Fuel Labs announced the launch of its new Layer 2 network Ignition mainnet on October 16, which adopts the UTXO model and supports parallel transactions. Fuel Labs said that Ignition can process more than 21,000 transactions per second on a single core, and its underlying FuelVM virtual machine provides efficient execution capabilities for decentralized applications. CEO Nick Dodson pointed out that Ignition aims to leverage the security provided by the Ethereum mainnet and avoid blocking problems in the global state tree to improve network scalability and remain user-friendly on consumer-grade hardware. (TheBlock)