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Zama (ZAMA): Does Onchain Privacy Pay the Token? | Daily Crypto IQ 🧠🌐

Token Autopsy · streamed 2026-10-27 · runtime 1:47:55

Takeaways

Derived from the stream's auto-generated captions.

• Zama Token Autopsy: the product is real (encrypted balances, about 137 million in shielded TVL, 16 institutional Morpho vaults); the question is whether any of that reaches the token.
• Of four fee types (Ethereum gas, Morpho lending yield, app-level fees, Zama gateway fees), only the gateway fee is burned, and volume plans discount it up to 99% while relayers can pay it so users never hold ZAMA.
• Privacy has limits: Circle froze about 12.5 million of wrapped USDC in the contract for three days after a US court order, and a solo depositor in a vault batch reveals their exact size.
• Supply is uncapped with about 5% staking inflation, 77.5% of tokens locked or outside circulation, and a 550 million insider cliff on February 2, 2027 that lifts daily unlocks from 3.7 million to 9.2 million.
• Governance belongs to 18 operators, not token holders; final score 71/100, short of the 79 pass line.

Coins & projects mentioned