Financed 80 million, recently everyone is busy with KYC for participating in the community round, what exactly is Fuel?
Fuel Network is an innovative modular execution layer project focused on solving Ethereum's scalability issues, aiming to enhance blockchain performance and usability through an efficient virtual machine architecture and development tools.
Project Overview
1. Technical Features: Modular Architecture: Fuel separates the execution layer from the consensus and data availability layers, allowing for more flexible cross-chain interactions and scalability;
UTXO Model: Adopting Bitcoin's Unspent Transaction Output model, optimizing state management, and reducing blockchain state bloat;
Parallel Transaction Execution: Supports true parallel processing through FuelVM, significantly improving throughput;
Sway Programming Language: A Rust-style language designed for developers, simplifying smart contract development and enhancing efficiency.
2. Ecosystem: Supports projects such as decentralized finance (DeFi), NFTs, and exchanges, promoting the adoption of a modular execution architecture;
Currently in early development, including the launch of applications like Swayswap and Fuelart.
Progress and Planning
1. Financing and Team:
Raised 80 million USD, led by well-known investment institutions such as Blockchain Capital and CoinFund;
The team is co-led by John Adler (one of the founders of Optimistic Rollup) and Nick Dodson, possessing a strong blockchain technical background.
Development Progress:
Currently in the Beta 4 testnet phase, with a mainnet expected to launch in early 2024;
Tokens have not yet been released, but the market anticipates related plans, and an IDO with Impossible Finance is underway.
Fuel Token Economics
1) Total Supply: 10,000,000,000 FUEL
2) 20% allocated to the community: 5% for community development (shared by participating platforms), 15% for incentives, projects, events, and engagement.
3) 16% allocated to contributors: Developers of the Fuel tech stack and users who contribute to the growth and success of the Fuel ecosystem.
4) 30.8% allocated to ecosystem and R&D: Used to support ecosystem development and advance Fuel technology research and development.
5) 33.1% allocated to buyers: Distributed to users who purchased tokens between 2020 and 2022.
