Fuel launches its own token

The second-level project Fuel, which positions itself as "the fastest modular execution layer in the world," is launching its namesake token as part of its network decentralization strategy. This was reported on the project's official social media channels.

The total supply of the FUEL token will be 10 billion ERC-20 tokens. One-fifth of the coins will be distributed among the community, including users of the testnet and participants in the Fuel Points program. According to the developers, the token will secure the Fuel sequencer and present "an economic incentive structure that eliminates transaction fees." Users will benefit from a mechanism that allows them to tie tokens to their applications.

CEO and co-founder Nick Dodson stated that the launch of FUEL is a turning point for Fuel, as it not only secures their network but also addresses the fundamental issue of transaction fees faced by users in many blockchain ecosystems.

Previously, we reported that the crypto exchange Binance launched On-chain Yields financial products.