Zama ZAMA

Commentary versus actual token vesting

1) Bucket Unlocking & Current Status ZAMA launched on 2 February 2026 with a genesis supply of 11 billion and approximately 2.2 billion circulating: a launch float of roughly 20%. Unlocked at TGE, no lockup: - Public Sale and community auction (~12%, ~1.32B), - TGE Campaigns and community rewards (~6%, ~660M), - and Liquidity (2%, 220M). Releasing linearly since March 2026, no cliff: - Treasury (20%, 2.2B) over 22 months, - and Growth (10%, 1.1B) over 46 months. Held behind a twelve-month cliff to February 2027: - Angels (10%, 1.1B) then linear over 12 months, - VCs (20%, 2.2B) then linear over 12 months, - and Team (20%, 2.2B) then linear over 36 months. The concentration at the cliff is the defining feature of this schedule. All three insider buckets — 5.5 billion ZAMA, exactly half of genesis supply — begin releasing on the same date. From February 2027 the combined monthly rate runs at roughly 336 million ZAMA (Angels and VCs at ~275M, Team at ~61M), against a circulating base of approximately 2.5 billion. That is an addition of roughly 13% of current float every month, for twelve months, before any other source of supply. 2) The Two Additional Emission Streams The 11 billion figure is a genesis supply, not a cap. ZAMA's published maximum supply is infinite, and this is a design choice rather than an omission: the protocol runs a burn-and-mint equilibrium model in which new issuance funds network security and protocol fees destroy tokens, with no predetermined ceiling on either side. Issuance runs at approximately 5% annualised — roughly 550 million ZAMA per year — and splits into two streams: - Operator emissions: paid to operators running FHE co-processor nodes, which perform the homomorphic computation the protocol sells - Delegator emissions: paid to holders who stake ZAMA and delegate to those operators Against that sits the burn: protocol fees, charged per encryption operation, are destroyed rather than accrued. The net supply direction therefore depends entirely on whether fee volume covers issuance, and at present it does not. At a reported fee of approximately $0.13 per encryption operation, covering 550 million ZAMA of annual emissions would require on the order of 4.2 billion encryption operations per year. Against a Shielded TVL of roughly $78 million and current transaction frequency, the protocol sits in a phase where emissions substantially exceed burns.