Aztec Network officially launched its native AZTEC token on Feb. 12, 2026, following a successful $61 million on-chain funding round involving over 17,000 participants.
The token debuted on major exchanges including Coinbase, Kraken, Bybit, and KuCoin, but early price action saw double-digit declines from auction highs.
The launch marks a transition for the privacy-focused Ethereum L2 from development to an active governance and staking ecosystem.
Privacy-focused Ethereum Layer 2 Aztec Network finally saw its native token, AZTEC, go live for trading on Feb. 12, following years of development and a significant on-chain capital raise. Despite the high-profile launch and support from top-tier exchanges, early investors who participated in the initial price discovery phases are currently facing double-digit losses as the market adjusts to the new supply.
The project, which has secured backing from industry giants such as a16z, Paradigm, and Vitalik Buterin, utilized a novel Continuous Clearing Auction (CCA) on Uniswap to facilitate its initial distribution. While the auction successfully raised 19,476 ETH (approximately $61 million), the clearing price settled at a premium that has since faced intense sell pressure. In the 24 hours following the launch, the AZTEC price experienced a sharp correction, dropping over 20% from its initial trading highs as liquidity settled across centralized and decentralized platforms.
Industry analysts point to the fully diluted valuation (FDV) and the immediate unlocking of tokens for auction participants as primary drivers of the downward trend. At launch, approximately 28% of the total 10.35 billion token supply entered circulation. While the high volume-to-market-cap ratio—exceeding 50% on day one—indicates significant institutional and retail interest, it also provided ample exit liquidity for early backers and sequencers who had been earning block rewards during the testnet phases.
Aztec’s value proposition centers on “programmable privacy,” allowing developers to build smart contracts that hide transaction details while maintaining regulatory compliance through selective disclosure. The token serves as the backbone for network security, requiring sequencers to stake AZTEC to participate in block production and governance.
“Aztec is navigating its crucial first days with top-tier exchange support but also the immediate test of its auction-inflated valuation,” noted market observers at CoinMarketCap. The community must now decide whether the privacy L2’s utility can attract enough sustained buying to offset the initial post-TGE volatility.
Disclaimer: This article is for informational purposes only and does not constitute advice of any kind. Readers should conduct their own research before making any decisions.
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