What is Fule Labs? Fuel Labs is the world’s fastest Modular Execution Layer platform. Recently Fules Labs has successfully raised up to $80M by many famous investment funds such as Stratos Technologies, Spartan, Dealectic, Coinfund and many others.
So what creates the power to help this platform successfully call for such a huge amount of capital? Let’s find out now with Weakhand in this article.
What is Fule Labs?
Fuel Labs V1 was deployed in 2020. Initially, the project was a Layer 2 platform with the core technology of Optimistic Rollup on Ethereum similar to Arbitrum or Optimism. But now the project has changed its development roadmap to Fuel Labs V2.
Fuel Labs V2 is the fastest Modular Execution Layer, Fuel delivers the best security along with flexible scalability and a focus on developer experience. Fuel Labs has 3 elements that make it different:
- Parallel transaction execution: Fuel uses the UTXO model which helps to execute transactions in parallel which is difficult for conventional EVMs to implement. By implementing parallel transactions, Fuel Labs solves the scalability problem facing Ethereum.
- Fuel Virtual Machine (FuelVM): This is Fuel Labs’ virtual server with its own programming language.
- Developer tooling with Sway Language and Forc: Sway is the programming language used on Fuel Labs. Sway is designed based on today’s popular programming language Rust to help save the number of lines of code when programming to build a project. Besides, Fuel Labs also provides a full set of programming tools for developers.
Core Team
Fuel Labs’ development team includes 3 key members: John Adler plays the role of Co Founder & Vice President, Samuel Aaron plays the role of Co Founder & COO and finally Nick Dodson plays the role of Co Founder & Vice President. CEO.
Investor
- April 21, 2021: Fuel Labs successfully called for $1.5M for the first time with the lead of CoinFund and the participation of Origin Capital or Fenbushi Capital.
- September 7, 2022: Fuel Labs announced a successful fundraising of $80M led by Stratos Technologies and Blockchain Capital, with participation from Maven 11, CoinFund, Bain Capital Crypto, Dialectic, TRGC, Spartan, ZMT Capital,…
Besides, Fuel Labs also has a quite reputable Advisor team in the crypto community such as:
- Ekram Ahmed – Head of Community at Celestia.
- Zaki Manian – Co Founder at IBC.
- Vanessa Grellet – Fund manager at Aglae Ventures.
- Armani Ferrante – Founder & CEO at Coral.
- David Mihal – Founder at Cryptostats.
- EG Galano – Co-Founder at Infura.
Tokenomics
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Exchanges
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Fuel Labs Information Channel
- Website: https://www.fuel.network/
- Twitter: @fuellabs_
- Discord: https://discord.com/invite/xfpK4Pe
- Forum:
Summary
Fuel Labs opens a new future for Modular Blockchain. However, the project’s roadmap has changed in the past, making users quite worried about the future development roadmap for Fuel Labs.
