According to @ai_9684xtpa, Zama has opened a public token sale using a blind Dutch auction on Ethereum mainnet, offering 10% of the total token supply; bidders submit a price and quantity, can update or cancel until the auction ends, and settle at the final clearing price, source: auction.zama.org and Zama on X at x.com/zama/status/1995441582598689017. The author states this format reduces gas wars and MEV sniping and enables more truthful bids and flexible timing for participants, source: @ai_9684xtpa. The same thread flags project-side risks including below-expected pricing and potential whale concentration, which traders should consider for post-auction liquidity and price discovery, source: @ai_9684xtpa. For valuation context, the author references Zama’s June Series B at a $1B valuation that some bidders may use as an anchor for pricing, source: @ai_9684xtpa.