The top-tier project Zama @zama has officially launched its public sale, but the market response has been lukewarm. So far, about $20M has been raised, with 17K registered users, but only 1,632 people have actually placed bids, totaling 3,085 bids. The participation rate is less than 10%, showing a clear wait-and-see attitude. Looking at the bid distribution, the most concentrated ranges are $0.03–$0.035 and $0.05–$0.055. Based on the current pre-sale price of ZAMA at around $0.065, the theoretical arbitrage space is roughly 30%–50%. As for me personally, I’m more inclined to wait until the last day, combining the pre-sale price and bid changes to decide whether to make a move. My psychological price point is around $0.03. After all, with the recent issues in the public sale market, I’d rather miss out than end up being the bag holder.