How high can the presale multiplier of the Zama project go? To some extent, it determines whether it can become the last opportunity in this cycle. From the market enthusiasm, the privacy computing sector is indeed attracting attention, but the valuation fluctuations during the presale stage clearly indicate the issue—too low suggests a lack of consensus, while overly high valuations are prone to dropping later. It all depends on how the market will price this story moving forward.