$2B already flowed through TokenOps distributions, so Zama is buying an issuer ops wedge, not a shiny FHE demo. Pair that with $121M TVS from the sealed-bid ZAMA auction, ERC-7984 wallet plumbing via Dfns, and T-REX's $32B ERC-3643 RWA base, and the trade is pretty clear: make cap tables, unlocks, and investor lists privately verifiable on public rails. If this works, the low-float unlock calendar becomes less of a free MEV feed for desks, but the trust bottleneck moves to selective disclosure, auditors, and whoever controls decryption policy.

Top comment by @Benthic