Today, it seems that besides the overwhelming discussion on fraudulent donations, there is still some interesting information worth pondering about the public fundraising of two large trucks. Zama had a phone call with their team a long time ago when they were working on DD, because it's been a long time since they last saw a pure European team able to raise over 100 million. I had a few questions at the time, one of which was how their homomorphic encryption (FHE) technology could make retail users aware? If you say it's a public chain, an AI agent, or a predictive market, everyone can still have an intuitive experience. Just telling the market that this is a technology that can process data without decryption is particularly impressive, and no one will feel it. As a result, it seems that they played a clever trick today by directly using FHE technology in their own token's Dutch auction. Now those of you who participated will know what use it has Explain the mechanism in a paragraph: You bid anonymously with encrypted money, and in the end, everyone buys at a unified lowest transaction price. If the price is too high, the difference will be automatically refunded, and if it is too low, a full refund will be given. You don't have to compete or be afraid of buying expensive. Assuming there are 10000 Zama tokens available for sale User A bids 3000 pieces at a price of $5 and pays 15000 User B bids 8000 pieces at a price of $4 and pays 32000 User C offers 10000 pieces at a price of $3 and pays 30000 Because A+B has already purchased over 10000 Zamas and sold them out in B stall, the final price is 4 dollars. A can buy 3000 Zamas in full and receive a refund of 3000 dollars. B can receive 7000 Zamas and refund the over raised 1000 with a total price of 4000. If the price of C is too low, a full refund will be issued. Many people are actually wary of the gameplay of Dutch auctions, because experienced elderly people know that in a bull market, Dutch auctions can easily lead to early overdrafts of secondary purchasing power due to the mentality of everyone rushing to raise funds and raising prices. But now the market sentiment is not good, and with 10% of the chips being sold, it is actually easier to reflect the true pricing of the market. When the market is good, everyone shouts high. What about when the market is bad? Everyone is only willing to offer low prices. There may be a situation where the valuation of the irregular public offering is cheaper than the last round of VC financing, which is called picking up loopholes. I should try offering some low-priced projects. This project only raised 57 million yuan from @ PanteraCapital and other VC investors with a valuation of 1 billion yuan in June. It shouldn't have caused VC investors to lose money in just six months, right? And even if the price is lowered, it won't deduct any money, it's always in the wallet, just play around casually. Portal: http://auction.zama.org