Fuel Labs raised $1.5 million for its Ethereum layer 2 solution, led by CoinFund »CryptoNinjas

Fuel Labs is building a permissionless and trustless layer 2 protocol for Ethereum, and today announced a $1.5 million support. Investment company focusing on blockchain Currency fund. Other participants include Fenbushi Capital and Origin Capital.

The Fuel Labs team is building Fuel for Optimistic Aggregation: a fully decentralized scaling solution that uses layer 2 technology to create a non-regulated, censorship-resistant, and permissionless platform with a unique UTXO-based design.this Ethereum-based protocol It has been developed to significantly reduce the cost of high-throughput value transfer transactions.

Fuel users can use any Ethereum address to send and receive without registering, and can pay in any token, not just ETH (known as economic abstraction).

“Ethereum’s decentralized blockchain offers almost unlimited potential, but rising gas costs have created financial barriers and barriers to entry, posing challenges to users and developers alike. Fuel Labs’ next-generation layer 2 protocol Fuel solves these challenges and many more, enabling anyone on the planet to perform safe and cost-effective transfers and exchanges of interchangeable tokens/. CoinFund’s support provides Fuel Labs with the most success from the blockchain field The valuable resources and industry expertise of one of our investment companies brings us closer to the vision of sustainable, trustless expansion.”
– Samuel Allen, Chief Operating Officer of Fuel Lab

Optimistic summary: fuel

Fuel is an optimistic aggregation that uses a UTXO data model similar to Bitcoin to achieve unparalleled efficiency in transaction verification. In addition to technical advantages, caring about and paying attention to user-level issues is also the top priority. For example, users can deposit funds into Fuel through a simple transfer without prior approval, and can use smart contract wallets to authorize transactions on Fuel.

As the Ethereum layer 2 protocol, Fuel can promote the use of any ERC-20 token or ETH for high-performance, low-latency global transmission, which is very suitable for various applications, including global payment settlement, application-specific tokens, virtual game tokens And rewards.

“The explosive growth of the blockchain has created countless applications and changed the way we look at the intersection of technology and finance, but this space deserves a complete, usable, enterprise-level smart contract programming stack to support the pace of innovation and Bringing products to market. Fuel Labs is creating the most scalable and optimistic aggregate stack in the world, and we are proud to support their mission of scalability of smart contract applications and developer availability.”
– Jake Brukhman, Founder and CEO of CoinFund

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