Zama, following Aztec, has also chosen an auction model to launch its token, but it's using its own FHE technology to implement an encrypted Dutch auction. A $150M-funded privacy protocol with a starting price set at $55M FDV. The bidding period runs from January 12-15. The mechanism is pretty interesting: you can bid freely during the auction, and at the end, bids are matched from highest to lowest to determine the clearing price. Those who bid above the clearing price will settle at the clearing price and get a refund for the excess amount. Tech innovation in the privacy sector is changing the way tokens are distributed.