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Fhenix attracts a $15M investment and introduces a privacy-first L2 testnet

Fhenix attracts a $15M investment and introduces a privacy-first L2 testnet

Fhenix, the pioneering Layer 2 blockchain leveraging Fully Homomorphic Encryption (FHE), has successfully closed a $15 million Series A funding round, as per the newest updates shared with Finbold on June 5. 

Led by Hack VC and supported by investors such as Dao5, Amber Group, Primitive, GSR, Collider, and Stake Capital, the funding brings Fhenix’s total funding to $22 million. 

The capital will be channeled toward Fhenix’s new open testnet, Helium, which will allow developers to deploy smart contracts on the Fhenix network for the first time.

Revolutionizing blockchain with Fully Homomorphic Encryption

Fhenix is revolutionizing blockchain technology by integrating FHE, an advanced cryptographic method that enables computations on encrypted data without decryption. 

This makes Fhenix the first blockchain to offer an Ethereum Virtual Machine (EVM)-compatible smart contract platform with native FHE support.

Thanks to FHE, developers on the platform can seamlessly encrypt parts or all of their Solidity-based apps using familiar tools.

Guy Zyskind, co-founder of Fhenix, expressed his long-term commitment to secure computation, stating:

“My life’s work has been research into secure computation with the goal of bringing confidentiality onchain. After exploring every available technical solution to this problem I came to the conclusion FHE is the best possible solution. The launch of the Fhenix testnet is an important step towards bringing encrypted computation onchain.”

– Guy Zyskind, co-founder of Fhenix

New possibilities for DeFi developers

Guy Itzhaki, CEO of Fhenix, expressed his belief that confidentiality is the next major obstacle to mainstream Ethereum (ETH) adoption, stating:

“After scaling, confidentiality is the next major hurdle Ethereum needs to solve in order to reach mainstream adoption. FHE is the most elegant solution to the problem of encryption because, unlike existing confidentiality solutions based on zero knowledge technology, it allows for end-to-end computation of encrypted data. The significant amount of inbound interest we received from investors is a strong testament to the value FHE represents for blockchain.”

– Guy Itzhaki, CEO of Fhenix

The ability to perform computations on encrypted data opens new possibilities for developers working on confidential voting, blind auctions, decentralized finance (DeFi), artificial intelligence (AI), and gaming applications. 

Fhenix’s partnership with Eigenlayer

In a significant development, Fhenix has partnered with EigenLayer to develop FHE Coprocessors. 

These coprocessors will enable various host chains — Ethereum, Layer 2s, or Layer 3s — to delegate specific computational tasks to a dedicated processor, facilitating encrypted computation for developers across any EVM-compatible chain.

With successful fundraising and the upcoming launch of the Helium testnet, Fhenix is set to continue its development, perhaps likely to culminate with a mainnet launch. 

Meanwhile, devs are encouraged to explore the open testnet and apply for early access to the Fhenix Grants program.

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