$ZAMA Total value of contract positions is approximately 20.73 million USDT, with a total position count of approximately 252 million ZAMA tokens. The ratio of large-holder long accounts to short accounts is as high as 2.47. Long accounts make up 71.21%, while short accounts account for only 28.79%. In terms of number of accounts, long holders hold an overwhelming advantage. This extreme long-to-short account ratio indicates that a large number of retail long holders have rushed in; as prices move upward, short accounts are forced to cover, and a short-squeeze structure provides upward support to the price. However, it also means that if buy-side demand dries up, long positions concentrated in the market are likely to exit at once, easily triggering a chain-reaction “stampede.”

On the 11th, ZAMA officially launched on the digital bank Revolut, opening trading to more than 70 million users in the European Economic Area. Users can buy directly without needing any additional account. More importantly, Zama’s introduced Confidential RFQ on-chain sealed-bid auction protocol allocates 100% of trading fees to buybacks and burns ZAMA, with the incentive directly tied to the protocol’s adoption rate and the token’s value. In addition, the FHE Association (FHE.org) has received sponsorship support from Apple, AWS, and Google, and recognition of FHE from both academia and industry continues to rise