@brownfish

Zama Token Sale: Simple Research Breakdown @zama is an open-source cryptography company building real Fully Homomorphic Encryption (FHE) solutions for blockchain and AI. The team is led by Rand Hindi (CEO) and Pascal Paillier (CTO). The company has raised over 130M, with major backers including Pantera Capital, and has been reported at a billion-level valuation. Sale Structure The public sale uses a sealed-bid Dutch auction on auction zama org. 10% of total supply is being sold: 8% through auction and 2% through a fixed price sale. The FDV floor is 55M, with no upper cap. All tokens from the sale unlock 100% at TGE. Key Dates Auction: January 12–15, 2026 TGE and claiming: January 20, 2026 How the auction works Participants shield their funds on Ethereum to keep balances private. A bid contains two parts: the price per token (public) and the quantity requested (private). At the end, bids are sorted from highest price to lowest. The lowest price that still receives tokens becomes the clearing price. Everyone who bid above it pays the same clearing price, and the extra amount is refunded automatically. Upsides Strong technical foundation in FHE Large funding and credible investors Fair auction design with no gas war Private bidding through shielding Immediate liquidity due to full unlock Downsides Clearing price and final FDV are unknown until the auction closes Full unlock can make early trading volatile High demand can make competitive bidding expensive Market conditions in January can affect listing performance Overall take Zama is one of the strongest privacy-tech projects in Web3, with real cryptography, a strong team, and industry backing. The auction design is fair, but participants should understand the price uncertainty and potential volatility. Best approach for most users is to participate with a small amount unless they have high conviction. #ZamaCreatorProgram

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