Privacy computing project Zama announces the launch of on-chain token sale. How was this fundraising round? The fully diluted valuation is set at $55 million. How are the tokens allocated? The total supply is 11 billion tokens, with 12% available in this sale. Specifically, 2% is allocated to Zama NFT holders through a community sale route. The remaining 8% will be auctioned, scheduled from January 21 to 24. The auction will be conducted on the CoinList platform using a sealed bid Dutch auction mechanism. This mechanism features prices decreasing from high to low until a balance point is found. For token holders, participation thresholds are relatively transparent, and price discovery is more market-driven. The entire process can also be managed through Zama's auction app, providing investors with an additional channel.