The public auction of Zama token (classified as a confidential Dutch auction?) will start tomorrow, which is a challenging moment. Trove, who just raised a large amount of money in the ICO, is expected to cool down the recent popularity of public fundraising projects. However, the advantage lies in the fact that the story of privacy, which was not well received by the market for a long time, has returned to the forefront since last year. Zama has advantages in both legitimacy and technical solutions under this narrative (using TFHE solution to directly adapt to various on chain protocol layers, rather than an independent privacy chain), and also dares to participate in large projects through public auctions. Who remembers the last large-scale project that dared to label themselves as' privacy 'and engage in public fundraising? We should observe carefully whether Zama's public auction can generate heat and see if the concept of "privacy" can truly become popular in 2026.