Fogo cancels $20 million pre-sale, will airdrop tokens instead in upcoming mainnet launch

Fogo, an experimental Layer 1 blockchain built using the Solana Virtual Machine, has canceled its planned $20 million token pre-sale, which was set to occur at a $1 billion fully diluted valuation and involve 2% of the total FOGO supply. Fogo Foundation Director Robert Sagurton stated the goal was broad distribution, but they found better ways to achieve this ahead of the January mainnet launch. Consequently, the 2% allocation originally intended for the pre-sale will now be distributed via an airdrop. This shift is described as a "doubling down on Flames," referring to the project's points program for early adopters of the testnet, such as Fogo Fishers and Portal Bridge USDC transfer holders. The project's tokenomics have seen other changes, including burning 2% of the genesis supply and naming institutional investors like Distributed Global and CMS Holdings. The strategy pivot will not affect the Layer 1 launch timeline. Fogo aims to deliver 40-millisecond block times and plans to be the first blockchain to implement Jump Crypto's validator client software, Firedancer.

(Source：The Block)