Fuel Labs raises $1.5M led by CoinFund for its Ethereum layer-2 solution
Fuel Labs, which is building permissionless and trustless layer-2 protocols for Ethereum, today announced $1.5M USD of support led by blockchain-focused investment firm CoinFund. Other participants include Fenbushi Capital and Origin Capital.
The Fuel Labs’ team is building Fuel for optimistic rollup: a fully decentralized scaling solution that utilizes layer-2 techniques to create a non-custodial, censorship-resistant, and permissionless platform with a unique UTXO-based design. The Ethereum-based protocol has been developed to drastically reduce costs for high-throughput value-transfer transactions.
Users of Fuel gain the ability to send and receive using any Ethereum address with no registration required, and fees can be paid in any token, not just ETH (known as economic abstraction).
“Ethereum’s decentralized blockchain offers near-limitless potential, but climbing gas fees have created financial hurdles and barriers to entry that pose challenges for users and developers alike. Fuel Labs’ next-generation layer-2 protocol, Fuel, addresses these challenges and more, empowering anyone on Earth to execute secure and cost-efficient fungible token transfers and swaps/. CoinFund’s support provides Fuel Labs with invaluable resources and industry expertise from one of the most successful investment firms in blockchain, bringing us closer to our vision of sustainable, trustless scaling.”
– Samuel Aaron, Fuel Labs’ COO
Optimistic Rollup: Fuel
Fuel is an optimistic rollup that uses the UTXO data model, similar to Bitcoin, to achieve unparalleled efficiency in transaction validation. In addition to technical superiority, care and attention to user-level issues are top priorities. For example, users may deposit to Fuel with simple transfers without prior approvals and may use a smart contract wallet to authorize transactions on Fuel.
As an Ethereum layer-2 protocol, Fuel facilitates high-performance, low-latency global transfers with any ERC-20 token or ETH, which is ideal for diverse applications including global payment settlement, application-specific tokens, virtual gaming tokens, and rewards.
“The explosive growth of blockchain has created countless applications and changed the way we view the intersection of technology and finance, but the space deserves a complete, usable, and enterprise-grade smart contract programming stack in order to support the pace of innovation and bring products to market. Fuel Labs is creating that very stack with the most scalable optimistic rollup in the world, and we’re proud to support their mission of scalability and developer useability for smart contract applications.”
– CoinFund founder and CEO, Jake Brukhman
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Text source: CryptoNinjas
