
ZEN is the native utility and governance token of the Horizen ecosystem.
Its role has evolved alongside the network's architecture. In the current ecosystem, ZEN is used for:
- Staking on the Horizen L3
- Governance and ecosystem participation
- Interactions with applications and protocols built around Horizen
- Supporting the economic model of the ecosystem
- Participating in the value-routing mechanisms associated with the network
ZEN should not be confused with the gas token of Base or the Horizen L3. ETH is used to pay gas fees on the Horizen L3, while ZEN has a separate utility and staking role.
ZEN tokenomics
ZEN has a maximum supply of 21 million tokens, with no ICO or premine.
Ahead of the migration to Base, the Horizen DAO approved ZenIP 42407, the Horizen 2.0 tokenomics proposal, and its April 2025 addendum, ZenIP 42409. The proposals addressed the allocation of approximately 5 million previously unminted ZEN.
Under the approved model, 25% was released at migration, while the remaining 75% vests linearly over 48 months. ZenIP 42409 was approved in a DAO vote held from April 21–24, 2025, with 99.39% of votes in favor.
The 21 million ZEN supply cap remains unchanged following the migration to Base.
Where does ZEN exist?
ZEN is now represented as an ERC-20 token on Base. The token can be moved between supported environments using LayerZero OFT infrastructure. This architecture replaced the previous model in which ZEN existed as the native asset of the original Horizen blockchain and EON. Both the original mainchain and EON are now part of Horizen's legacy architecture.
Horizen's approach to privacy
Privacy has played different roles at different stages of Horizen's development.
The original ZenCash and Horizen blockchain included private payment functionality. However, this changed significantly in 2024.
On February 7, 2024, Horizen removed the shielded pool. Following this change, the network no longer supported private payments, and Horizen explicitly moved away from its previous positioning as a privacy cryptocurrency.
With Horizen 2.0, privacy became relevant again in a different form.
Instead of focusing on private cryptocurrency transfers, the project is developing infrastructure for privacy-preserving applications and confidential computation. The goal is to allow applications to process sensitive information while retaining the benefits of blockchain-based verification and interoperability.
Potential applications include confidential DeFi operations, private order books, sealed bids, encrypted payroll, and other use cases where application data may require additional privacy.
This distinction is important: today's Horizen is not the same privacy-focused blockchain that the crypto community may remember from its earlier years.
Vela and confidential computing
Vela is Horizen's confidential computing environment and a central part of its current privacy-focused architecture.
Vela uses trusted execution environments (TEEs) to support confidential computation. The technology is designed to allow sensitive inputs and application state to be processed in protected execution environments while still providing mechanisms for verification.
Horizen Labs has also referred to Vela in earlier materials as the Horizen Confidential Compute Environment (CCE), the Privacy Execution System, or simply the TEE.
The broader objective is to make privacy-preserving computation available to decentralized applications without requiring developers to build an entirely separate blockchain architecture.
Horizen L3 and Base
The current Horizen architecture is an EVM-compatible Layer 3 deployed on Base.
The L3 uses the OP Stack and is deployed with Caldera, while Base provides the settlement layer.
This architecture gives developers access to Ethereum-compatible smart contracts while building applications in a specialized execution environment.
An important distinction is that ZEN is not the gas token of the Horizen L3. Gas is paid in ETH. ZEN instead has an economic role centered around staking, governance, ecosystem participation, and value routing.
The use of Base also connects Horizen's ecosystem to liquidity and infrastructure within the broader Ethereum ecosystem.
zkVerify and Horizen
zkVerify is a separate network and platform, rather than a component of the Horizen blockchain itself.
It has its own token and infrastructure and is closely connected to Horizen Labs, which is a core builder of the project.
One connection between the two ecosystems is validator revenue. Income generated through zkVerify validator activity contributes to the pool of rewards available to ZEN stakers.
This relationship means zkVerify can form part of Horizen's broader economic ecosystem without being described as a native Horizen network.
Horizen applications and use cases
Horizen 2.0 is designed around applications that can benefit from confidential computation and privacy-preserving infrastructure.
Confidential DeFi
DeFi applications can use confidential computation for situations where users or institutions may not want every piece of transaction-related information to be publicly exposed.
Confidential trading
Trading applications can potentially use confidential execution for order books, trading strategies, and other market-related information.
Confidential payments and payroll
Applications can use privacy-preserving infrastructure for business payments, payroll, and other financial workflows involving sensitive information.
Private AI and data processing
Confidential computing can also support applications that need to process sensitive data without exposing the underlying information publicly.
The broader concept is to combine blockchain verification and composability with stronger privacy protections for application data.
Horizen 2.0: from privacy cryptocurrency to privacy-preserving infrastructure
The most important change in Horizen's evolution is the shift in what the project means by "privacy."
Earlier, Horizen was built around a blockchain that supported private cryptocurrency payments. That functionality was removed in 2024, and the project stopped positioning ZEN as a privacy cryptocurrency.
Horizen 2.0 takes a different approach.
The current ecosystem focuses on providing infrastructure for privacy-preserving applications, confidential computation, and EVM-compatible development. Vela and the Horizen L3 are central pieces of this new architecture, while Base provides the settlement environment.
Horizen price and ZEN market data
The Horizen price reflects the current market value of ZEN and can change continuously as market conditions develop. On this page, you can check the current ZEN price in USD in the price chart above and see how it has changed over time. Along with the current price, you can compare market data such as trading volume, market cap, circulating supply, and recent price changes to get a broader view of the ZEN market.
In the exchange widget, you can also check current rates for swapping ZEN into popular cryptocurrencies such as ZEC, BTC, USDC, or ZANO.
Where can you store ZEN?
Because ZEN is an ERC-20 token on Base, it can be held in compatible EVM wallets such as MetaMask and Coinbase Wallet, or with a Ledger hardware wallet through a compatible interface. Den, a Horizen launch partner, provides multisig wallet support.
When using a wallet, you should make sure it is interacting with the correct ZEN token contract and the appropriate network.
Where can you buy or exchange Horizen (ZEN)?
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