Fogo launches high-speed blockchain mainnet after $7 million Binance token sale
Fogo, a new Solana Virtual Machine-based blockchain, launched its mainnet aiming for 40-millisecond block times after raising $7 million via a token sale on Binance.Summary
Fogo, a new blockchain built on the Solana Virtual Machine (SVM) and developed by former Wall Street executives, is launching its public mainnet with the goal of achieving 40-millisecond block times, positioning it as significantly faster than rivals like Solana and Sui for trading applications.
The launch coincides with the ability for "Fogo Flames" points holders to convert rewards into FOGO tokens, which are immediately tradable on major exchanges including Binance. Ahead of the mainnet rollout, the Fogo Foundation disclosed a strategic token sale on Binance, raising approximately $7 million by selling 2% of the FOGO tokens at a $350 million valuation.
The project previously raised $8 million in a community round via Cobie's Echo protocol and secured a $5.5 million seed round. Fogo's testnet has demonstrated high performance, topping leaderboards with a max TPS of 136,866. Around 10 decentralized applications (dapps), including Valiant and Brasa, are set to go live on the mainnet.
(Source：The Block)