#代币预售与空投 The details of the Zama sealed Dutch auction have been sorted out, several key signals worth follow:

**Essence of the Auction Mechanism**: This FHE encrypted bidding system indeed avoids the issue of early bidding in traditional Dutch auctions—bids are public but the quantity is kept secret, accumulating demand from high to low to determine the transaction price. In other words, you cannot see how much others want, only how much they bid, significantly reducing the degree of information asymmetry.

**Pricing Expectation**: The bottom price of $0.005 corresponds to a 55 million FDV, benchmarked against a $130 million financing background and team strength (Rand Hindi + Pascal Paillier). This valuation is reasonable in the FHE track. However, the market pricing signals before and after the auction on January 12 will be crucial, so pay attention to monitor the initial listing price of the trading pair.

**Participation Strategy**: 10% token allocation, 8% auction + 2% fixed price (with a $10,000 cap). If the auction is expected to drive up the transaction price, the fixed price portion may offer a lower cost allocation. However, overall, full unlock means that the dumping pressure needs to be considered.

**On-chain signals worth following**: Focus mainly on the movements of whale addresses before and after the TGE and the rhythm of token inflows to exchanges. The OG NFT will soon open for minting, and the subsequent actions of this group of early participants will reflect market expectations.

The auction window starting on January 12 will be less than a week long, with dense information and noticeable data flow.