Fuel Network

Introducing Fuel Network & Highlights

Fuel Labs was founded in 2019 and Fuel v1 began as a layer-2 (L2) scalability technology for a monolithic Ethereum. It was the first optimistic rollup on mainnet Ethereum, deployed at the end of 2020.

Today, Fuel is the fastest modular execution layer. Fuel delivers the highest security and flexible throughput, focusing on a superior developer experience with its technology advantages: the ability to execute parallel transactions; Improved virtual machine FuelVM; Sway, a more developer-friendly dedicated programming language.

Fuel Labs believes that in the era of modularity, block space will no longer be a scarce resource, and the base layer will start to provide more storage space, so data will no longer be an issue. And state and execution will soon come into focus as new bottlenecks. Therefore, they work on the concept of a modular execution layer.

Highlights

• 40 projects are currently being developed in the Fuel Ecosystem, covering various categories such as wallets, DeFi protocols, DEXs, NFT marketplaces, oracles, RWA protocols, and stablecoin protocols.

• The community is robust, with over 550k members across various social media accounts.

• The Fuel Network official website has recorded over 390,000 visits in the last 3 months.

• In September 2023, they announced their Fourth Public Testnet, beta-4 testnet.

• The total funds raised amount to $81.5M across 2 funding rounds.

• John Adler, co-founder of Fuel Network, is also a co-founder of Celestia, the modular data availability network.

• Over 100,000 downloads of Fuel Wallet in the beta-3 testnet.

Features & Products

Introduction

• Data availability layer (where relevant data is made available)

• Consensus layer (where the blockchain reaches consensus on the validity of transactions)

• Execution layer (where transactions are executed)

• Settlement layer (where transactions are finalized)

A monolithic blockchain is a blockchain that contains all 4 key layers. The majority of blockchains are monolithic, such as Ethereum (excluding rollups), Solana, BNB Chain etc.

A modular blockchain refers to the specialization of the above core layers, whereby the various layers utilize each other and combine to form a complete system. The thesis for a modular blockchain is that the specialized separation of layers can enable greater security, scalability and decentralization than could otherwise be achieved.

Parallel Transaction Execution

Fuel delivers unmatched processing capacity through its ability to execute transactions in parallel by using strict state access lists in the form of a UTXO model. This enables Fuel to use far more threads and cores of the CPU that are typically idle in single-threaded blockchains. As a result, Fuel can deliver far more compute, state accesses, and transactional throughput than its single-threaded counterparts.

In sequential execution, the EVM executes one trade at a time, leaving the others on hold until the trade is executed and the block status is not updated, even if the two trades are independent. Parallel execution supports partitioning transactions between multiple processor cores, improving hardware utilization. In a high-throughput chain, increasing hardware resources is directly related to the number of transactions that can be executed. During high frequency activity, the verifier node can delegate more cores to handle the additional transaction load. Dynamic scaling of computing resources allows the network to achieve higher throughput during periods of high demand. In addition, parallel execution improves the latency of transaction confirmation, so that transactions do not need to wait dozens or hundreds of blocks or incur excessive fees for priority confirmation.

Sway Language

Fuel provides a powerful and sleek developer experience with its own domain-specific language, called Sway, and a supportive toolchain, called Forc (the Fuel Orchestrator). Its development environment retains the benefits of smart contract languages like Solidity, while adopting the paradigms introduced in the Rust tooling ecosystem.

Fuel Virtual Machine (FuelVM)

The FuelVM is a fully purpose-built, custom virtual machine for executing smart contracts. Designed to reduce wasteful processing of traditional blockchain virtual machine architectures, while vastly increasing the potential design space for developers.

The FuelVM is optimized to better utilize hardware to increase the throughput of transaction execution. Concretely, it is UTXO based and forces every transaction to explicitly define the UTXOs that it will touch. Since the execution engine can identify exactly what state every transaction touches, it is able to trivially find the transactions that are not contentious and parallelize them.

The FuelVM uses scripts that allow multiple actions to occur without needing to deploy a new contract for each. For example, this means there is no 'approve and TransferFrom functions' as experienced on EVM chains. Instead, this can occur in a single transaction and could help reduce the situation whereby signing approvals gives hackers access to funds in your wallet.

• Fuel as Rollup or L2: The modular execution layer configuration of Fuel itself is similar to L2 with Rollup as the main Rollup deployed on Ethereum. However, the technical scheme of Fuel is different from the Rollup of Zk and OP, but it can be used as a validity or fraud proof system. In addition, currently Rollup is designed for a monolithic blockchain stack, so it has certain limitations, while Fuel can optimize the bandwidth potential of a one-tier main network.

