Privacy-focused Cosmos Layer 1 Namada initiates mainnet launch and token airdrop

Privacy-focused Layer 1 blockchain Namada has officially launched its mainnet, enabling the network’s genesis blocks.

This begins the first phase of its decentralized mainnet rollout, involving staking and governance.

The Anoma Foundation, the organizational group that developed the project, proposed the initial mainnet software and genesis balances. The foundation clarified that it does not run validators, so the Namada community retains control.

This genesis mainnet launch will unfold in five stages , each driven by community decisions via on-chain governance.

In May 2023, the Anoma Foundation secured $25 million in funding to develop its ecosystem, which includes Namada. 

Namada’s primary feature is its “multi-asset shielded pool,” which enables users to conceal the details of their asset holdings within a decentralized exchange’s liquidity pool. This feature allows for private transactions across various blockchain networks and lets users disclose transaction information selectively.

“The goal of Namada is to give both individual and institutional users, who may have been waiting on the sidelines, the same freedoms and protections they have off-chain,”

The launch also includes a community airdrop. Eligible wallets will receive NAM tokens today, which they can immediately use for staking and governance. Token transferability will be activated in phase 5, anticipated within a few months.

The native token has a total supply of 1 billion NAM tokens. Anoma Foundation proposed the initial set of genesis allocations with no lockups, which will be distributed among community members, early contributors, and future development initiatives.