The public auction of Zama tokens (essentially a confidential Dutch auction?) begins tomorrow, coinciding with a challenging time. Trove, which just raised a large sum of money in its ICO, will likely dampen the enthusiasm for recent public offering projects. However, the good news is that the privacy narrative, long neglected by the market, has returned to the forefront since last year. Zama has advantages in both legitimacy and technical solutions within this narrative (using the TFHE solution as an on-chain protocol layer directly compatible with various chains, rather than a separate privacy chain), and it's a large project that dares to allow public participation through a public auction. Who remembers the last large project that dared to label itself as "privacy" for a public offering? We should carefully observe whether Zama's public auction can generate buzz and see if the concept of "privacy" can truly take off in 2026.