Recently, I’ve been paying attention to a project called Zama, which uses FHE (Fully Homomorphic Encryption) technology. Their public sale mechanism is quite unique—a Dutch auction format with anonymous bidding. In the end, everyone buys in at the same lowest clearing price, and any excess payment is refunded.

To be honest, overall market sentiment isn’t great right now, but looking at it from another angle, there might be an opportunity to pick up something cheap. If the final clearing price is lower than previous VC valuations, that’s basically a chance to buy at a discount. My idea is to place a low bid and test the waters; the mechanism is designed fairly, and any extra amount paid will be refunded anyway.

There’s still a lot of potential in this encryption technology direction, since privacy computing is a sector with long-term demand. Of course, public sale projects always carry risks, so everyone should weigh their own options.

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GateUser-74b10196

· 8h ago

The Dutch auction gameplay is indeed novel, but to put it bluntly, it's just a psychological battle to see who can bid better. Feels like it's easy to get rekt. I'm optimistic about the FHE direction, but whether Zama can pull it off depends on execution—don't get swayed by the hype. It's fine to try low-price limit orders, just don't go all in. With the market like this, you really have to stay cautious.

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SandwichTrader

· 8h ago

The Dutch auction gameplay is indeed novel, but I'm still a bit hesitant, worried that the final transaction price might be inflated. I'm optimistic about the FHE technology direction, just not sure if Zama can truly deliver. I'll try to buy in at a low price and wait, since there's a refund mechanism anyway. There's definitely long-term demand for privacy computing, but it's hard to say whether it can withstand short-term market shocks. Public sales always feel a bit risky, but this timing does seem quite suitable.

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PretendingToReadDocs

· 8h ago

The Dutch auction gameplay is indeed interesting, but I still want to ask—can anonymous bidding really prevent market manipulation? --- The FHE technology track is indeed imaginative, but there are just too many public fundraising projects right now. How many can actually survive? --- It's fine to test the waters with a small amount, but don't go all in. No matter how attractive the mechanism is, it can't change the market environment. --- I recognize the need for privacy computing. The real question is whether Zama can achieve commercial-level adoption—that’s the key. --- Looking for bargains, huh? I'm a bit tempted, but VC prices are usually inflated, and the refunded money might not even break even. --- I'm optimistic about this direction, but I might wait and see for this round of fundraising. --- To be blunt, it's still a bet on whether the technology will actually have market demand. Anyone getting in now is a gambler. --- The extra money will be refunded—this design is definitely more considerate than some other projects. --- The privacy sector has been hot for so long, but we still haven’t seen a killer app. Can Zama break the deadlock this time?

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SilentObserver

· 9h ago

The Dutch auction gameplay is indeed quite interesting; it's at least much more transparent than conventional public offerings. There's no real loss in trying to place a low-priced order, since any excess will be refunded anyway. FHE as a technical direction definitely has long-term potential; the demand for privacy will only get stronger. You still need to carefully identify the right opportunities to pick up bargains in this bear market—don’t chase the highs. How is the background of the Zama team? Has anyone looked into it? Getting in now is indeed a bit risky, but it's not necessary to avoid it completely. Compared to VC dumping on retail, this mechanism is indeed friendlier to small investors. The privacy computing track has been a bit cold in the past couple of years, but who says there are no opportunities? It feels like FHE technology is still a bit far from real adoption, but it's still worth keeping an eye on in the long run. The low-price advantage of the Dutch auction depends on how many people participate in the end; if too many join, it probably won’t be that cheap.

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