Zama's encrypted token auction draws $118.5M in commitments from 11,103 bidders

Zama/Zama Protocol

Zama sold its ZAMA token through a sealed-bid auction run on its own protocol: bidders chose a public price but kept their amounts encrypted. Demand was 2.8B tokens for 880M on offer, clearing at $0.05; winning bids paid about $44M and the rest was refunded.

• Auction ran 21-24 January 2026; 24,697 bids.
• 218% oversubscribed; 62.89% of unfilled bids refunded.
• Tokens claimable from 2 February 2026.