Zama's IDO registration has opened. This IDO mechanism will be slightly different from the common Dutch auction, so let me give a brief introduction and share my participation thoughts.
—————————— 👀 Token Details - Selling 8% of tokens at a minimum bid price of 55m. - All ICO tokens are fully unlocked - Token uses: governance, staking, encryption fee payments.
—————————— 👀 Sealed-bid Dutch Auction ZAMA's own FHE technology maintains bid privacy, with prices public but bid quantities encrypted. So no one can monitor the mempool or snipe at the last moment.
1️⃣ Auction runs from the 21st-24th. Multiple bids can be submitted during the bidding period and cancelled anytime. Minimum IDO amount is 1 yuan with no upper limit. 2️⃣ Because prices are public but quantities are private, you can bid 1 yuan at the highest price, but bid 1m at 5500. During the three days from 21st-24th, you can cancel your bids anytime. 3️⃣ From January 24th to February 1st, ZAMA will fill bids from highest to lowest price. Bids below the clearing price are refunded, and bids above the clearing price will also settle at the clearing price.
—————————— 👀 Price Predictions
@zama has raised a total of 130m USD, a truly top-tier project. Privacy infrastructure projects have historically been overpriced valuations, and their profitability is far inferior to perp, but blockchain is not an industry that values PE ratios.
Currently BN's pre-market valuation is 1.3b, VC cost at Series A was 400m, Series B was 1b. I estimate the clearing price for this IDO round should be around 1b.
—————————— 👀 Details and Strategy for ZAMA's IDO
I must say, ZAMA's IDO difficulty is very high.
Because this mechanism causes internal competition, ultimately driving everyone to bid higher. Survivor bias makes people think that even if they bid at the highest price, they can still participate at the clearing price.
Suppose the final clearing price is: 500m. The most painful people are those who bid at 490m. The happiest people are those who bid 1b but settle at the 500m clearing price. —————————— 👀 My Thoughts Normal Version: For me, ZAMA's ICO is a financial product with no particularly high multipliers. Plus, BN's pre-market liquidity is actually quite poor, and hedging can easily destroy you.
So if the final settlement is 1b, the opening in early February will face selling pressure of 100m USD. The pre-market 1.3b could quickly be crushed to 800m-900m.
So I can use a ladder strategy with 7-8-9 tier bidding.
Dark Version: There's another brilliant angle here. If the team itself uses wallets to bid at extremely high prices for the public sale portion, then actually there won't be many coins in retail hands. They could completely manipulate the token price to the moon.
After all, the entire auction is conducted through FHE technology, you have no idea at what price and quantity your counterparty participated. If this script plays out, it could truly be called genius-level manipulation!!
Zama's IDO registration has opened. This IDO mechanism will be slightly different from the common Dutch auction, so let me give a brief introduction and share my participation thoughts.
——————————
👀 Token Details
- Selling 8% of tokens at a minimum bid price of 55m.
- All ICO tokens are fully unlocked
- Token uses: governance, staking, encryption fee payments.
——————————
👀 Sealed-bid Dutch Auction
ZAMA's own FHE technology maintains bid privacy, with prices public but bid quantities encrypted. So no one can monitor the mempool or snipe at the last moment.
1️⃣ Auction runs from the 21st-24th. Multiple bids can be submitted during the bidding period and cancelled anytime. Minimum IDO amount is 1 yuan with no upper limit.
2️⃣ Because prices are public but quantities are private, you can bid 1 yuan at the highest price, but bid 1m at 5500. During the three days from 21st-24th, you can cancel your bids anytime.
3️⃣ From January 24th to February 1st, ZAMA will fill bids from highest to lowest price. Bids below the clearing price are refunded, and bids above the clearing price will also settle at the clearing price.
——————————
👀 Price Predictions
@zama has raised a total of 130m USD, a truly top-tier project. Privacy infrastructure projects have historically been overpriced valuations, and their profitability is far inferior to perp, but blockchain is not an industry that values PE ratios.
Currently BN's pre-market valuation is 1.3b, VC cost at Series A was 400m, Series B was 1b. I estimate the clearing price for this IDO round should be around 1b.
——————————
👀 Details and Strategy for ZAMA's IDO
I must say, ZAMA's IDO difficulty is very high.
Because this mechanism causes internal competition, ultimately driving everyone to bid higher. Survivor bias makes people think that even if they bid at the highest price, they can still participate at the clearing price.
Suppose the final clearing price is: 500m. The most painful people are those who bid at 490m. The happiest people are those who bid 1b but settle at the 500m clearing price.
——————————
👀 My Thoughts
Normal Version:
For me, ZAMA's ICO is a financial product with no particularly high multipliers. Plus, BN's pre-market liquidity is actually quite poor, and hedging can easily destroy you.
So if the final settlement is 1b, the opening in early February will face selling pressure of 100m USD. The pre-market 1.3b could quickly be crushed to 800m-900m.
So I can use a ladder strategy with 7-8-9 tier bidding.
Dark Version:
There's another brilliant angle here. If the team itself uses wallets to bid at extremely high prices for the public sale portion, then actually there won't be many coins in retail hands. They could completely manipulate the token price to the moon.
After all, the entire auction is conducted through FHE technology, you have no idea at what price and quantity your counterparty participated. If this script plays out, it could truly be called genius-level manipulation!!
Anyway, participation link