I just didn't notice that $zama actually opened before the market, and I missed the best opportunity; otherwise, opening above 0.2 (2B) would indeed be worth shorting. Given the current market environment, it's quite good if a new coin of this level can maintain around 1B. Of course, the combination of pre-market and new listings gives the project team a lot of operational space, so it's still wise to participate cautiously. I haven't really followed Zama's public offerings, just sharing my impressions of this project. I chatted with the team in 2024, and my impression was still quite good. Their ultimate goal is to create a "white label" effect similar to what Intel had back in the day, meaning that all FHE projects behind it are based on their technology. Friends born in the 80s and 90s should have seen this logo when buying computers in the past. To some extent, they have achieved considerable success. The several FHE projects I discussed in 2024, such as Fhenix, Inco, and Mind Network, are all backed by Zama's technology. I originally thought Zama was just providing technical support to these tech projects for a fee, but I didn't expect them to issue their own coin in the end. After all, issuing a coin is the easiest exit path. The reason I don't see a market cap exceeding 2B is twofold: first, the current market environment, and second, my consistent belief that privacy, aside from ZEC which can be speculated as a Meme, has far more political correctness than actual demand. Even if this year institutional entry has brought "real" privacy demand, many of them are doing it themselves, like the Canton "Wall Street privacy chain"; retail investors are all about the hype but not the actual results. So while Zama has strong technology and financing, I'm still curious about how much their annual revenue can be. If anyone knows, please let me know. I hope it's not just a bunch of chains/Dapps using Zama's technology paying Zama with their own tokens, while their own chains/Dapps have few users and aren't making money. This kind of mutual layering and inflated FDV revenue definitely won't last long. Companies like Nvidia, OpenAI, and Oracle have billions in triangular investments and layering that are at least backed by real dollars. Also, in 2024, I discussed an FHE project called @SunscreenTech, the only one that didn't use Zama's technology and appeared as a competitor to Zama, but in terms of fame and resources, it falls far short of Zama. The team looks quite hardcore and told me their performance is better than Zama's, but I'm not an FHE expert, so I can't tell. If anyone has followed this project, could you share how its performance and current status are? I'm quite curious.