Project Research Dossier — Fermah: eligibility and evidence gaps

Project Research Dossier — Fermah | public-source screening Research date: 28 September 2026. Decision: HOLD; quest eligibility is not established.

Fermah's official network documentation describes Froben as a ZK-proof marketplace connecting proof demand with compute operators. The mainnet guide describes Ethereum-address whitelisting and operator setup. This is a documented product/access model, not measured uptime, revenue or independent security assurance. https://docs.fermah.xyz/network https://docs.fermah.xyz/network/mainnet

The official Unveiling Fermah article reports a $5.2m seed round with named funds. Private seed fundraising does not, by itself, prove a public token sale. It also does not verify today's no-public-raise/no-active-ICO-or-TGE constraint. A dated official launch/sale statement and relevant contract evidence are still needed before treating this candidate as eligible. The page currently displays 31 March 2026; that display date is not independently established as the original funding-event date. https://www.fermah.xyz/blog/unveiling-fermah

This screening deliberately keeps missing evidence visible. It is not an approved mission, an allocation promise or an investment recommendation. The economic model and risk checks continue below.

Fermah screening — economics and supply checks

No token contract, market price, fully diluted supply, circulating supply, allocation table, vesting/cliff schedule or emissions schedule was verified in the inspected sources. Those unknowns prevent a project-specific FDV, circulating market cap and dated unlock curve. Unknown is not zero; a service marketplace does not establish token-holder rights.

Once verified: FDV = price × explicitly defined fully diluted supply. Circulating market cap = price × circulating supply at time t. Keep a hard maximum separate from current supply and disclose whether emissions are capped.

For C(t) > 0, circulating supply growth = [C(t+1) − C(t)] / C(t), where C(t+1) includes scheduled unlocks and net circulating emissions less circulating removals. Do not count the same issuance twice.

Collect each bucket's allocation amount, TGE release, cliff date, linear-vesting start/end and emissions rules. A cliff concentrates token availability on one date; linear vesting spreads availability over time. Unlocking existing allocations changes availability; minting increases total supply. Neither measure is automatically selling pressure or a price forecast.

To challenge this model, identify the specific contract/schedule input that changes the result. No numerical Fermah dilution or sell-volume claim is made without verified inputs.

Fermah screening — verification, risks and disclosure

An official announcement names Patricio Napoli as CTO; that verifies the announcement, not every credential. The inspected official GitHub snapshot showed five public repositories including one labelled fork. chain-oracle exposed Rust code and 16 commits. Repository metadata does not prove deployed-code equivalence, production coverage or an independent audit. https://www.fermah.xyz/blog/a-new-chapter-for-fermah-patricio-napoli-appointed-as-cto https://github.com/fermah-xyz https://github.com/fermah-xyz/chain-oracle

Risk checks: scoped audits tied to deployed versions/addresses and proof/oracle failure handling; access criteria, service limits and recovery; admin/upgrade authority, fee routing and governance; concentrated allocations and verified unlock schedules. Documented whitelisting is an access constraint; uptime and economic rights remain unmeasured here.

Method: public official pages and visible code metadata only. No wallet inspection, contract test or independent audit. This is my individual screening draft; no completed teammate review is asserted.

Disclosure: Republic's Eastern Q1 displays a possible 75VP completion reward; no Eastern reward is claimed. A factual holdings/employment/advisory/other-compensation declaration remains pending. This draft does not assert no position and should not be treated as a complete disclosure.

I invite a substantive correction: what dated official evidence resolves public-raise/current-ICO/TGE eligibility, or establishes the token contract and release schedule? Please identify the source and the claim it changes. I will distinguish documented fact, inference and remaining gaps in my response.