Zama's public auction plan adopts a tiered pricing mechanism, with the starting bid at $55 million, reflecting a progressive price discovery approach. From a market benchmarking perspective, a leading exchange's pre-market contract valuation has reached $1.5 billion, and the prediction platform has also launched a valuation prediction feature, indicating that market interest in the project is quite high. The project team has strategically positioned market liquidity across multiple trading scenarios, providing participants with relatively sufficient trading depth. Based on the auction mechanism design and market pricing conditions, the expected returns for the initial participants are approximately 50%, which is considered stable among projects of the same period. Additionally, the project has special quota arrangements for large-scale participants. Interested investors can evaluate their participation timing based on their risk preferences and capital scale.