Zama public offering postponed by 9 days to January 21, pre-market trading has started, and market reactions are diverging

Zama announces adjustment of token auction schedule, postponed from the original January 12-15 to January 21-24, with the claiming date changed to February 2. This change occurs at a critical moment when ZAMA has already initiated pre-market trading on exchanges like Binance and Bybit, leading to intense market reactions and divergent opinions.

Details of the Auction Schedule Adjustment

According to the latest news, Zama co-founder Rand Hindi announced this adjustment. The specific changes are as follows:

This means participants now have more time to prepare, and the auction has been pushed from this week to next week. According to previous announcements, Zama will sell 10% of the ZAMA token supply via Dutch auction on Ethereum.

Pre-market Trading Has Started, Market Reactions Are Intense

Despite the official auction delay, ZAMA has already launched pre-market trading on multiple exchanges. Based on the latest market data, this time gap has created interesting market dynamics:

Pre-market Trading Status

• Binance, Bybit, and other exchanges have listed ZAMA perpetual contracts for pre-market trading
• Current pre-market price range is approximately $0.13-$0.158
• Estimated FDV reaches $1.3B-$1.73B
• Gate.io has listed ZAMA/USDT perpetual contracts, supporting 1-10x leverage

Price Volatility

From the recorded data, ZAMA’s pre-market movement is highly volatile:

• Reached a high of $0.2262
• Dropped to a low of $0.1142-$0.1350
• Intraday decline of up to 37.49%
• 24-hour trading volume exceeds 24 million USDT

This intense volatility reflects high market attention to the project but also exposes serious divergence in market participants’ views.

Market Interpretation of the Auction Schedule Adjustment

Possible Reasons for the Adjustment

Although the official explanation for the delay has not been provided, industry observers suggest it may involve factors such as:

• Evaluation of pre-market trading launch and market response
• Providing participants with more sufficient preparation time
• Technical or compliance-related adjustments
• Optimization of market liquidity and participation

Polarized Market Reactions

According to information, there are clear differences in market opinions regarding this adjustment and the project itself:

Bullish Perspectives

• Strong backing with significant funding (led by Pantera Capital, Multicoin, etc.)
• OG NFT holders have explicit rights to acquire tokens (can participate with 200U)
• Multiple mainstream exchanges actively support
• FHE privacy technology has practical application value

Bearish Concerns

• Total supply of 11 billion tokens, with an infinite issuance mechanism
• Annual inflation rate of 5%, initial circulating supply about 25%
• Valuation based on funding (~$1 billion) is relatively high
• Pre-market price dropped from a high of $0.2262 to $0.1142, a decline of over 37%, indicating limited market absorption capacity

Auction Mechanism Participants Need to Understand

This auction adopts a Dutch auction method, which is crucial:

Characteristics of Dutch Auctions

• Participants submit bids with their own price and quantity; they cannot see others’ bids
• The project team starts from the highest price and moves downward until the funding goal is reached
• The final transaction price is determined at the cutoff point, and all winners settle at this price

Practical Implications

This mechanism means:

• If market sentiment is high, participants may bid aggressively to secure shares
• Pre-market prices can influence participants’ expectations for the public offering price
• Participants need to balance “obtaining shares” and “controlling costs” when bidding

Market observations suggest that price fluctuations in pre-market trading may impact the psychology of subsequent public offering participants.

Summary

Zama delays the auction to January 21-24, providing the market and participants with more buffer time. However, the intense volatility and divergent opinions in pre-market trading also reflect that the market has not yet reached a consensus on this project. Participants should rationally evaluate the project’s fundamentals, tokenomics design, and their own risk tolerance before deciding whether to participate in the public offering. The 9-day delay is both a window to observe market reactions and a good opportunity to do due diligence.