Quick breakdown on $ZAMA here because the format is unusual but actually pretty rational once you understand it. They’re using a sealed-bid, single-price Dutch auction on Ethereum (). Think Google’s IPO mechanics, but on-chain. A few things that stood out to me: • sealed bids → more honest price discovery • encrypted quantities → no frontrunning or “whale watching” • no gas-war timing pressure • allocation is based on quantity, not capital, which should help distribution You shield USDC/USDT/DAI into an encrypted form, place bids (prices public, quantities private), and after the window closes the system finds the clearing price. Above = full fill + refund. At = pro-rata. Below = full refund. Sharing this for anyone trying to understand how this works. It’s different from the usual TGE and worth knowing the mechanics before it goes live.