Recently noticed that ZAMA is preparing to launch a public sale, and the method is quite special - it uses a single price Dutch Auction, and it's the sealed bidding kind.

I studied this mechanism a bit, and to be honest, it really tests your skills. Participants cannot see each other's bids, and in the end, everyone transacts at a uniform price. This kind of gameplay is not new; a similar sealed auction was used when Google went public.

That being said, projects that dare to use this method usually have some confidence in their fundraising ability. After all, with opaque bidding, pricing relies entirely on real market feedback, and it’s easy to crash without the right skills.

ZAMA is considered to have a strong technical and financing background in the privacy computing track. Choosing this route likely reflects confidence in the project's value. We will wait and see what the final fundraising situation will be.