#代币分配与空投 Seeing the design of ZAMA, shot in the Netherlands, my first reaction was to dig up long-forgotten memories. During the 2017 ICO frenzy, I saw too many token distribution schemes—some projects handed out big shares during the angel round with just a few investments, others were instantly gobbled up by bots and whales during the public sale, leaving retail investors with crumbs. The lessons from those years are etched in my mind, because unfair distribution mechanisms often foreshadow community fractures and trust collapses later on.

This time, ZAMA uses fully homomorphic encryption for sealed Dutch auctions. I can understand the core logic—no front-running, no bots, automatic price discovery. This approach theoretically eliminates the old tricks of traditional public sales: no miner pre-trades, no army of bots sweeping the order book, prices formed naturally through bidding. From the perspective of fairness in distribution, it’s indeed a step forward compared to most projects I’ve seen.

However, to be honest, a 10% token allocation already sets the tone. Having experienced many projects, a small public sale share means early investors, foundations, and teams have already secured the majority. No matter how transparent the Dutch auction is, it doesn’t change the fundamental framework of overall distribution. The key isn’t how innovative the mechanism itself is, but whether the ecosystem promises behind that 10% can be fulfilled—whether the tokens have real liquidity scenarios, whether the community genuinely participates in governance, and whether the development roadmap is reliable.

History has shown me that a beautiful issuance mechanism is never the decisive factor for a project’s success. I’ve seen the fairest airdrops eventually dumped by whales, and less fair distributions sometimes nurture strong communities. What truly matters is whether participants can see value in the subsequent development. ZAMA’s January 12th window, rather than being a “last chance,” is more of an observation point—seeing whether this project truly approaches distribution with technological idealism.