Zama (ZAMA)USD

Zama is an open-source cryptography company that built the Zama Confidential Blockchain Protocol, a cross-chain privacy layer that uses Fully Homomorphic Encryption (FHE) to enable confidential smart contracts and encrypted computation on public blockchains like Ethereum. The company has been described as the first open-source FHE unicorn and was operating by at least 2023. The protocol mainnet went live on Ethereum on 30 December 2025, processing its first confidential stablecoin transfer at that time. The ZAMA token launched via a sealed-bid Dutch auction and began public trading on 2 February 2026. The protocol works as a confidentiality layer on top of existing layer-one and layer-two chains. It uses Delegated Proof-of-Stake consensus, where operators and users stake ZAMA to secure the network and perform FHE computation. The native token, ZAMA, is used to pay protocol fees for encrypted operations, to stake and secure the network, and to vote on governance proposals managed through Aragon. The protocol applies a burn-and-mint equilibrium model: all protocol fees paid in ZAMA are burned, and new tokens are minted to reward operators. ZAMA has a reported maximum supply of 11 billion tokens, with a circulating supply of approximately 2.2 billion as of early 2026.