The liquidation price for Zama's auction is out, and it's basically on par with the pre-market price, which then dropped afterward. Around 500 million seems to be the valuation the market considers 'reasonable to buy.' The current pre-market price feedback indicates that the market isn't fomo-ing in just because they 'missed out.' The market has entered an extremely calm state (there's almost no arbitrage space between the auction price and pre-market price) and is unwilling to pay for any uncertainties. As the leader in FHE, with solid funding, a strong team background, and positioned in the privacy track, Zama has generated significant buzz in the market. However, users in the market are showing restraint in their actions. If Zama's performance this time fails to satisfy the market, future public fundraising projects will be even harder to navigate.