• Fuel as L1: Fuel technology includes running all components as a complete L1. These components include consensus, data availability, settlement, and trade execution. Common configurations to run in this mode are proof of permission and proof of interest through the Tendermint-BFT style. However, the team says this will be limited to the test network because Fuel is positioned more to enhance existing blockchains as a high-performance execution layer.

• Fuel as a status channel: FuelVM is a pricing virtual machine architecture with deterministic state systems, which makes it well suited for multi-party channel designs where all parties must clearly understand the exact state of the system in each communication step or window.

• Fuel as a side chain: Fuel technology also supports operation as a side chain to existing L1s. This means that there is a messaging bridge between L1 and Fuel. In this configuration, data availability will be handled by the side chain and settlement handled by layer 1. Users can also choose to run it in a semi-provable configuration, so users can use proof of fraud to ensure better validity using Layer 1 as an arbiter.

Multi-Token Support, Enabling Native-Level Assets: Multi-token support allows the inclusion of sub-identifiers during asset creation. These sub-identifiers can include valuable metadata enabling native-level NFTs, multi-asset pools, NFT marketplaces, and more.

Parallel Predicate Execution: Parallel predicate execution enables Fuel to take advantage of multiple cores to speed up execution processing. Predicates are stateless and inherently parallelizable, making them a good first candidate for parallelizing the FuelVM. This will benefit the performance of applications making heavy use of predicates, such as predicate-based order books.

Glossary: https://docs.fuel.network/docs/intro/glossary/

Fuel Ecosystem

Aerv Finance: Liquid staking solution on Fuel.

Aori: Non-Custodial, high-performance order book trading infrastructure for decentralized options, spot trading, and OTC settlement.

BSAFE: A multisign tool created to simplify asset management.

Common Ground: The Web3-powered app for communities of all shapes and sizes. Chat, share and earn with your audience and friends.

Fluid Protocol: Fluid is the native decentralized stablecoin on Fuel.

Fuelet Wallet: Fuelet is the leading account abstraction and non-custodial wallet on Fuel.

Fuelstat: FuelStat is a Fuel analytics platform to check out the latest data on Fuel accounts, transactions, and volume.

Fuelart: Fuelart is a next gen NFT marketplace built on Fuel.

Sail Exchange: Sail Exchange is a central limit order book built on Fuel.

Smart Money Labs: Smart Money is a truly decentralized lending and borrowing protocol on Fuel.

Spark: Spark is a predicate-based central limit order book.

Thunder: Thunder is the superior NFT marketplace on Fuel.

Wallet: With the Fuel Wallet, you can explore DApps and manage your crypto assets, all in one place.

Fuel Domains: Fuel Network name service.

Team

The CEO of Fuel Labs, Nick Dodson, is also a co-founder of Fuel Labs, and he founded WeiFund, a decentralized, open-source crowdfunding platform in 2015. The CTO, Brandon, has more than 11 years of experience in software development and started working on the Blockchain Engineering/Technology side in 2017. He worked for 6 years at the Walt Disney Company as a Software Engineer. The CFO of Fuel Labs, Mo Yang, has been with Fuel for 4 years, and he also worked for 4 and a half years in a Tokenization platform as the Head of Finance after his career in consultancy, M&A, and traditional finance. The COO of Fuel Labs, Florian, started his career with Private Equity & Venture Capital and later worked in reputable companies such as Electronic Arts, PlayStation, and Facebook in Business Development-related fields.

The team also includes Tanya, Head of Events, with her experience in this field; Stefania, Head of People Operations, with her experience in this field in previous companies such as Rook Labs, Microverse, and Booking.com; Ruben Amar as Head of Community & Software Engineer, with his experience in YuzuSwap, Oasis Protocol, and other companies; Camila Ramos as Head of Developer Relations, with her previous experience in STEMTank and PayPal; Kalle Moen as Head of Product, who worked as a Product Manager at Immunefi previously.

The team's diverse and extensive experiences, coupled with their dedication, make them well-suited for building the fastest modular execution layer, the Fuel Network. With backgrounds in software development, blockchain engineering, finance, business development, and other relevant fields, the team brings a comprehensive skill set to ensure the success of the Fuel Network.

Investors & Partnerships

In 2021, Fuel Labs successfully raised $1.5 million from prominent investors, including CoinFund, Fenbushi Capital, and Origin Capital, with CoinFund leading the investment round.

One year later, the company closed its strategic funding round, securing an impressive $80 million from key investors such as Blockchain Capital, Stratos Technologies, CoinFund, Maven 11 Capital, Bain Capital Crypto, Dialectic Capital, TRGC, and ZMT Capital. Notably, Blockchain Capital and Stratos Technologies took the lead as primary investors in this round.

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