According to an official announcement, Fuel Labs announced last month the launch of the Fuel mainnet and the Ethereum L2 solution Fuel Ignition. Last night, Fuel announced the launch of the FUEL token, with an initial total supply of 10 billion tokens, of which 20% will flow to the community.
I. Project Introduction
Fuel is an operating system specifically built for Ethereum Rollups. Fuel allows Rollups to address the PSI (Parallelization, State Minimization Execution, Interoperability) issues without having to make any sacrifices.
Ecosystem: Ethereum
Established: 2019
II. Financing Situation
1. September 21, 2021: Fuel completed $1.5 million seed round financing. Led by CoinFund, with participation from Fenbushi Capital, Origin Capital, Blockwall, and multiple other investment institutions.
2. September 6, 2022: Fuel completed $80 million financing. Participated by Blockchain Capital and Stratos, with investments from CoinFund, Maven11, Bain Capital Crypto, Spartan Group, TRGC, Dialectic, ZMT Capital, Blockwall, and Alameda Research.
III. Token Allocation
$FUEL is an ERC-20 token on the Ethereum mainnet but will also be used on L2. Its initial total supply is 10 billion, with 20% allocated to the community, and over 51% used for the community, ecosystem, and R&D. The total circulation of the FUEL token is divided as follows:
1. Community Allocation 20% - For incentives, programs, events, and activations for the Fuel community, unallocated tokens can be used to help establish the sorting network. Staking rewards are only for community activities.
2. Ecosystem and R&D Allocation 15.4% - For ecosystem development and Fuel technology research and development, unallocated tokens can be used to help establish the sorting network. Any staking rewards can only be used for ecosystem development work and achieving L2 level incentives.
3. Ecosystem and R&D Allocation 15.4% - For ecosystem development and Fuel technology research and development. These locked tokens can be staked, and unallocated tokens can be used to help establish the sorting network during the 24-month block-by-block release period. Any staking rewards can only be used for ecosystem development work and achieving L2 level incentives.
4. Contributor Allocation 9.8% - Core project contributors are subject to a 48-month block-by-block linear release of tokens.
5. Contributor Allocation 6.2% - Includes past and present Fuel contributors, who must comply with the 24-month block-by-block linear release of tokens.
6. Buyer Allocation 33.1% - Token purchasers from 2020 to 2022 are subject to a 24-month block-by-block linear release.
