Project Research Dossier — Fhenix (CoFHE)

Project Research Dossier — Fhenix (CoFHE) Question: is dilution risk priced in? Constraint: no public raise / no active ICO-TGE in primary sources. Private VC ≠ public sale.

Goal: FHE coprocessor (CoFHE) for Solidity. Not a new L1. Testnets: Ethereum Sepolia, Arbitrum Sepolia, Base Sepolia. Mainnet planned, not claimed live. https://www.fhenix.io https://cofhe-docs.fhenix.zone https://www.fhenix.io/what-is-fhe https://github.com/FhenixProtocol

Tokenomics (primary): FDV, circulating, team %, cliffs vs linear, emissions, token contract — not published. Site: >$22M raised ($7M seed, $15M Series A). Equity, not a vesting calendar. Dilution cannot be modeled. Missing schedule ≠ low float.

Team: named on fhenix.io (Zyskind, Itzhaki, Solomon/Sunscreen, Peikert, others). CCS 2025 figures are labeled research, not production.

Risks: unpublished supply; FHE/coprocessor execution; testnet ≠ mainnet volume; governance unknown; confidential balances vs AML (flag only).

Rating: constraint pass. Dilution modeling fail until a vesting table exists. Do not size a bag.

Disclosure: no position. Legion Republic research quest (reward if approved). Not an offer.

Footnote: screened many names. Private rounds allowed. Live TGE failed (e.g. Billions, May 2026). The rest: product exists, full tokenomics usually appear right before TGE.