After raising more than 80MUSD and launching their testnet, Fuel Network is in the news. Crypto investors are speculating there could be a possible Fuel Network airdrop.
In this article, we are going to discuss:
- What is Fuel labs?
- How much funding has been raised by the fuel team?
- Who are the leading team members?
- How to get possible Fuel Airdrop?
What is Fuel Labs?
Fuel Labs is a highly efficient execution layer for the modular blockchain technology stack. Fuel v1 started off as a L2 scalability solution targeting monolithic Ethereum.
The initial rollup was done on the mainnet Ethereum, which was deployed in late 2020. Now Fuel works as a modular execution layer that performs at an amazing speed.
As a layer 1 blockchain, it boasts top-notch speed. The company behind Fuel recently raised a substantial sum from top-tier investment funds. They have recently entered the beta testing phase with the launch of Beta 2.
Fuel Labs market themselves as “The World’s Fastest Modular Execution Layer”.
“Blockchains are moving away from a monolithic design, where consensus, data availability, and execution are tightly coupled. The future is modular, where execution is separated from data availability and consensus (e.g. tomorrow’s Eth2, or Celestia). This separation allows for specialization at the base layer, delivering a significant increase in bandwidth capacity.” – Fuel Labs
SwayLang is a specialized language that is designed for the Fuel Virtual Machine (FuelVM). The FuelVM is an optimized virtual machine that aids in creating smart contracts in a blockchain environment. SwayLang utilizes the syntax of Rust and enables developers to efficiently write smart contracts on the FuelVM without having to use overly lengthy code.
They have impressive architecture and are aiming to build their own programming language and EVM. Fuel Labs is also supported by many renowned names including Blockchain Capital, Stratos, Coinfund, Maven11 Capital, Fenbushi Capital, Blockwall, Spartan and many more.
In a modular execution layer, all transactions are parallelly executed, which results in an increase in throughput and scalability. It also helps in lowering the transaction fee amount and growing the TPS.
Funding Raised by Fuel Labs
To date, Fuel Labs has been known to raise 2 major rounds of investments and is funded by a total of 13 investors. In April 2021, they held a “Non-equity Assistance” funding round and raised around 1.5 million dollars. Origin Capital, Fenbushi Capital, and CoinFund were the three investors in this round.
In September of 2022, Fuel Labs raised its highest investment round so far. They got approximately 80 million dollars from around 11 investors, including, Stratos Technologies, Blockchain Capital and Spartan.
Team Behind Fuel Labs
Fuel Labs is led by a highly capable and renowned team. John Adler is the co-founder and vice president of Fuel Labs. Adler is also the Co-Founder and Chief Research Officer at Celestia and additionally worked at ConsenSys as an Applied Researcher & Development Engineer. Nick Dodson is the second Co-Founder & CEO at Fuel Labs. the company is further strengthened by the leadership of Samuel Aaron as the COO and Brandon Kite as the Senior Software Engineer.
How to get Fuel Airdrop?
We can see the popularity of Fuel Labs also developing massively in the future and there is a high potential for an Airdrop. Currently, the platform has a testnet in function using which you can increase your chances of getting the airdrop.
Step 1: Use SwaySwap
Using the platform’s SwaySwap mechanism you can interact with the protocol and multiply the likelihood of being eligible for an airdrop.
To do this you will have to head to the official website of Fuel Labs.
After this just click on “Experience Fuel” which will take you to the page of the SwaySwap dApp.
Now select “Launch App”. Upon clicking, it will take you to a Github page which will ask you to create a wallet first.
After that it will show you an option where you can ask for test ETH. Sometimes you may see an error message at this step. Wait for a minute, and retry.
It should work, and you should be able to create a wallet in the next step.
Next, you will see a Uniswap like UI on your screen. There, you will be able to swap your ETH.
You will already be given 0.5 ETH which you can swap for DAI.
Step 2: Providing Liquidity
The next thing we need to do is provide some liquidity.
To do so you have to initially follow the same steps.
Head to the official website of Fuel Labs.
After this just click on “Experience Fuel” which will take you to the page of the SwaySwap dApp.
Now select “Launch App”. After this instead of selecting the swap option just switch to the Pool option.
Then select “Add Liquidity”, fill in the amounts for DAI and ETH and then select “Create Liquidity”.
Step 3: Explore more dApps
Another way by which you can improve your chances is by testing more dApps on the testnet.
To find a list of these dApps, visit the website and click on resources.
After this just click on “Articles” and you will be able to find the list under “Projects building on Fuel”.
The thing to keep in mind before Trying for Fuel Airdrop
One important aspect you need to remember is that this protocol is still a little new and will develop more in the future.
Hence be connected with the new developments in the platform by following its social media platform.
Be engaged with Fuel’s Twitter and discord to keep yourself up to date.
You will also stand the chance to get new information about their upcoming launches like mainnets, etc.
Read Related Airdrop Articles
- DefiGourmet Review: This tool can help you hunt Airdrops (and How)
- Upcoming Crypto Airdrops: Blockchain Projects that could potentially Airdrop tokens in 2023
To Conclude:
Fuel Labs is a promising modular execution layer that is developing constantly. They aim at providing users with the best possible services and recolonising the industry.
The project holds a lot of potential and its Airdrop does seem to be one you should look out for. However, remember that the most important thing to keep in mind is that you must do your own research.
No investment decision must be made without proper research and this philosophy is applicable to airdrops as well.
