Zama ICO at a $55M Floor

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How the Zama Sealed-Bid Auction Works

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Table 1: Initial bids (Alice $5, Bob $4, Charlie $3)

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Table 2: Allocation (Alice 400, Bob 600, Charlie 0)

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Zama Price Dynamics

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How to Participate in Zama ICO

Conclusion

Zama public auction — DropsTab Research

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Zama’s public auction offers entry at a $55M FDV—over 94% below its $1B VC valuation. Here’s how the sealed-bid sale works and why demand may run far higher.

Pantera Capital

Multicoin Capital

Blockchange Ventures

Protocol Labs

Zama Public Auction

Perena (SOL) Echo Launchpad Sale

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Enso (ENSO) CoinList Sale Concludes with $9.2M Raised

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Hana Network (HANA) TGE Sale (100% Unlocked)

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Pipe Network (PIPE) CoinList Sale on June 26

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Arcium (ARX) Upcoming Legion Launchpad Sale

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Infographic of top public token sales in June 2025 including Perena, Enso, and Hana.

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Key Takeaways

Ethereum

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Several high-profile token sales closed June. Perena launched on Echo, Enso raised $9.2M with 100% unlocked tokens, and Hana sold at $0.04 (FDV $40M). Pipe raised ~$10M on CoinList, and Arcium plans a public sale via Legion. Demand remained strong.

YZi Labs (prev Binance Labs)

Anagram Crypto

Borderless Capital

Maelstrom

Polychain Capital

Solana Ventures

Robot Ventures

Jordi Alexander

Top June 2025 Token Sales (Perena, Enso, Hana, Pipe, Arcium)

United States of America

Multicoin Capital is a thesis-driven investment firm that invests in cryptocurrencies, tokens, and blockchain companies reshaping trillion-dollar markets. They manage a hedge fund and several venture funds, investing across both public and private markets.

Mechanism Capital is an investment firm that invests in the cryptocurrency industry with a focus on decentralized finance or DeFi.

Mechanism Capital

Santiago Roel Santos is the Partner at ParaFi Capital

Santiago Roel Santos

Anatoly is the creator of Solana. He led development of operating systems at Qualcomm, distributed systems at Mesosphere, and compression at Dropbox. He holds 2 patents for high performance Operating Systems protocols, was a core kernel developer for BREW which powered every CDMA flip phone (100m+ devices), and led development of tech that madeProject Tango (VR/AR) possible on Qualcomm phones.

Anatoly Yakovenko

Chaotic Capital

Lucas Bruder

Mert Mumtaz

Andrej Radonjic

a16z crypto is a venture capital fund that invests in crypto and web3 startups

a16z crypto CSX

Topology Ventures

Albert Chen

Susan Carstensen

Founders Inc

Inference

United Kingdom

Fabric Ventures often takes a strategic approach to its investments, seeking to support projects that align with their vision of a decentralized and open internet. They may also provide additional resources and support beyond just capital.

Fabric Ventures

Galaxy is a digital asset and blockchain leader helping institutions, startups, and qualified individuals shape a changing economy.

Galaxy

We offer investors intelligently designed investment strategies that take advantage of targeted market opportunities.

VanEck

GSR, founded in 2013, is a global leader in digital asset trading and market making.
GSR is a crypto market maker and ecosystem partner

GSR Markets (GSR)

Road Capital

Halo Capital

Salt Capital

CrunchDAO

An elemental approach to investing in next generation digital economies.

Elixir Capital

Factor stands behind and empowers entrepreneurs who acknowledge that society's overarching issues require innovative and fresh approaches.

Factor Capital

Jump Crypto, a division of the Jump Trading Group, is a global leader in Web3 infrastructure development and investment.

Jump Crypto

Forward Industries

Paradigm is a cryptocurrency-focused investment firm and venture capital company. It was founded by Matt Huang and Fred Ehrsam, both of whom have significant experience in the cryptocurrency and blockchain industry. Paradigm is headquartered in San Francisco, California, and is considered a prominent player in the digital asset and blockchain investment space.

Paradigm

Sequoia Capital is a renowned venture capital firm with a strong presence in Silicon Valley and a global reach. Founded in 1972 by Don Valentine, it has played a significant role in the growth and development of numerous technology companies.

Sequoia Capital

Bond is a venture capital firm that supports visionary founders throughout their life cycle of innovation and growth.

Bond

Neo is a diverse mentorship community, startup accelerator, and VC fund.

Peng Zhao

Kalshi

Andreessen Horowitz, often referred to as "a16z," is a prominent venture capital firm based in Menlo Park, California. It was founded in 2009 by Marc Andreessen and Ben Horowitz, both of whom are well-known figures in the tech industry. Andreessen Horowitz is one of the leading venture capital firms in Silicon Valley and has gained a reputation for its investments in technology companies, particularly in the areas of software, internet, and more recently, blockchain and cryptocurrency.

Andreessen Horowitz (a16z)

Coinbase Ventures is the venture capital arm of Coinbase, one of the largest and most well-known cryptocurrency exchanges in the world. Coinbase Ventures is focused on investing in early-stage companies and projects in the blockchain and cryptocurrency space. It provides funding, resources, and support to startups and entrepreneurs working on innovative blockchain and crypto-related technologies and applications.

Coinbase Ventures

CapitalG is the growth capital fund financed by Alphabet that invests for profit in growth stage technology companies

CapitalG

Kevin Durant

Spark

Anthos Capital

Yield.xyz

Singapore

The Spartan Group primarily focuses on investments in digital assets, cryptocurrencies, and blockchain-related projects. They actively manage a portfolio of various cryptocurrencies, including Bitcoin and Ethereum, as well as other tokens and blockchain assets.

