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Privacy-focused cryptography company Zama has launched its token sale process via CoinList, using an auction format with a fully diluted valuation floor starting at $55 million. The sale is structured as an onchain, sealed-bid Dutch auction, designed to enable price discovery without the chaos of gas wars or first-come dynamics.
Zama is best known for building fully homomorphic encryption (FHE) tooling, a form of encryption that allows computation on encrypted data. This enables applications where data remains private even while being processed, which is increasingly relevant across both AI workflows and blockchain-based smart contracts.
According to CoinList’s published sale terms, the token price will be determined by auction results, with the valuation floor starting at $55M. The total supply is listed at 11 billion ZAMA tokens, with 8% allocated to the sale, and an unlock schedule showing 100% unlock expected on February 2, 2026.
The auction approach and structure has drawn attention because it blends a high-profile public sale model (CoinList) with privacy-native mechanics that match Zama’s positioning. If demand is strong, the final price may clear significantly above the floor, turning the sale into a major market signal for privacy and FHE infrastructure in 2026