a16z-led $100M Series B at $1.2B in Dec 2022 for a privacy-preserving ZK rollup, after seven years of community testnet farming with assurances about a future airdrop. Feb 2026 TGE priced at $350M FDV with mandatory KYC required to claim, meaning the privacy L2 needed your passport before it could ship its privacy product. Community reaction was swift and the token has been in freefall since open..