The Spartan Group

Shima Capital is an early stage VC firm investing in disruptive web3 and blockchain technology companies.

Shima Capital

Australia

Kosmos Ventures is an Australian investment firm founded in early 2017, focused on helping blockchain startups scale and integrate their technology into our future.

Kosmos Ventures

GSR Ventures is a venture capital firm focused on early-stage technology companies developing AI-enabled enterprise software, consumer platforms, and healthcare technology.

GSR Ventures

Israel

Eden Block is a private, independent, research-centric investment vehicle dedicated to enriching the environments that make up Web 3.0.

Eden Block

Echo Base

Chorus One is building validation and staking infrastructure for Proof-of-Stake networks.

Chorus One

Primeblock ventures is a diversified investment firm dedicated to the digital asset, cryptocurrency and blockchain technology industry.

Primeblock Ventures

Figment Capital launched its first fund in 2021 to invest in high-conviction, early-stage blockchain infrastructure projects. As an early-stage investor, they work closely with founders as they scale from idea to adoption and beyond.

Figment Capital

Daedalus

Lattice is an early-stage crypto VC that helps founders build defensible moats.

Lattice

Inception Capital is an early-stage Web3 venture capital firm guiding founders from east and west.

Inception Capital

Pantera Capital is a blockchain and cryptocurrency-focused investment firm and hedge fund. It was founded in 2013 by Dan Morehead, who is a former Wall Street executive and chief financial officer (CFO) at Tiger Management. Pantera Capital is known for being one of the earliest institutional investors in the cryptocurrency space and has been actively involved in supporting the growth and development of blockchain technology and digital assets.

China

Hongshan, formerly known as Sequoia Capital China, is a venture capital firm specializing in investments across various stages, from seed and mid-stage to late-stage and growth, with a particular focus on the fintech sector.

HongShan (ex-Sequoia China)

Gradient Network

P2P.me

Dragonfly Capital Partners, commonly referred to as Dragonfly Capital, is a venture capital firm that focuses on investments in the blockchain and cryptocurrency space. Dragonfly Capital is known for its active involvement in the blockchain and crypto industry and its commitment to supporting innovative projects and companies.

Dragonfly Capital

Borderless Capital is a Blockchain VC firm and a modern financial institution investing capital and co-building financial products with our portfolio companies that accelerates access, bootstraps adoption, and creates value globally through the Algorand Borderless Economy.

Reciprocal Ventures is a venture capital firm focused exclusively on FinTech.

Reciprocal Ventures

Foundation Capital is a venture capital firm made up of former entrepreneurs and helps companies and businesses grow.

Foundation Capital

Superscrypt

DBA is a New York-based crypto investment firm.

Frictionless

Ubik Capital is a major force in the blockchain industry, empowered by a team of experts who deliver exceptional Proof-of-Stake services and investment opportunities. 
Ubik Capital secures major Proof-of-Stake networks and is a trusted staking provider with years of industry experience.
Ubik Capital is a validator for Proof-of-Stake networks such as: Solana, Cosmos Hub, Cronos, Band Protocol, Coreum.

Ubik Capital

DoubleZero

Hong Kong

IOSG Venture is an early-stage fund for decentralized protocols and companies. Early-stage algorithm-based ventures.

IOSG Ventures

Woodstock is a Web 3.0-focused investment fund. Woodstock invests in early-stage and growth-stage blockchain startups and companies.

Woodstock Fund

South Korea

Krafton

Tykhe Block Ventures

Pravega Ventures

FanTV

Mysten Labs

India

CoinSwitch is the largest crypto application in India.

CoinSwitch

Cypher Capital is a venture capital firm aimed at investing in early-stage blockchain projects.

Cypher Capital Group

Investment firm empowering founders in Web3.

Illuminati Capital

ParaFi Capital is an alternative investment firm focused on blockchain and decentralized finance markets.

ParaFi Capital

DACM provides focused, transparent, and professionally managed investment into the world’s fastest growing asset class.

Digital Asset Capital Management (DACM)

Geodnet

CoinFund is a blockchain-focused investment firm and cryptocurrency research company that specializes in supporting and investing in early-stage blockchain and crypto projects. Founded by Jake Brukhman and Alex Felix in 2015, CoinFund has been active in the cryptocurrency and blockchain space for several years

CoinFund

Animoca Brands is a global digital entertainment company that specializes in the development and publishing of mobile games, blockchain-based games, and non-fungible tokens (NFTs). They are known for creating and publishing a wide range of popular games, including licensed intellectual properties such as Formula 1, Doraemon, and MotoGP. Animoca Brands is also heavily involved in the blockchain gaming space, leveraging the benefits of blockchain technology and NFTs to create unique gaming experiences.

Animoca Brands

Modular Capital is a fundamental and thesis-driven crypto investment firm.

Modular Capital

tangent

IoTeX

North Island Ventures is a crypto-focused VC fund

North Island Ventures

Reverie

Hypersphere is a crypto-native investment platform designed to partner with early-stage and public blockchain networks.

Hypersphere Ventures

Nascent is a team of builders who back early-stage crypto founders creating products and primitives for an open financial world.

Multicoin Capital

About Multicoin Capital

Latest Multicoin Capital Research

Zama Public Auction

Top June 2025 Token Sales (Perena, Enso, Hana, Pipe, Arcium)