Zama

Zama builds fully homomorphic encryption so smart contracts can work on encrypted data; ZAMA pays protocol fees and is staked by operators.

Zama is a cryptography company that builds fully homomorphic encryption (FHE). FHE lets a computer work on data while it stays encrypted. The Zama Protocol uses it to give Ethereum and other chains confidential balances and smart contracts, such as private payments, payroll and DeFi.

ZAMA is the protocol's token. Apps pay fees in ZAMA for encryption, decryption and bridging, priced in US dollars, and all fees are burned. The protocol is run by staked operators (13 key-management nodes and 5 FHE coprocessors at launch) who can be slashed for abuse. Holders can delegate to operators and share rewards, which are newly minted at 5% a year at first.

The planned supply was 11 billion ZAMA: 12% was sold publicly, and the treasury, team, VCs, angels and growth pools hold most of the rest under lockups. A sealed-bid auction in January 2026 cleared at $0.05, and trading began on 2 February 2026.

In 2026 Zama's ecosystem grew around confidential stablecoins and yield vaults, and ZAMA became available on Revolut and on Solana.