Ethereum L2 Fhenix Launch Twin Incentive Program for Developers

Coinspeaker
Ethereum L2 Fhenix Launch Twin Incentive Program for Developers

Fhenix is trying to accelerate the adoption of its Layer-2 (L2) solution for confidential transactions. As part of this effort, the Fully Homomorphic Encryption (FHE) L2 has announced the debut of two incentive programs: the Fhenix Grant program and the Bounty program. These twin programs, for projects and developers looking to build on the L2, will contribute significantly to the growing Fhenix ecosystem.

Fhenix is recognized as the first Ethereum L2 to enable confidential smart contracts using the novel cryptographic scheme FHE. Based on its Ethereum Virtual Machine (EVM)-equivalent design, it enables developers to put down their smart contracts in Solidity. To achieve this, the developers leverage tools that they are familiar with and move on to encrypt them using FHE.

The L2 aims to revolutionize ETH application development by delivering confidentiality to smart contracts, transactions, and on-chain assets for the first time.

Markedly, the Grant program is focused on incentivizing developers to explore the power of confidential computation using FHE. Potential beneficiaries of this incentive program are builders who have engaged in the FHE infrastructure. The benefits will also extend to those who plan to launch confidential applications on-chain.

On the other hand, the Fhenix bounty program offers support to smaller projects within a specific scope, unlike the Grant program, which is meant for large-scale projects. The available bounties are listed on a dedicated page with an outline of the task. The Fhenix team is responsible for matching each bounty with a suitable applicant.

According to a press release shared with Coinspeaker, Fhenix is looking for projects with innovative use cases. These include those creating essential tools that work well with data secured via Full Homomorphic Encryption. 

Applications for these programs are open. Applicants must provide key information, including an outline of key deliverables, KPIs, and project milestones. After a rigorous review and selection process, eligible grantees will receive the funding to build their intended solutions.

With both programs, the ultimate goal is to redirect developers’ attention toward becoming more familiar with Fhenix’s L2, which is compatible with EVM. This program will also bring more use cases involving FHE in the long run. It will show the many confidentiality-enabled applications using FHE.

Like Fhenix’s action, Uniswap Foundation announced the launch of a $3 million grant for new projects on its protocol at the beginning of this month. The announcement coincided with the non-profit organization’s release of its financial health summary for Q2 2024.

Through Maelstrom, Arthur Hayes’ family office also announced the launch of a new Bitcoin Grant program to support ecosystem growth. These incentives are becoming a mainstay with Web3 ecosystems to draw developers, inspire creative and expand overall use cases.

Ethereum L2 Fhenix Launch Twin Incentive Program for Developers