Fuel Labs Raises $80 Million For Fastest “Modular Execution Layer”

Fuel Labs, a startup aiming to speed up cryptocurrency transactions, announced the completion of a $80 million funding round.

In the latest announcement last night, Fuel Labs announced its successful $80 million funding round. The event marks an important milestone for the module implementation layers in the blockchain community.

Accordingly, Blockchain Capital and Stratos Technologies rose to the top of the fundraising round. Besides the participation of Alameda Research, CoinFund, Bain Capital Crypto, TRGC, Maven 11 Capital, Blockwall, Spartan, Dialectic and ZMT by Sam Bankman-Fried. In addition, Ekram Ahmed, head of communications at Celestia Labs, is a strategic advisor.

Fuel Labs is a global group of “decentralized” passionate developers building blockchain scaling technology. The project engineering team created the Optimistic Rollup model and contributed to the rollup, blockchain virtual machine and secure smart contract programming language. Fuel Labs rolled out the first Optimistic Rollup to the Ethereum mainnet in 2020.

Fuel highlighted three key aspects of its technology in the announcement: The ability to execute transactions in parallel; Fuel Virtual Machine; The developer experience is structured around the Sway programming language.

Now, with over 60 engineers, Fuel positions itself as a “modular execution layer (MEL)” – subtly different from layers-2 like Polygon. The project hopes to significantly improve bandwidth without sacrificing the security benefits and decentralization of Ethereum.

“The core premise is that we keep seeing new chains pop up all the time, but people are not trying to retain the security and decentralization of the existing systems that we have,”

Nick Dodson, co-founder at Fuel Labs, told The Block in an interview

Fuel, Dodson added, wants to deliver “the maximum amount of security possible, but also the highest possible flexible throughput.”

“We’ll just aim to have the absolute best developer experience out there,(…). I think it will set a new standard for how blockchain development will happen.”

He said

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