Railgun

A locked RAIL position supplies a direct self-held sponsorship route or can first redirect snapshot power through delegation; committing either source to sponsorship and reaching the aggregate gate gives governors agenda-setting power to advance a proposal into voting.

A locked RAIL position supplies a direct self-held ballot route or can first redirect snapshot power through delegation; committing either source to the final yay/nay ballot gives governors binding influence over executable RAILGUN protocol and treasury decisions.

A self-held restricted RAIL stake directly supplies the interval snapshot basis for pro-rata WETH and DAI Treasury allocations and a separate treasury-RAIL distribution; each interval uses its applicable earmark-time rate rather than a hardcoded perpetual percentage.

A restricted RAIL stake creates both direct self-held reward routes and an optional delegation action that redirects future snapshot entitlement to a beneficiary; the self route and redirected route independently feed WETH/DAI and treasury-RAIL allocations.

$RAIL value capture at 2026-10-02 16:34:59 UTC

Ethereum RAIL (0xe76c…a33d) is separate from RAILPOLY and RAILBSC. Holding it is unnecessary to use RAILGUN privacy functions and it is not an operational fee token. At pinned block 26,105,866, 41,869,145.407063874166318890 RAIL were under the Staking contract.

Entry, delegated rights, and exit

Anyone with RAIL and allowance can create a nontransferable stake. Active principal supplies one unit of snapshot voting power per RAIL. The owner can redirect that power and future reward basis to a nonzero delegate while retaining principal and exit rights. Unlock removes active power at once; the whole position is claimable strictly after a 30-day delay. No slashing or administrator early-exit path appears in the verified Staking implementation.

Two governance decisions

A self-staker or delegate can sponsor a protocol request with proposal-stage snapshot power. Aggregate sponsorship of 500,000 votes can move its encoded action set to voting. A later affirmative or negative ballot uses a separate voting-stage snapshot; a passed request needs 2 million affirmative votes, more affirmative than negative votes, and successful execution inside the contract window. Proposal creation, calling a sponsored request to vote, and final execution are permissionless actions; the RAIL-specific economic rights are the token-weighted sponsorship and ballot.

Two reward effects

The deployed GovernorRewards implementation allocates 420 basis points of then-current Treasury balances each 14-day interval when eligible snapshots exist. Interval 136, which began 2026-09-23 15:04 UTC, was earmarked for WETH, DAI, and RAIL. Self-held or delegated snapshot power earns a proportional claim; neither sponsorship nor a final ballot is checked by the claim function. The recent bounded log scan records successful claims in all three assets, but its observed amounts are only for blocks 26,101,866 through 26,105,866.

WETH and DAI are external assets received from existing Treasury stock; protocol shield/unshield deductions feed Treasury, but the earmark formula does not identify which lots came from current-period deductions. The RAIL component redistributes Treasury RAIL and may increase circulating supply. Treasury received a 2.5 million RAIL governance mint in July 2026, but the origin of particular October reward lots is untraced. Verified code allows governance-controlled minting up to a 100 million cap even though the current overview calls RAIL fixed-supply; total supply at the pin was 60 million. Neither component is a guaranteed yield on staked RAIL, and a claim needs gas.