zama's fhe auction opens at $55m floor valuation. that's 5.5% of their $1b private round. figment securing $17b for institutions, layerzero, openzeppelin all running validator nodes. they're not backing broken infrastructure. 10% supply instant unlock january 20, no vesting. sealed bids using their own encryption tech for price discovery. multicoin and pantera need 18x just to breakeven on their investment ...