CoinList Launches First Fully Onchain Token Sale with Zama

CoinList has debuted its first fully onchain, non-custodial token sale with a sealed-bid Dutch auction for Zama, the open-source cryptography unicorn. The sale runs from January 21 at 8:00 UTC to January 24 at 20:00 UTC.

The move marks a shift for CoinList, which is now bringing token sales, distributions, and ownership directly into native blockchain ecosystems and users' self-custodial wallets. Zama, often described as 'HTTPS for blockchains,' adds a confidentiality layer to networks like Ethereum and Solana, enabling private transfers, swaps, staking, and tokenization of real-world assets.

The auction uses a sealed-bid Dutch model. Participants submit confidential bids, and the clearing price is determined by demand after sorting from highest to lowest. Bids above the clearing price receive full allocation; those at the clearing price may receive partial allocation; lower bids are refunded. The auction can be joined from a CoinList non-custodial wallet funded with USDT or USDC.

Zama has raised over $150 million in total funding, including a $73 million Series A and a $57 million Series B that pushed its valuation past $1 billion, making it the first unicorn in the fully homomorphic encryption (FHE) space. Backers include Pantera Capital, Multicoin Capital, Blockchange Ventures, Protocol Labs, and Solana co-founder Anatoly Yakovenko.

Key terms of the sale: fully diluted valuation floor of $55 million; tokens unlock on February 2, 2026; minimum purchase amount of $100; total token supply of 11 billion, with 880 million (8%) allocated to the sale. Tokens are distributed directly to participants' self-custodial wallets on CoinList.

Participation requires a verified (KYC-approved) CoinList account. Existing users can move USDT/USDC to their new self-custody wallet in one click; new users deposit directly. The sale is not available to residents of certain jurisdictions, including the United Kingdom, Russia, and several other countries.