Zama This public offering should be one of the few "real technology + real narrative" projects in a bear market, worth a serious look. I have previously mentioned that projects led by Multicoin are generally worth participating in, and #Zama is one of them!

My strategy is actually quite simple. Since the valuations given by Binance Futures and Polymarket are around 600-700 million FDV, I will participate in blind bidding as long as it is within this range. I do not expect a huge surge after TGE; I am merely betting on the explosive potential of the privacy sector in 2026.

Let me discuss the key factors that make me optimistic about the #Zama privacy protocol:

1️⃣ It is not just another L1 public chain; it is a "patch" for existing chains like ETH and Solana, adding a layer of "Fully Homomorphic Encryption" (FHE) that allows DeFi, NFTs, and voting operations to be confidential while still being combinable with other protocols. Just as HTTPS made web security the default, Zama aims to make "privacy" the default setting on the chain. I believe this narrative is a necessity and has long-term imaginative potential.

2️⃣ The team is very hardcore: over 120 cryptography experts, the largest team in the global FHE field, and they have published numerous papers. Moreover, they use their own technology to conduct "sealed Dutch auctions," where your bid is public, but how many coins you buy is not visible to others, preventing bots and front-running. Even the issuance of coins is validating the product concept, which I find very impressive.

3️⃣ The valuation currently seems cheap: they raised 130 million USD, with a private placement valuation of 1 billion, but Polymarket and pre-market sentiment only give around 600 million. The public offering floor price corresponds to an FDV of 55 million, which is almost a bargain price. Even if the market is cold, the probability of a price drop is relatively low, as the team has the funds to support it and will not rush to dump.

4️⃣ While the market is lukewarm, #Zama is generating a lot of heat. The OG NFT doubled in 24 hours, indicating that market investors are still quite enthusiastic, and everyone is eager to seize this opportunity (as shown in image 2).

In summary, this is not the time to speculate on emotions; it is the time to plant seeds. #Zama may not make me rich overnight, but if FHE becomes the next generation of infrastructure, we are currently standing at the early entrance of HTTPS. As long as 1-2 mainstream public chains integrate Zama's privacy solutions by 2026, a market cap of 1-2 billion is entirely possible. 🧐

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