Original | Odaily Planet Daily (@OdailyChina)
On December 1, Zama, a fully homomorphic encryption network with total financing of up to $130 million, announced on the X platform that it will sell 10% of the total ZAMA token supply through a sealed-bid Dutch auction, using fully homomorphic encryption (FHE) to keep bids confidential. Additionally, the Zama mainnet is expected to launch by the end of the year.
Zama is arguably the hottest project currently undergoing TGE and community discussions. Below, Odaily Planet Daily will analyze the Zama project, the sealed-bid Dutch auction, and the last interaction opportunity before the token launch.
Project Introduction
Zama is a company specializing in fully homomorphic encryption (FHE) technology, which is considered one of the most hardcore innovations in the field of privacy computing. In simple terms, it allows for computations to be performed directly on encrypted data without the need for decryption. Zama's mission is to create efficient and user-friendly FHE tools to promote the widespread adoption of this technology in Web3 and other fields. The core team of Zama was co-founded by Rand Hindi and Pascal Paillier:
- Rand Hindi learned programming at the age of 10, created a popular social website in France at 14, has a PhD background in computer science and bioinformatics from University College London, and previously founded and sold the AI voice platform Snips;
- Pascal Paillier is a top expert in the field of fully homomorphic encryption, with 25 years of research experience, holding 25 patents and publishing dozens of papers. He has won the Asiacrypt Best Paper Award and is a core member of IACR.
Currently, Zama has completed two rounds of financing, with a total amount of up to $130 million, including a $73 million Series A round announced in March 2024, co-led by Multicoin Capital and Protocol Labs; and a $57 million Series B round announced in June 2025, led by Blockchange Ventures and Pantera Capital. (For more details, read: The Next Blockchain Giant: Why ZAMA Can Raise $130 Million)
Sealed-Bid Dutch Token Public Sale to Start on January 12
Token Public Sale Details
Auction Method: Sealed-bid Dutch auction;
Auction Time: From January 12 to 15, with token collection starting on January 20;
Public Sale Share: 10% of the total token supply, with 8% sold through the auction and 2% sold at a fixed price after the auction (maximum of $10,000 per person);
Lock-up Situation: Zama tokens purchased in the auction will be fully unlocked;
Auction Pre-registration Link: https://www.zama.org/auction.
Zama public sale will start on January 12
What is a Sealed-Bid Dutch Auction?
Zama will sell 10% of the total ZAMA token supply through a sealed-bid Dutch auction on Ethereum, using fully homomorphic encryption (FHE) to keep bids confidential, with highlights including fair distribution, no front-running, no bots, and no gas wars. Specifically, the sealed-bid Dutch auction is divided into four stages:
- Stage 1: Shield stablecoins, prepare funds, and convert personal Ethereum network stablecoins like USDC, USDT, DAI into ERC-7984 confidential assets (the official will provide an asset conversion website when the public sale goes live), with the balances and transfer amounts of these tokens being encrypted.
- Stage 2: Place your bids, the bidding phase runs from January 12 to 15, where users can submit any number of bids, with bids public, quantities confidential, and a minimum price of $0.005 (corresponding to a $55 million FDV). Unlike a public Dutch auction where prices decrease over time, the sealed-bid Dutch auction allows users to bid at any price throughout the bidding period.
- Stage 3: Clearing price and allocation, the settlement phase runs from January 16 to 19, where the smart contract calculates demand from high to low prices to determine the transaction price. Therefore, users will encounter three scenarios: 1. If the bid is higher than the transaction price, they will receive the full allocation, and any excess payment will be refunded; 2. If the bid equals the transaction price: if the quantity exceeds the remaining supply at that price, they will receive a proportional share of the tokens, and the remaining amount will be refunded; 3. If the bid is lower than the transaction price: they will not receive any tokens and will receive a full refund.
- Stage 4: Claim your tokens, the token claiming phase starts on January 20, where users can claim ZAMA tokens (fully unlocked) and refunds.
To facilitate understanding, Odaily Planet Daily provides an example. Suppose 1,000 ZAMA tokens are sold through a sealed-bid Dutch auction, and three people participate in the bidding: Alice, Bob, and Charlie.
First, during the bidding phase, the bids are as follows:
- Alice bids $5 for 400 tokens, ultimately paying $2,000;
- Bob bids $4 for 600 tokens, ultimately paying $2,400;
- Charlie bids $3 for 300 tokens, ultimately paying $900.
Next, after the bidding period ends, the auction smart contract will allocate tokens to each participant in order of their bids from highest to lowest:
- Alice has the highest bid and receives 400 tokens, leaving 600 tokens to be allocated;
- Bob is the second highest bidder and receives 600 tokens. The remaining tokens to be allocated are 0. Thus, the final transaction price is Bob's bid, which is $4 per token;
- Charlie's bid is below the final transaction price, so he does not receive any allocation.
Finally, during the claiming and refund phase, the specifics are as follows:
- Alice receives 400 ZAMA tokens and a $400 refund;
- Bob receives 600 ZAMA tokens, with no refund;
- Charlie does not receive ZAMA tokens but gets a full refund of $900.
Last Interaction Opportunity Before TGE
Currently, Zama can still participate in guild tasks (link: https://guild.xyz/zama/home), which include:
Basic Tasks: Get access to the Zama Discord, complete by entering three out of four official communities, and join the official Discord channel to obtain a role.
New to Zama? Tasks: Specifically include five sub-tasks, which are easy to complete based on task prompts.
Creator Program Tasks: Include two sub-tasks, with the first sub-task having funding requirements and the second being a creator program.
Developer Program Tasks: Higher requirements, to be completed based on individual circumstances.
Additionally, the OG NFT minting page will soon be open, and early participants should check for eligibility when it opens (link: https://www.zama.org/nft/og).
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