Fuel Labs Launches Ignition Rollup Network

According to a report by The Block, Layer 2 developer Fuel Labs has officially launched its mainnet for the Optimistic Rollup network Ignition, which focuses on parallelization and a UTXO-based model. The network is supported by FuelVM virtual machine and uses an asset-centric transaction model based on UTXO to provide parallelization for high throughput. FuelVM is built specifically for blockchain execution and provides performance suitable for scaling decentralized applications. According to Fuel Labs, Ignition can process more than 21,000 transactions per second per core. Fuel was originally launched as a Layer 2 Optimistic Rollup on Ethereum in 2020, called Fuel V1, using a modular approach to act as the execution layer for various Layer 2 blockchain configurations. Earlier this year, Fuel Labs shifted towards a "Rollup OS" strategy.