TLDR
- Amassing $15 million through a Hack VC-led Series A, the Ethereum-based Fhenix network focussing on privacy has reached a total of $22 million in funding.
- The Helium open testnet initiated by Fhenix paves the way for developers to experiment with private smart contracts on its Layer 2 network.
- Zama's full homomorphic encryption technology underpins Fhenix’s projects, achieving complete data encryption at all stages, including processing.
- Collaborating with EigenLayer, Fhenix aims to revolutionize blockchain privacy, designing an FHE co-processor to boost data confidentiality across networks.
- With an expected mainnet launch in early 2025, Fhenix plans incentives to attract creative minds to its nascent testnet.
Fhenix , ( read our guide here An Ethereum Layer 2 endeavor centered on enhanced privacy, Fhenix has just completed a significant $15 million funding round.
The fresh investment round welcomed notable backers like Dao5, Amber Group, Primitive Ventures, GSR, Collider Ventures, and Stake Capital.
Culminating in a total of $22 million raised, Fhenix's new funding followed a prior $7 million seed round in September 2023.
Parallel to announcing new financial backing, Fhenix unveiled its Helium testnet.
Developers are now for the first time able to create privacy-centric smart contracts on Fhenix's Layer 2 platform.
Zama’s groundbreaking full homomorphic encryption tech champions end-to-end data security, processing encrypted information without the need for decryption.
Fhenix’s CEO, Guy Itzhaki, highlights the need for privacy post-scaling in Ethereum's journey to becoming a mainstream choice.
Itzhaki posits FHE as key to encryption solutions due to its seamless encrypted data computation, contrasting zero-knowledge techniques.
Fhenix is gearing up for a mainnet launch by early 2025, with developers eagerly awaiting more details on potential tokens and developed incentivizing grants.
Funding from the latest Series A suggests significant developer incentives are on the horizon, according to Itzhaki.
With ambitions beyond its Layer 2 setup, Fhenix’s future targets an ecosystem-wide enhancement of data privacy.
In a partnership with EigenLayer, the company is set to develop an innovative FHE co-processor, facilitating services across multiple network layers.
By leveraging FHE technology, Fhenix positions itself as a pivotal influence in Ethereum’s privacy landscape.
