Namada: the multi-asset shielded pool and its valuation gap to ZEC and XMR
Thread547 words
Explains Namada's MASP built on Zcash's Sapling circuit, unified anonymity set, conversion circuit, IBC support and viewing keys, with a how-to for shielding. Argues NAM at about 3% of ZEC and under 0.5% of XMR valuation is mispriced.
Key claims
ZEC up over 118% YoY at $893M FDV, XMR up over 94% at $5.8B FDV
Over $1M already shielded on Namada
NAM valued at roughly 3% of ZEC and under 0.5% of XMR
While most of the low float / high FDV tokens that VCs have been dumping on you in recent months have trended to 0, OG privacy coins are outperforming the market.
$ZEC up >118% YoY (sitting at $893M FDV)
$XMR up >94% YoY (sitting at $5.8B FDV)
But what if I told you that the biggest & most disruptive privacy project is still flying under the radar?
Meet Namada, the modular, privacy-preserving UX layer for a composable multichain world.
TL;DR: Privacy is crucial, yet completely missing from Web3 UX.
Namada fixes this gap head-on with a multi-asset shielded pool (MASP), built on @Zcash’s Sapling circuit, allowing users to unify fragmented onchain liquidity into a single, large anonymity set (massively boosting privacy guarantees).
Its Conversion Circuit enables seamless asset swaps inside the shielded pool, while IBC compatibility facilitates fully-private, composable cross-chain DeFi actions.
Additionally, selective disclosure via viewing keys ensures compliance and accountability without sacrificing core privacy, a game changer not just for onchain traders, but also institutional DeFi adoption.
Want to shield assets yourself?
You should. It's easy. And you get paid for doing so.
> Download/install Namada keychain extension
> Set up your keys and back up the seed phrase
> Navigate to namadillo(.)app and connect keychain
> Click on "shield assets"
> Choose to shield your native $NAM or any IBC asset (example on screenshot is $TIA)
> Earn shielded rewards for all your assets in MASP, be paid for improving the privacy guarantees of the protocol, and stack $NAM
Already far >$1M in assets has been shielded on @namada already, a number set to explode with the full-blown mainnet launch nearing its final stage, and the ecosystem maturing with more integrations, a mobile app and much more to come.
So what's the key takeaways here?
For me personally, @namada is one of the most exciting launches of the year. Sure, they might not have the artificial, VC money-induced KOL hype here on Twitter (which is why many are sleeping it still), and some community criticism around the delayed launch/airdrop and the fully liquid supply (1B $NAM) at TGE is valid (likely also causing the sell pressure we've been seeing since launch).
Yet, this is the biggest game-changer for Web3 privacy since the launch of @zcash itself.
Privacy for everyone.
Everywhere.
Namada allows you to retroactively fit privacy onto any chain and asset out there.
Something previously impossible, and imho absolutely crucial.
Built by the team at @heliaxdev (also building @anoma), this is a tier 1 protocol quietly disrupting the (notoriously underestimated) privacy sector.
Don't give up on your privacy anon.
It's a fundamental right you have to defend.
Could be huge, NFA but DYOR anon.
Honestly, even tho my post-TGE buys are under water, I'm pretty sure that we're seeing a valuation discrepancy here that won't stay forever.
Currently, $NAM is valued at roughly 3% of $ZEC and <0.5% of $XMR valuation.
Sooner or later the market will wake up, That's why I also continue to hold my airdrop.
With IBC transfers having been enabled yesterday too, phase 5 of the mainnet launch is now complete.
$NAM can now be also transferred externally.
x.com/namada/status/1937136054139547708
$NAM is also already live on @osmosis if you're looking to get a bag.
Again: NFA but DYOR anon.
x.com/osmosiszone/status/1936159135730745794
5 images on X
What came next · since 24 Jun 2025
Show how the 2 covered assets moved
This piece lays out a thesis on the sector without making a call on the token, so price moves since publication are shown as market context.
Mentioned for context
No reliable price feed for $NAM.
Since then
Zero has written 1 more piece on $NAM since this one.
- Namada's free market launch: why a fully liquid day-one token was deliberateBullish call on $NAM
Daily closes in USD from DefiLlama and Yahoo Finance. Only a bullish or bearish call in a thesis or market take is tracked; explainers, lists, maps and mentions are neutral context. Not financial advice.