Fuel Labs, which is developing unauthorized and unreliable Level-2 protocols for Ethereum, today announced a 1.5 million grant, led by blockchain-centric investment firm CoinFund. Other participants include Fenbushi Capital and Origin Capital.
The team at Fuel Labs is creating fuel for the optimistic rollup: a completely decentralized scaling solution that uses the Layer-2 strategy to create a non-custodial, sensor-resistant and unauthorized platform with a unique UTXO-based design. The Ethereum-based protocol has been developed to reduce costs for high-throughput value-transfer transactions.
Fuel users acquire the ability to send and receive using an Ethereum address that requires no registration, and fees can be paid on any token, not just ETH (known as economic abstraction).
“Ethereum’s decentralized blockchain offers almost-limitless possibilities, but the rise in gas fees has created financial barriers and barriers to entry that pose similar challenges for users and developers alike. Fuel Labs’ next-generation Layer-2 protocol addresses these challenges, energy, and more, empowering anyone in the world to transfer and exchange secure and cost-effective fungus tokens. CoinFund’s support provides Fuel Labs with invaluable resources and industry expertise from one of the most successful investment firms in the blockchain, bringing us closer to our vision of sustainable, trustworthy scaling.
– Samuel Aaron, COO of Fuel Labs
Optimistic Rollup: Fuel
Fuel is an optimistic rollup that uses UTXO data models like Bitcoin to gain unparalleled efficiency in terms of transaction validity. In addition to technological excellence, care and attention to user-level issues is a top priority. For example, users can deposit fuel with easy transfer without prior approval and use a smart contract wallet to authorize transactions on fuel.
As an Ethereum Layer-2 protocol, fuel facilitates high-performance, low-delay global transfers via any ERC-20 token or ETH, which is ideal for a variety of applications, including global payment settlement, application-specific tokens, and virtual gaming tokens. .
“The explosive growth of blockchain has created countless applications and changed the way we see technology and money converge, but the space is a complete, usable and enterprise-grade smart contract programming stack to bring innovation momentum and support. Marketing products. Fuel Labs With that stack is building, and we’re proud to support their mission of scalability and developer usability for smart contract applications.
– CoinFund founder and CEO, Jake Brukhman