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About Fhenix
Fhenix turns fully homomorphic encryption into a coprocessor that EVM chains can call. Developers import encrypted types with a single line of Solidity; FHE computation runs off-chain and returns ciphertext handles to the host chain, so on-chain cost scales with the number of handles rather than computational complexity. Decryption keys are split across a threshold network and require explicit on-chain permission, so no single node can recover plaintext. A dual-mode token standard lets one asset switch between public and confidential balances in a single transaction without a separate privacy token or fragmented liquidity. CoFHE went live on Ethereum and Arbitrum mainnets on 21 October 2026, initially permissioned.
FHE still costs more than plaintext computation, and the off-chain coprocessor plus threshold decryption committee introduce new trust assumptions; allowlisting limits permissionless deployment, and the fit is strongest for sealed-bid auctions, private positions and compliance disclosure rather than compute-heavy workloads.
Fhenix, an Ethereum Layer 2 powered by Fully Homomorphic Encryption (FHE), has hit several milestones with long-term significance.
In 2023, Fhenix raised $7 million in seed funding led by Multicoin Capital and Collider Ventures, establishing early validation for FHE-based confidential blockchain infrastructure.
In 2024, the project completed a $15 million Series A round led by Hack VC, with participation from Amber Group, Primitive, GSR, Stake Capital, and Dao5. This funding accelerated development of its FHE coprocessor (CoFHE).
A strategic investment from Biprogy—one of Japan's largest IT service providers with annual revenues exceeding $2.6 billion—alongside TransLink Capital marked a pivotal enterprise adoption milestone, enabling Fhenix's first institutional deployment in the Japanese market for privacy-focused stablecoins and Web3 fintech.
Technically, Fhenix launched CoFHE, an off-chain computation layer that processes encrypted data and returns results to any EVM chain, live on testnets including Ethereum Sepolia, Arbitrum Sepolia, and Base Sepolia. This architecture eliminates the need for trusted hardware and allows developers to integrate FHE with a single Solidity import.
In 2025, Fhenix's research on threshold FHE decryption—led by Guy Zyskind and Professor Chris Peikert—was accepted as a Distinguished Paper at ACM CCS 2025, one of the most selective venues in applied cryptography. The paper demonstrated that threshold FHE decryption can scale, addressing a critical bottleneck in multi-party FHE systems.
Industry recognition followed: 1kx Research Partners noted that FHE is "very close" to large-scale application, reflecting growing confidence in the technology's maturity.
On October 21, 2026, Fhenix brought its CoFHE coprocessor live on Ethereum and Arbitrum mainnets, letting smart contracts compute directly on encrypted data with a single Solidity import. It also introduced the Dual-Mode Token Standard, which moves a balance between public and confidential states within one transaction without bridges, wrapping or changing networks. Five dApps chosen from about 60 candidates launched alongside, with production access initially limited to allowlisted contracts while testnets stay open.
In July, Fhenix acquired the Sunscreen team, which also worked on fully homomorphic encryption, and its testnet game FHE Liar's Dice logged more than 8 million encrypt-decrypt operations in a day. The project has raised $22 million from investors including Multicoin, Hack VC, HashKey and Amber Group.
Future strategy and roadmap: Fhenix launched the CoFHE coprocessor on Ethereum and Arbitrum mainnets on October 21, 2026, letting contracts compute on encrypted data. Next it will connect CoFHE to first dApps such as Canopy, Sedona, and Nomyx and ship the Dual-Mode token standard that switches public and private balances within one transaction. Before year-end it plans five more proofs of concept with tier-one partners plus a private payments product and confidential stablecoin, moving fully homomorphic encryption from test games into payments and DeFi. The Sunscreen team acquired in July strengthens its crypto toolchain.
Guy Zyskind, Founder, is an assistant professor of electrical and computer engineering at the University of Miami, worked on blockchain privacy and confidential computing, and launched Fhenix around 2020. Guy Itzhaki, CEO, began his career as an Intel executive and was director of FHE and blockchain development there before joining Fhenix in 2023 as CEO. Ravital Solomon, Head of Research, with a cryptography background and founder of Sunscreen, had his FHE company folded into Fhenix and now leads protocol cryptography research. Yonatan Erez, Direction Lead, focuses on delivery and owns Fhenix's vision and execution. Lior Bondarevski, Head of Engineering, formerly a security engineer at Sentinel One with endpoint security and distributed systems experience, leads the engineering team building confidential computing infrastructure. The executive group comprises the two Guys and three functional leads, with research, engineering and direction reporting into the CEO.
Fhenix has recently strengthened its research team by acquiring Sunscreen, a pioneer in fully homomorphic encryption (FHE) for blockchain. Ravital Solomon, founder of Sunscreen, joined Fhenix in July 2026 as Head of Research. She brings deep expertise in lattice-based post-quantum cryptography, encrypted smart contracts, and FHE compiler development. The acquisition combines Sunscreen's advanced compiler technology with Fhenix's CoFHE infrastructure, aiming to scale encrypted computation across Ethereum, Arbitrum, and Base. This move accelerates Fhenix's roadmap toward a quantum-safe privacy layer for mainstream blockchain applications.