Project Research Dossier — Miden (0xMiden) , pre-TGE / no active public sale

Status: Advanced testnet (v0.16 – “last stop before mainnet”). No native token live, no public sale/TGE. What it builds ZK rollup focused on high-throughput private applications (PriFi). Client-side execution + proving, accounts as independent state machines, programmable notes for asset transfers. Privacy by default with selective disclosure for compliance. Settlement on Ethereum + Agglayer. Recent signal: native private USDCx (Circle xReserve) coming for mainnet.

Tokenomics (what is actually public)

No full tokenomics published yet.
Confirmed: ~10% of supply to POL holders/stakers (Agglayer Breakout).
0.2% to Kaito content campaign (fully unlocked at TGE).
$25M seed (Apr 2025 spin-out from Polygon), led by a16z crypto / 1kx / Hack VC. No public raise.

Unlock / dilution risk Only the community slices above are known. Team/investor vesting and total supply still unpublished → material information gap. High uncertainty on post-TGE float. Team signals Strong technical continuity: Meta research → Polygon Miden → independent 0xMiden. Active open-source repos (protocol, node, compiler, SDKs). Less public “face” roster than some peers. Key risks

Incomplete tokenomics
Client-side proving UX + initial sequencer centralization
Mainnet timing still soft
Privacy + stablecoin regulatory sensitivity
Need real private DeFi/treasury adoption

Primary sources: https://www.miden.xyz/ https://docs.miden.xyz/ https://github.com/0xMiden https://polygon.technology/blog/miden-raises-25m-from-a16z-crypto-1kx-and-hackvc-to-build-the-edge-blockchain https://www.miden.xyz/blog/usdcx-on-miden-stablecoins-with-privacy