Hack VC pioneered the round, receiving support from top investors.
The funding process started in March and ended in May. Read on to learn the details of this funding round for Fhenix.
Fhenix Raises $15M, Launches Confidential Ethereum L2 Testnet
Fhenix is an Ethereum Layer 2 network developer. It is all about enhancing data confidentiality. Fhenix raised $15 million in its Seed A funding rounds, which Hack VC backed. The success of funding indicates that Fhenix is up for more significant developments.
Source: X
Launch of Helium Testnet
The platform launched its testnet, Helium, alongside the seed funding round. Helium allows developers to deploy confidential smart contracts on the Fhenix L2 network. Phoenix utilizes a unique technology, FHE, from Zama, a cryptography company, to ensure data confidentiality. FHE ensures end-to-end data encryption, even when processing data.
The Ethereum network faces many challenges. After scaling, data confidentiality is the next issue with Ethereum. “Ethereum hasn’t reached mainstream adoption because of data confidentiality issues,” Itzhaki said. FHE is the only reliable solution for data confidentiality. Other platforms that perform the same function are less efficient than FHE.
Source: X
Fhenix Visions and Mainnet launch
The platform has plans to launch its mainnet in Q1 – 2025. Fhenix is all about improving data confidentiality. It drives data confidentiality across several platforms. Fhenix makes privacy a standard for blockchain networks.
To do this, Fhenix partnered with EigenLayer to develop an FHE co-processor. “The co-processor allows L1 and L2 blockchain networks to use FHE services. They use it without the need to change anything,” Itzhaki explains. “The main problem is ensuring you can trust the results from using the co-processor. To solve this, Fhinex uses EigenLayers crypto-economics. Which helps ensure the co-processors’ responses are accurate and secure.”
Source: X
Incentives for Developers
Fhenix has set up a grant program for developers to increase interaction on the testnet. Although the grant plans are under review, Itzhaki indicates they would be considerable. We only see grants with reasonable price promises a few times. The grant is part of Fhenix’s plans for adoption within the Ethereum ecosystem.
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