Following Aztec, the privacy protocol Zama, which has already raised $150 million, is also opting for an auction to conduct its public sale, offering 10% of the total ZAMA tokens. However, Zama didn’t use Uniswap’s CCA but instead implemented an encrypted Dutch auction on the Ethereum mainnet using its own FHE technology. Bidding period: January 12 – January 15 Starting price: $55M FDV (even lower than the fundraising amount) Mechanism: During the auction, bids can be placed freely. After the auction ends, matching starts from the highest bid to the lowest bid. The lowest price that sells out all tokens becomes the clearing price. - Above the clearing price: All bids are successful, but payment is unified at the clearing price, and any excess amount is refunded. Tokens can be claimed on January 20, with no lock-up. - Below the clearing price: Bids are unsuccessful, and funds are fully refunded. Whether to participate or not, everyone DOYR. @zama