Zama will launch its token sale through CoinList and its own auction app, with a starting price of $55 million for FDV.
PANews reported on January 14th that, according to The Block, the crypto privacy protocol Zama will launch an on-chain token sale with a fully diluted valuation (FDV) floor of $55 million through CoinList and its own auction application. The sale will utilize a sealed-bid Dutch auction structure, allocating 12% of its total token supply of 11 billion tokens. This 12% token sale is divided into three parts. Prior to the main auction, a 2% community token sale will be held this week for Zama NFT holders; from January 21st to January 24th, an 8% sealed-bid Dutch auction will be held in partnership with CoinList; and from January 27th to February 2nd, a final 2% post-auction sale will be held at the auction liquidation price. While CoinList is the issuing partner for the main auction, the sale is not limited to that platform. Participants can also bid through Zama's own auction application.
The main auction will be conducted on the Ethereum mainnet in the form of a sealed-bid Dutch auction. Bids will be executed sequentially from highest to lowest, and the minimum price at which tokens are allocated will be the liquidation price to be paid by all successful bidders. The reserve price for this auction is $0.005 per token, resulting in a FDV of $55 million based on the total supply of Zama tokens. CoinList President Scott Keto stated that this Zama sale marks CoinList's first fully on-chain, non-custodial token sale. The Zama auction is also a practical application of the protocol's fully homomorphic encryption technology, which allows computation on encrypted data. Zama states that although the auction is executed on-chain, the number of bids remains end-to-end encrypted, preventing participants from seeing each other's positions while preserving on-chain auditability.
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