Back in January, we covered Zama’s unique token launch. It cleared at $0.05 ($550M FDV) and dropped sharply after, bottoming at $0.0167 on Feb 12 (a 67% loss for auction buyers). It hit an all-time high of $0.107 on Sept 23 and has been grinding higher since the February low. It now trades $0.083 (~$210M circ, $950M FDV).

Adoption

The line that “FHE is perpetually 5 years away” now needs an asterisk. Zama’s first confidential vault on Morpho reached $41M in deposits in seven weeks, making it a top 10 vault on Morpho’s Ethereum instance. On Sept 15 Zama opened 16 Morpho vaults across USDC, USDT, AUSD and TGBP, with curators including Steakhouse, Armitage, Flowdesk, RockawayX and Bitwise. Alongs