Zama will launch a token sale through CoinList and its own auction application.

According to Odaily, privacy protocol Zama has announced that it will launch an on-chain token sale through a certain exchange and its own auction application, with a fully diluted valuation (FDV) floor price of $55 million. This sale will use a sealed-bid Dutch auction structure and will distribute 12% of its total supply of 11 billion tokens.

Zama co-founder and CEO Rand Hindi stated that the 12% token sale is divided into three parts: a 2% community sale this week for Zama NFT holders; an 8% sealed-bid Dutch auction in cooperation with a certain exchange from January 21 to 24; and a final 2% sale at the clearing auction price from January 27 to February 2.

The exchange is the main distribution partner for the auction, but the sale is not exclusive to the platform—participants can also bid through Zama’s own auction application. The main auction will take place on the Ethereum mainnet, with a token floor price of $0.005.