Project Research Dossier — Fermah (Kernel / Froben)

Fermah | primary-source review | 27 Sep 2026

Fermah describes Froben as a ZK-proof marketplace matching proof demand with prover capacity. Its site also presents Kernel as a sandboxed workflow engine for on-chain actions and attestations. These are distinct products. Mainnet docs describe prover registration, Ethereum RPC access and an optional EigenLayer-operator path. A proof explorer exists, but I have not independently verified paying demand or revenue.

Tokenomics: The official sources reviewed do not disclose a verified token contract, supply, float, allocation, vesting, cliff or emissions. FDV and circulating cap therefore cannot be calculated. I found no active public ICO/TGE advertised on the reviewed official pages; this remains provisional. If terms appear, I would model 30/90/180/365-day unlocks against real liquidity.

Fermah announced Patricio Napoli as CTO on 30 Mar 2026. Key risks: workflow security and upgrade authority, prover concentration and incentive design, and unverified usage claims. Watchlist only until code/audits, reproducible demand data and any token terms are published.

Sources (checked 27 Sep 2026): https://fermah.xyz/ ; https://docs.fermah.xyz/network/introduction/why-fermah ; https://docs.fermah.xyz/network/mainnet/registration ; https://github.com/fermah-xyz/fermah-docs ; https://fermah.xyz/blog/a-new-chapter-for-fermah-patricio-napoli-appointed-as-cto ; https://explorer.fermah.xyz/

Disclosure: I hold no Fermah tokens or equity and receive no compensation or referral benefits. Research only. What public data could verify paying demand and operator concentration?

I attached the two-page source dossier behind the summary above. I would welcome concrete corrections, especially on verifiable prover demand, operator concentration, and any official token terms. This is my draft for peer review; it has not yet been team-reviewed.