The market is bearish, reviewing the top 7 hot new issuance projects recently

Author: Asher

Zama conducts an IPO on their platform

Project Overview

Zama is a company specializing in Fully Homomorphic Encryption (FHE) technology, which is considered one of the most hardcore innovations in the privacy computing field. Currently, Zama has completed two rounds of financing, totaling up to $130 million. In March 2024, Zama announced the completion of a $73 million Series A funding round, led by Multicoin Capital and Protocol Labs; in June 2025, Zama announced the completion of a $57 million Series B funding round, led by Blockchange Ventures and Pantera Capital.

Participation Guide and Rules

Pre-registration link for the auction: https://www.zama.org/auction;

Auction method: Sealed bid Dutch auction (for detailed interpretation, read: Is Zama’s public sale too complicated? Understand sealed Dutch auction gameplay in one article);

Auction period: Will be held from January 12 to 15, with distribution starting on January 20;

Public sale share: 10% of the total token supply, of which 8% via auction, and 2% sold at fixed price after auction (limit of $10,000 per person);

Lock-up details: Zama tokens purchased in the auction will be fully unlocked.

Octra conducts an IPO on the Sonar platform

Project Overview

Octra is a privacy-focused Layer 1 project supporting an FHE blockchain network with isolated execution environments. Regarding token distribution, early investors hold 18%, Octra Labs holds 15%, and the remaining 67% is allocated to the community, including early users, validators, ecosystem funding, Echo participants, and this public sale. No single investor holds more than 3% of the tokens.

In September 2024, Octra announced the completion of a $4 million Pre-Seed round, led by Finality Capital, with participation from Big Brain Holdings, Karatage, Presto, Builder Capital, and others.

Participation Guide and Rules

Octra announced that it will conduct a public token sale on Sonar (an ICO platform founded by Echo and recently acquired by Coinbase):

Official platform account for token sale: https://x.com/echodotxyz (the specific token sale website has not yet been announced, but account registration is now open);

Event start date: December 18;

Sale quantity: 10% of the total token supply. Notably, the team stated that if demand is strong, the allocation ratio may be increased;

Sale mode: Fixed price of $0.2, aiming to raise $20 million in this sale, with a fully diluted valuation (FDV) of $200 million;

Unlock details: Not yet announced.

Rainbow conducts an IPO on the CoinList platform

Project Overview

Rainbow is a Web3 wallet project designed to help users easily explore and manage assets, including NFT collections, DeFi applications, and cross-chain bridges, through a simple, intuitive, and secure user interface. Rainbow emphasizes the “fun, simple, and secure” design philosophy, akin to a tailored “Robinhood” for Web3, reducing the entry barrier for newcomers to the crypto world, supporting ENS domain integration, and providing seamless experiences on both mobile and desktop.

So far, Rainbow has completed nearly $20 million in funding.

Participation Guide and Rules

Rainbow announced that it will conduct a public token sale on CoinList:

Token sale website: https://coinlist.co/rainbow;

Event start time: December 12, 1 AM Beijing time;

Sale quantity: 3% of the total token supply, i.e., 30 million RNBW tokens;

Sale mode: Fixed price of $0.1;

Unlock details: Fully unlocked at TGE (for US users, unlocked one year after TGE);

Minimum investment amount: $100.

Gensyn conducts an IPO on their own platform

Project Overview

Gensyn is an open network for decentralized AI systems. In March 2022, Gensyn announced the completion of a $6.5 million seed round, led by Eden Block. In June 2023, Gensyn announced the completion of a $43 million Series A funding round, led by a16z.

Participation Guide and Rules

Token sale platform: https://token.gensyn.network/;

Event start time: December 15;

Sale quantity: 5% of the total token supply (3% sold in the sale, with an additional 2% as rewards);

Sale mode: English auction with valuation caps, specifically, the valuation lower limit is $1 million FDV (each token $0.0001), and the upper limit is $1 billion FDV (each token $0.1), with minimum price increments of $0.0001;

Unlock details: Fully unlocked at TGE (for US users, unlocked one year after TGE). Lock-up options are available for an extra 10% token reward;

Minimum investment amount: $100.

Infinex conducts an IPO on Sonar platform

Project Overview

Infinex is a decentralized finance platform launched by Kain Warwick, founder of Synthetix, in April 2024. The project aims to bridge the gap between CeFi and DeFi by providing a smooth user experience similar to centralized exchanges, while maintaining non-custodial and secure decentralized services.

Participation Guide and Rules

On November 27, Kain Warwick announced that Infinex, a new project, will soon conduct a TGE and plans to raise $150 million at a $300 million FDV via public offering on Sonar, selling 5% of INX tokens.

According to Infinex’s official description, the public offering will have two participation paths: guaranteed allocation and lottery. Guaranteed allocation is for users holding liquid (unlocked) Patron NFTs, with specific strategies as follows:

• 1 Patron NFT: $2,000 quota;
• 5 Patron NFTs: $15,000 quota;
• 25 Patron NFTs: $100,000 quota;
• 100 Patron NFTs: $500,000 quota;

Allocations follow an accumulated mechanism: for example, holding 32 liquid Patron NFTs grants a quota of $119,000 (100,000 + 15,000 + 2,000 + 2,000).

The lottery round is open to all users, anyone can apply. The specific rules are:

Minimum subscription: $200;

Maximum subscription: $5,000;

If demand exceeds the limit, orders will be allocated via lottery;

All orders have equal probability of being selected; if selected, the full order amount will be allocated;

Unsuccessful orders will be automatically refunded.

This public offering will have a one-year lock-up period with an early unlock clause, which works as follows:

If early unlocking is chosen at TGE, it will be at a $1 billion FDV;

During the one-year lock-up, the price will linearly decline to the initial $300 million valuation;

If the trading price on INX exceeds the real-time early unlock price, some participants may choose to unlock early, smoothing the unlock curve.

Fogo conducts an IPO on their own platform

Project Overview

Fogo is a new Layer 1 blockchain based on Solana Virtual Machine (SVM), designed to address current blockchain performance bottlenecks, offering more efficient and lower-cost transactions. Fogo has completed seed and community rounds, raising a total of $13.5 million.

Participation Guide and Rules

Token sale website: https://presale.fogo.io/, USDC transfer function is now available. Users can pre-transfer USDC to the Foge wallet (transfer tutorial: https://community-docs.fogo.io/getting-started/transferring-to-fogo).

Event start time: December 17;

Sale quantity: 2% of total token supply;

Sale mode: First-come, first-served, price unknown;

Unlock details: Fully unlocked at TGE (for US users, unlocked one year after TGE). Lock-up options are available for an extra 10% token reward;

Minimum investment amount: $100.

Football.Fun conducts an IPO on Legion platform and Kraken exchange

Project Overview

Football.Fun is a sports prediction market platform deployed on the Base network. On July 18, Football.Fun announced the completion of a $2 million seed round, led by sports investment firm 6th Man Ventures (6MV). Other investors include Devmons, Zee Prime Capital, Sfermion, and The Operating Group.

Participation Guide and Rules

On December 9, Football.Fun announced that it will conduct a public token sale on Legion platform and Kraken exchange. Specific details have not yet been published. Currently, KYC verification on both platforms can be completed via passport.