We are excited to announce that the Consensus Contract has been successfully released into the Flash Testnet network and is now accessible to Fuse users. This accomplishment represents a major step forward in our effort to improve the decentralization, stability, and capabilities of the network. A number of significant changes are being implemented as we move from the testnet to the mainnet, including the integration of Polygon’s Chain Development Kit (CDK), the adoption of a deflationary token model, and a new maximum stake requirement for validators. Everything you need know is as follows:
Launching a Layer 2 zkEVM Network utilizing the Polygon CDK
In order to improve the scalability, security, and interoperability of the network, we are also moving to a ZK-Powered Layer 2 using Polygon CDK. In line with our overarching plan to transform Fuse into a modular blockchain, we are pushing the mainnet launch to Q4 2024 as we get closer to a zkEVM architecture. This method enables Web3 business use cases and new financial models.
Important features and advancements with the transition include:
Deployment of a Zero Knowledge (ZK) Layer-2 network using Polygon CDK to build an Ethereum-based network that will eventually become our native network after launch.
Improved privacy, scalability, customization, and Web3 compatibility; FUSE is used as the gas fee token.
Testnet modifications in phases, such as the deployment of ZK rollup, integration between L1 and L2, and the switch to ZK Validium.
Enhanced user experiences thanks to decentralized validation and higher transactions per second (TPS) throughput.
Strategic alliances are influencing how companies use blockchain technology and reshaping the financial industry.
The rollout of the new zkVM-powered network begins with the Fuse Flash Testnet using Polygon CDK. Developers may test their end-user decentralized apps (dApps) on the updated network without creating a new fork, while maintaining chain data and state, after major infrastructure providers have been updated to support the L2 architecture. We will shortly disclose adjustments to the testnet stages via our social media platforms in order to fulfill the faster deployment timeframe.
Upgrade to the Consensus Mechanism
With the modification to the consensus mechanism of Fuse Network, we will adopt a deflationary token model, limit the maximum quantity of FUSE tokens, and impose a new maximum stake requirement on validators. This approach will support the enhancements and modifications required to support the migration to an L2, while also positively influencing the token’s appeal and long-term worth for its community members. Fuse Network needs a reliable medium of exchange in order to adapt to the changing demands of consumers and companies using web3 to obtain financing. In order to meet these needs and stabilize the price of FUSE such that it benefits all parties involved in the Fuse ecosystem, a deflationary model will not require more supply to be issued.
There will be fewer nodes on the Fuse Network if validators are allowed to stake larger amounts. The higher stake allows community members additional alternatives for staking, even with validators who have already hit their limitations, and also simplifies the validation process for validators who may now operate fewer nodes for validation. This is what we anticipate will improve participation and inclusivity on the Fuse blockchain.
Migration from Open Ethereum to Nethermind
To increase security, normalize transaction costs, and boost network speed, Fuse is switching from Open Ethereum to Nethermind. This upgrade will affect Fuse Network in several verticals and is necessary to preserve network integrity and performance. It will help with:
Efficiency and Stability: Gas fees will be stabilized by the switch to Nethermind, which will guarantee reduced transaction costs and less volatility.
Enhanced Protection: Important new Ethereum Improvement Proposals (EIPs) are introduced by Nethermind to strengthen security and guard against future flaws.
By enhancing stability, security, and infrastructure, we are building the foundation for a financial ecosystem that is more effective and user-friendly. We are getting closer to realizing our goal of a strong, decentralized financial ecosystem with the release of this version.
What Happens Next
These upgrades represent a turning point in our efforts to improve Fuse Network’s capability, organization, and dependability. We are improving the scalability, security, and economic stability of Fuse Network by maxing out the token supply, raising the maximum stake amount, and integrating Polygon’s CDK. We appreciate the Fuse community’s ongoing support and want to provide a solid basis for the development of the Fuse ecosystem.
Watch this space for more developments, and as usual, we appreciate your participation and comments.
Please do not hesitate to contact us with any inquiries or remarks. We are strengthening, securing, and optimizing the Fuse network together.