Fuse Network Introduces Key Updates Ahead of Mainnet Launch

Key Takeaways:

• Fuse Network successfully launched its Consensus Contract on the Flash Testnet.
• Critical updates are underway to strengthen Fuse Network's foundation ahead of its mainnet launch.
• The mainnet launch is scheduled for Q4 2024.

On July 29, Fuse Network announced the successful launch of its Consensus Contract on the Flash Testnet. This is a significant step towards improving the network's capabilities, stability, and decentralization as it transitions from testnet to mainnet.

Fuse Network Gears Up For Mainnet Launch

Several critical updates are being introduced to strengthen the platform's foundation and support future growth as Fuse Network transitions from testnet to mainnet.

🚀 We’re excited to announce the successful release of the Consensus Contract on our new Flash Testnet network!

This is a significant milestone in enhancing Fuse Network's capabilities, stability, and decentralization.

Here’s what you need to know 🧵👇https://t.co/xwnYcFUDYe

— Fuse Network (@Fuse_network) July 29, 2024

The network will be integrating Polygon's Chain Development Kit (CDK) to create a ZK-powered Layer 2 network, aiming to improve scalability, security, and interoperability to support new financial models and business use cases in Web3. The mainnet launch is scheduled for Q4 2024.

The new consensus mechanism will cap the maximum supply of FUSE tokens, establishing a deflationary token model to increase the token's value and stability. The maximum stake requirement for validators will also be updated, which may reduce the number of nodes but allow for more community participation in staking.

Fuse is making an upgrade from Open Ethereum to Nethermind in order to enhance network performance, security, and transaction fee stability. This change aims to improve the overall user experience and ensure network integrity.

This latest update follows the launch of Fuse Network's second airdrop campaign on June 17, 2024. The campaign was designed to promote engagement and participation by rewarding users with 2.5 million $FUSE tokens for completing various tasks and quests within the Fuse ecosystem.

The airdrop uses a points-based reward system and ranks participants on a leaderboard based on engagement.

FUSE Token Trades Flat Despite Announcement

Despite this announcement, the price of Fuse Network's native token, FUSE, has not seen a significant price increase. The token has remained relatively stable over the last 24 hours, with just a 1.42% increase compared to the previous day.

According to CoinMarketCap, Fuse (FUSE) is currently trading at $0.041339 with a 24-hour trading volume of $376,516. FUSE ranks as the 1062nd largest coin by market capitalization, with a live market cap of $9,089,722.

FUSE is the native currency on the Fuse Network blockchain and is utilized for various purposes and use cases within the ecosystem. Users pay fees in FUSE to validate transactions, and token holders can stake FUSE tokens to become validators, with a minimum staking requirement of 100,000 FUSE.