Fuel Network has launched the $FUEL token with an airdrop distributing 10% of the initial supply to the community. Over 200,000 eligible wallets have received the Layer 2 token, designed to increase the scalability and efficiency of rollups on Ethereum.
The maximum supply of $Fuel tokens is 10 billion. Therefore, one billion are being distributed to users. The airdrop period lasts for one month.
The initiative is part of Fuel's strategy to reward users and encourage the use of the platform. Thus, the selection of eligible wallets considered previous activities, such as participation in the incentivized testnet and the accumulation of Fuel Points, reinforcing the commitment to supporters and participants of the ecosystem.
Additionally, over 51% of the total $FUEL supply will be allocated to the community, ecosystem, and research and development, solidifying Fuel as a project focused on primarily building a robust and sustainable ecosystem.
Blockchain promises zero fees with intuitive experience
Developed by Infinity Base, Bako Safe is one of the network's 3 native wallets and a gateway to the Fuel Network. The solution was designed to offer a safe and intuitive experience to users, eliminating barriers such as seed phrases and transaction complexity.
Furthermore, the idea is to show that blockchain is viable for web2 at affordable costs. In this case, it will soon be zero cost.
With Fuel’s native account abstraction, 40% of Bako Safe users already interact with the network without needing to know what a seed phrase is,” said Fabio Sevá, CMO of Infinity Base, behind Bako Safe.
A new blockchain is emerging, and before long, traditional barriers like user onboarding and gas fees will be a thing of the past, adds Sevá.
Fuel promises innovative tax-free model
The $FUEL token serves as the pillar of an economic model that promises to eliminate gas fees for users. And at the same time, it underpins the network's decentralized sequencer.
Traditionally, blockchains require users to pay gas fees for each transaction first, a significant barrier to mass adoption. But Fuel eliminates this need by integrating a decentralized sequencing system and aligned economic incentives.
Another advantage is the speed of Layer 2, created to be the fastest and cheapest rollup on the Ethereum network. The speed reaches up to 600 transactions per second (TPS), while Arbitrum, for example, recorded an average of 27.6 TPS in 24 hours, according to data from L2BEAT. Another piece of data that can be seen through the block explorer is the transaction volume. In 24 hours, the Fuel Network processed more than 282 thousand transactions.
In Fuel’s model, app developers define who will bear the execution costs. This allows, for example, users to conduct transactions without worrying about gas fees, while apps can absorb the costs or implement strategies that best suit their business models.
The article Fuel Network launches token with airdrop and promises zero fees for users was first seen on BeInCrypto Brasil.