Road to Mainnet #2
Welcome to the second issue of Road to Mainnet, our series sharing the latest network updates, DevEx improvements, ecosystem developments and community activities. Stay informed and connected as we progress together towards Fuel Mainnet launch.
Devs, don’t forget to register for the Encode hackathon for a chance to attend exclusive technical workshops, build on Fuel, and win prizes! And be sure to follow @BuildOnFuel, a hub for developers to co-create the Fuel ecosystem.
This month, we’re focusing on progress and innovations happening within the Fuel ecosystem. For developer and network updates, keep an eye out for our next issue.
Without further ado, let’s get into it!
Highlights
Spark launched a lightweight PWA, Bako ID unveiled a new website and an exciting roadmap, and we have new testnet launches from ThunderNFT and Mira.
We produced lots of research this month, including Part I and Part II our new Ethereum series, along with an in-depth Fuel analysis by Delphi Digital.
The initial phase of our $1.3 million Attackathon concluded, significantly strengthening our network in preparation for launch. We extend our heartfelt thanks to the 92 security researchers who participated. As we move into Stage 2, a $65K bounty is now available to whitehats dedicated to securing ThunderNFT’s code.
We launched the Fuel Points Program, offering our users a chance to qualify for future incentives as we move closer to the Fuel Mainnet launch. So far, we've onboarded 18 communities from across the Ethereum ecosystem, supporting up to 25 assets, and as of today, the Points Program accumulated a TVL of $141M. Thank you to every participant for helping us shape the future of Ethereum rollups and for helping empower our Fuel ecosystem partners.
The Fuel Sepolia Testnet is nearing 2 million users, passed 1 million contracts created, and processed over 24 million transactions to date!
Fuel Ecosystem Updates on Testnet
- Spark launched a series of significant development updates aimed at enhancing platform functionality and the user experience. They launched a lightweight Progressive Web App (PWA) version, enabling users to access Spark from their phones seamlessly. Additionally, Spark developed and implemented an order book-based interface for simple token swaps. They updated their Rust SDK, optimizing the indexer and adding new types of limit orders. The new matching engine, now 10x faster, is based on microservices and solvers. Try the Spark trading experience, and join their Discord to provide feedback.
Fluid Protocol is enhancing Fuel’s DeFi ecosystem with an innovative over-collateralized lending platform. Their recent blog post explores DeFi challenges and presents sustainable solutions, such as zero-interest loans, multi-collateral support, a simplified stability system, and the introduction of the native decentralized over-collateralized stablecoin, USDF. Fluid Protocol aims to create a more robust and user-friendly DeFi ecosystem on the Fuel Network.
ThunderNFT’s marketplace is now fully compatible with the Fuel Sepolia Testnet. Users can seamlessly trade NFTs, manage their NFT portfolios, gain insights into collection activities, and engage in various social activities.
Bako Safe introduced an exciting new feature that significantly improves the developer experience, and moves it closer to becoming a complete asset management solution for the Fuel ecosystem. Along with that, Bako has created an API token generation in the vault wallets, and a gateway to visualize contract deployments directly within the app. The step by step guide is described in this article. Try Bako Safe on the Fuel Sepolia Testnet here: https://safe.bako.global/
Bako ID launched their website, highlighting an upcoming identity system based on handles instead of domain addresses. The idea behind Bako ID is to become a singular identity bringing the digital legacy from social media profiles across the multiverse of Rollups and chains. Users can soon claim their social media handles from Farcaster and Twitter during the initial launch phase, unifying their identities from web2 to web3 while escaping the common practice of domain squatting. The Bako ID SDK is available here, and the service will launch simultaneously with the mainnet, and making it compatible with Bako Safe and many other ecosystem projects.
Envio is supporting Fuel’s ecosystem with HyperIndex, a powerful indexing solution for blockchain data. Launched on May 1, 2024, HyperIndex provides seamless and efficient data indexing for the Fuel Network, supporting developers with comprehensive tutorials and documentation. By offering robust indexing capabilities, Envio aims to improve data accessibility and usability within the Fuel ecosystem, fostering innovation and development. Until recently, Envio was only available on EVM-compatible blockchains, and now it has extended support to the Fuel Network, providing a more versatile tool for developers working within the Fuel ecosystem.
Mira, a liquidity hub on Fuel, launched a decentralized exchange on the Fuel Sepolia Testnet: https://x.com/MiraProtocol/status/1820503449081102336
Our infrastructure partner, Subsquid, rebranded to SQD. Be sure to familiarize yourself with their new fresh look!
Kassiopea
Discover the exciting projects in development at Fuel, by exploring the latest innovations and see what’s coming next at app.fuel.network/ecosystem.
Delphi Digital Launches Fuel Report
Research firm Delphi Digital published an in-depth report into how Fuel Network is redefining scalability for modular blockchains. This comprehensive analysis dives into how Fuel addresses critical challenges in the blockchain ecosystem and offers potential solutions to existing inefficiencies.
