According to Foresight News, The Block reported that Layer 2 developer Fuel Labs officially launched the mainnet of its Optimistic Rollup network Ignition, focusing on parallelization and UTXO-based models. The network is powered by the FuelVM virtual machine, adopts a UTXO-based, asset-centric transaction model, and provides parallelization for high throughput. FuelVM is built for blockchain execution and provides performance suitable for scaling decentralized applications. According to Fuel Labs, Ignition can process more than 21,000 transactions per second per core.

Fuel was originally launched in 2020 as a Layer 2 Optimistic Rollup on Ethereum, called Fuel V1, with a modular approach, acting as an execution layer for various Layer 2 blockchain configurations. Earlier this year, Fuel Labs shifted to a "Rollup OS" strategy.