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Fhenix, a Layer 2 network on Ethereum, has raised $15M in Series A funding and launched its testnet, utilizing Fully Homomorphic Encryption (FHE) for enhanced blockchain security and confidentiality. FHE allows for computation of encrypted data without decryption, opening up new possibilities for blockchain applications. The testnet, named Helium, allows developers to deploy “confidential” smart contracts and the mainnet is set to launch in 2025.