Zama’s Encrypted Ethereum Token Auction Draws $118M in Commitments

Zama, a cryptography company building fully homomorphic encryption (FHE) tools for blockchain, said Monday, Jan. 26, that it raised $118.5 million in commitments through a public token auction it described as the first encrypted initial coin offering (ICO) conducted on Ethereum.The auction ran from Jan. 21 to Jan. 24 and attracted 11,103 unique bidders across Zama’s auction app, KuCoin and CoinList, according to figures shared by the project in a post on X. Zama said the sale cleared at $0.05 and was oversubscribed by 218%.Zama added that its auction app was the most-used application on Ethereum by transaction count on Jan. 24, ahead of USDT, USDC and Uniswap. The project also said Total Value Shielded (TVS) topped $100 million within three days – its public Dune dashboard shows TVS at roughly $117.4 million as of Monday.To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io