#隐私技术解决方案 Zama's sealed bidding Dutch auction model is indeed interesting—using FHE to keep the number of bids confidential, it technically avoids the issues of front running and gas wars. The floor price of $0.005 corresponds to a FDV of 55 million, which is considered a reasonable level in the privacy computing track.

There are three core highlights: First, the token distribution logic under the background of $130 million financing is relatively transparent, with 10% public sale, of which 8% is auctioned and 2% at a fixed price, making the structure clear; Second, full unlocking means there is no lock-up pressure after TGE, so attention should be paid to initial liquidity and whale movements; Third, the application landing progress of FHE technology itself — the mainnet launch at the end of the year is a key time point, and it is necessary to track on-chain contract interaction data.

From an investment research perspective, it is recommended to prepare two things before the auction starts on January 12: first, convert stablecoins to confidential assets in advance through the official process to familiarize oneself with it; second, monitor recent changes in whale wallets' funding allocations to the privacy technology ecosystem, as these signals usually reflect institutions' true judgments on the popularity of the FHE track. The transaction price and capital flow data after the auction ends will be very valuable for reference.