What is Aztec Network (AZTEC)

I. Project Introduction

1. What Is Aztec Network?

Aztec Network is a privacy-centric ZK-Rollup scaling solution built on Ethereum. Utilizing the PLONK zero-knowledge proof mechanism, it ensures on-chain data and transaction privacy. In March 2023, the project underwent a strategic pivot, sunsetting its DeFi privacy bridge, Aztec Connect, to focus entirely on two core pillars: Noir, a universal ZK programming language, and a brand-new Ethereum Privacy Layer 2.

2. How Does Aztec Network Operate?

Aztec Network uses a hybrid execution model. Private functions are executed locally within a user’s Private Execution Environment (PXE), generating zero-knowledge proofs to ensure sensitive logic and data remain confidential. Conversely, public functions are executed transparently by a decentralized node network via the Aztec Virtual Machine (AVM). Private states are stored as encrypted UTXOs, accessible only by the owner, while public states are maintained in transparent Merkle trees. Transactions originate in a private context and transition seamlessly to public execution. Finally, a decentralized sequencer network aggregates these proofs into a single rollup, which is submitted to Ethereum L1 for verification and settlement. This architecture delivers true privacy and composability for smart contracts, DeFi, DAOs, and Real-World Assets (RWA) while inheriting Ethereum's robust security.

3. Who Created Aztec Network?

Founded in 2017 by Zac Williamson, Aztec reached a major milestone on February 14, 2025, with the official establishment of the Aztec Foundation. The organization is led by a distinguished core team:

Zachary Williamson (Co-founder & CEO): A PhD in Neutrino Physics from Oxford and a pioneer in ZK cryptography and protocol design.

Arnaud Schenk (Executive Director & Tech Lead).

Joe Andrews (Co-founder & Product Lead).

Ariel Gabizon (Chief Scientist): A world-renowned expert in zk-SNARKs and former researcher at Protocol Labs and Zcash.

Claire Kart (CMO): Previously led marketing at Risc Zero.

To date, Aztec has raised over $119 million in funding from premier investors, including a16z, Paradigm, Coinbase Ventures, and HashKey Capital.

4. Aztec Network Tokenomics

The native token, $AZTEC, has an initial total supply of 10.35 billion. Its primary functions include network staking and security, node incentives, governance participation, and network reward distribution.

Token allocation is as follows: Investors & Early Supporters (27.26%), Core Team (21.06%), Foundation (11.71%), Ecosystem Grants (10.73%), Public Auction (14.95%), Early Node Committers (1.93%), Bilateral Sales (2.44%), Uniswap v4 Liquidity Pool (2.64%), Future Incentives (4.89%), and Year 1 Network Rewards (2.41%).

5. Timeline & Key Milestones

2017: Project Inception.

Dec 2021: Series A Funding: Raised $17M (Led by Paradigm).

Dec 2022: Series B Funding: Raised $100M (Led by a16z).

Mar 2023: Strategic Pivot: Sunset Aztec Connect to focus on Privacy L2 and Noir.

Feb 14, 2025: Official establishment of the Aztec Foundation.

Nov 20, 2025: Ignition Mainnet launch.

Dec 02, 2025: Successful completion of the $AZTEC Public Auction.

Feb 12, 2026: $AZTEC Token Generation Event (TGE).

II. Token Information

III. Related Links