Aztec Network, the privacy-focused Layer 2 built on Ethereum, has officially launched its long-awaited $AZTEC token sale.
Author: Sahil Thakur
14th November 2025 – Aztec Network, the privacy-focused Layer 2 built on Ethereum, has officially launched its long-awaited $AZTEC token sale. This move marks a major milestone for the project, which has been building since 2018 to deliver a fully programmable, privacy-preserving blockchain experience.
Aztec’s architecture combines Ethereum security with zero-knowledge rollups and its custom smart contract language, Noir. The goal is clear: enable developers to build apps that selectively shield user data, balances, and even contract logic while remaining compliant with regulations.
The $AZTEC token sale kicked off on November 13, 2025, using a novel sale format called the Continuous Clearing Auction (CCA) – a real-time bidding system developed by Uniswap. Unlike traditional launches, this one includes no VC allocations or airdrops. Instead, 100% of the proceeds go to the Aztec Foundation.
More than 300,000 pre-whitelisted users are eligible, including testnet participants, Aztec Connect users, and Ethereum solo stakers. Buyers mint a soulbound NFT (SBT) as proof of access and complete zero-knowledge compliance checks via Noir-powered ZKPassport.
Aztec is offering 1.547 billion $AZTEC tokens in this sale, roughly 15% of the total 10.35 billion supply. At floor valuation, this represents a $52 million raise, with a fully diluted valuation (FDV) of $350 million. This is around 75% below the project’s last implied equity valuation of $1.4 billion.
Token utility includes:
Following the auction, tokens remain locked for 90 days. A community governance vote can unlock them earlier. If not passed, a 12-month cliff applies.
Aztec made a controversial call by not including an airdrop, despite raising $119M from VCs like a16z, Variant, and Paradigm. While some applaud the transparent sale model, early contributors and testnet users have voiced frustration.
One viral comment read, “Worst tokenomics – selling 48% while ignoring OGs.” Another said, “Finally, a fair sale that empowers retail.” Sentiment is split, a lot of people are frustrated.
Aztec has come a long way. After launching Aztec Connect in 2022 (later shut down in 2023), the team pivoted to a fully decentralized Layer 2 with shielded tokens like zkETH and privacy-first DeFi. The testnet, live since May 2025, now processes 70,000+ blocks with over 120 node operators worldwide.
Use cases include:
The network now plans to expand privacy to other chains via cross-chain bridges, extend Noir tooling, and move toward full decentralization.
Aztec’s roadmap is packed. After the auction ends in early December, staking will go live. The Token Generation Event (TGE) follows shortly, after which the governance vote on unlock timing begins.
The project is already collaborating with Base, Optimism, and Arbitrum to bring privacy to the broader Ethereum Layer 2 ecosystem.
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