Here’s our quick summary:
Ethereum serves as the foundational layer for rollups, acting like the hardware of a computer, while Rollup Operating Systems (ROS) manage scalability and efficiency similar to traditional operating systems. Key components of these systems include virtual machines for processing, programming languages for smart contract development, and the toolchain for application management. To scale Ethereum effectively, these elements must work seamlessly together.
However, transitioning from monolithic to modular blockchains presents challenges such as fragmentation and decreased composability of decentralized applications. Existing blockchain architectures, often designed for general purposes, struggle with specific operational needs like state management and cryptographic proofing. Traditional L1 architectures, when adapted for rollups, can limit performance and hinder Ethereum's scalability and user experience.
State growth is another critical issue, with blockchain data accumulation becoming increasingly challenging. As the state size surpasses 900 GB and grows by 50-100 GB annually, managing such growth remains crucial for maintaining performance and decentralization. Efficient state management strategies are needed to prevent bloating and ensure effective blockchain operation.
At Fuel Labs, we address these issues with our new rollup operating system, Fuel. Our innovations include parallel transaction processing, state minimization to preserve decentralization, and enhanced interoperability for cross-chain communication. We support native account abstraction, various wallet connections, and achieve fast finality through hybrid proving mechanisms. Our Modular Execution Layer (MEL) separates computation from verification to improve scalability and security, overcoming the inefficiencies of monolithic chains.
We use the UTXO model, which allows for atomic transaction processing and ensures that outputs do not exceed inputs. This model supports parallel execution and reduces state bloat through strategies like native asset integration and state rehydration. Our stateless account abstraction and hybrid proving approach, along with our developer-friendly ecosystem featuring the Sway programming language and Forc toolkit, mark a significant advancement in modular blockchain development.
With the upcoming mainnet launch, we will showcase Fuel's potential to reshape Ethereum’s execution layer and influence the future of blockchain technology.
Fuel Labs Publishes New Research Series
This month, we launched a multi-part series that covers topics related to scalability and execution on Ethereum. This series aims to provide comprehensive insights into the challenges associated with enhancing Ethereum's performance and capacity, as well as the current solutions working to make it more efficient and scalable for widespread adoption. By exploring advanced topics such as modular blockchain architecture, state management, and innovative rollup technologies, we aim to shed light on the cutting-edge developments driving the future of Ethereum and how they can overcome existing limitations to support a growing decentralized ecosystem.
Part I: Ethereum’s Scalability Crisis: The Execution Layer
Part I focuses on the execution layer's crucial role in processing transactions, executing smart contracts, and maintaining the blockchain state. Despite its importance, this layer often bottlenecks Ethereum's performance and scalability. The article highlights the impact of these bottlenecks on network latency, throughput, and real-world issues like high gas fees and congestion.
Part II: The Missing Piece in Execution
Part II examines the execution layer’s vital role in executing smart contracts and processing transactions within Ethereum. The article details how current Layer 2 (L2) solutions and alternative virtual machines (VMs) address these issues, but also fall short due to persistent challenges and inefficiencies. It highlights the need for purpose-built execution environments tailored to modern blockchain needs, aiming to overcome limitations and enhance performance, efficiency, and scalability for a more robust Ethereum ecosystem.
Events
EthCC
A highlight for Fuel was our Drip side event in Brussels during EthCC. The event was filled with great vibes, and the custom Fuel kicks stole the show!
EthCC Talks
Nick Dodson - "The Final Boss: Solving State Growth"https://ethcc.io/archive/The-final-boss-solving-state-growth
David Mihal - “Stay Hydrated: A new approach for state growth” https://ethcc.io/archive/Stay-hydrated-a-new-approach-for-state-growth
Other talks
Nick joined a discussion on the latest advancements in optimistic and zk rollups, and plasma, emphasizing their potential to drive mass adoption and onboard users into Web3: https://www.youtube.com/live/2UzzaeoouLg?feature=shared&t=6327
David talked about “Chain Abstraction” with Socket: https://x.com/i/broadcasts/1YpJkwkDneoJj
David also attended Fluent’s “Blended Expansion” show: https://streamyard.com/watch/SekHuXCVmYak
What’s Next
Now that we have concluded the first stage of our Attackathon with Immunefi, we are moving forward to an invite-only contest featuring our top 4 dApps within the ecosystem. Beginning August 12th, security researchers will have the chance to audit ThunderNFT’s code and earn their share of a $65,000 bounty.
Encode Hackathon
Ready to test your Sway skills and build with Fuel? Join us for the Fuel x Encode Hackathon, kicking off on September 2nd, 2024. This four-week event features exclusive technical workshops, opportunities to build on Fuel, and a chance to win exciting prizes. With an Open Track prize pool of $30,000, everyone is welcome to participate. The first prize winner will receive $5,000, and there's an additional $15,000 grant available for winners who wish to continue building.
Register here. After registering, brush up on your skills with our recently completed Fuel Educate series.
And that brings us to the end of this issue of Road to Mainnet! Our core team is hard at work tuning the chain for maximum performance - expect to see several updates as we continue to add new features to the testnet and Sway as we move rapidly toward Mainnet.
Follow @BuildOnFuel on X for more updates!