Fuel network native token FUEL goes live
Fuel Network has announced the launch of its native token, FUEL. The public launch of the $FUEL token today marks a major advancement for the high-performance Ethereum L2 network. This launch aims to provide Web2-like, fee-free experiences while promoting decentralization, giving users a more equitable and verifiable internet experience.
FUEL is live.https://t.co/ZeST9rs9R6 pic.twitter.com/bs9NfZSBf0
— Fuel (@fuel_network) December 19, 2024
Fuel Genesis airdrop to 200,000 qualified users
Fuel announced the eagerly anticipated Fuel Genesis Drop as part of the launch, which will distribute 1 billion FUEL tokens (10% of the total supply) to more than 200,000 qualified participants. These tokens can now be claimed on the official claims page via the Fuel Ignition platform.
In addition, the community that contributed to the project's growth has been rewarded with 2 billion FUEL, or 20% of the total supply. The Genesis Drop, which has a claim period from December 19, 2024, to January 19, 2025, rewards contributions made throughout the Fuel ecosystem.
The FUEL token will be distributed on the Ethereum mainnet as an ERC-20 token with a 10 billion supply. According to the post, the airdrop snapshot has already been taken, and users can use the network's portal to verify their eligibility.
Users can receive the FUEL tokens by signing up for Bitget, Impossible Finance, or Legion. However, in order to prevent regulations that are unfavorable against the platform, the airdrop will not be accessible to users who reside in the United States or the United Kingdom.
FUEL staking
Fuel has added staking and delegation for FUEL tokens on the Fuel Ignition and Ethereum networks in addition to the Genesis Drop. By staking tokens or assigning them to reputable validators, users can now take part in Fuel's decentralized sequencer network.
Staking is active with a 3% yearly inflation rate. For greater security guarantees, participants can stake on Ethereum; for a more affordable, user-friendly experience, they can stake on Fuel Ignition. The two platforms' unstaking mechanisms are different; Ignition permits tokens to be unstaked at any moment following a one-week waiting period, while Ethereum has a two-week unbonding period.
Additionally, it is now easier to switch from the previous Fuel V1 token to the new FUEL token. In order to gain access to the new token, Fuel V1 holders can upgrade their tokens at a 1:100 ratio.
Fuel network funding
Over the course of several funding rounds, the project has raised 80 million dollars, bringing its valuation to $1 billion. The majority of the fund was raised by venture capital firms, such as Blockchain Capital and Bain Capital. The remainder were raised for the general public at a number of ICO and IDO events.
Several large-scale projects have launched and distributed their tokens at the same time as the FUEL token airdrop. These included Pudgy Penguins' native token (PENGU), Movement network native token (MOVE), Magic Eden (ME), Cult memecoin (CULT), and Hyperliquid (HYPE).
Disclaimer
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