A Comprehensive Analysis of the Modular L2 Newcomer Fuel's Ecosystem
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A Comprehensive Analysis of the Modular L2 Newcomer Fuel's Ecosystem
This article will provide an overview of various innovative projects in the Fuel ecosystem.
Navigating Web3 tides with focused insightsAuthor: Nicky, ForesightNews
On October 16, Fuel Network achieved a historic milestone—the official launch of the Fuel mainnet. Simultaneously, Fuel Labs introduced Fuel Ignition, an Ethereum Layer 2 (L2) solution designed to address the growing centralization challenges in the blockchain ecosystem through its scalable architecture. Built on the Fuel Virtual Machine (FuelVM) and a UTXO-based asset model, Ignition ensures Ethereum-level security.
In September 2022, Fuel Labs raised $80 million in a funding round led by Blockchain Capital and Stratos Technologies, with participation from CoinFund, Bain Capital Crypto, TRGC, and others.
This article explores the vibrant ecosystem projects emerging after the Fuel Network mainnet launch, uncovering early opportunities within this rapidly evolving space.
DeFi
Fluid Protocol
Fluid Protocol is a stablecoin developer on the Fuel Network that recently secured $3.9 million in seed funding from institutions including Bloccelerate and Animoca Ventures.
Founded by David Mass and Meir Bank, who previously worked at Citibank and AngelDAO, the team aims to meet demand for stable digital currencies on the Fuel Network by offering transparent and user-friendly solutions.
Fluid Protocol plans to launch USDF, a native over-collateralized stablecoin on Fuel Network, via a decentralized lending platform that enables zero-interest loans. Users can deposit various assets as collateral to borrow USDF and redeem their collateral at face value anytime, provided they maintain a minimum collateral ratio. Inspired by Liquity, Fluid introduces innovations such as partial liquidations and support for multiple collateral types.
Image source: Official X account of Fluid
FuelUp.Fun
FuelUp.Fun is a launchpad project within the Fuel Network ecosystem enabling users to issue Meme Tokens on Fuel and leverage its "only up" market mechanism—a growth-driven model (GO UP ONLY). Through FuelUp.Fun, users can easily deploy viral-potential Meme Tokens using Fuel’s high-efficiency, low-cost network.
MIRA
MIRA is an open-source, decentralized platform designed to seamlessly connect traders, liquidity providers, and protocols. Its goal is to create dynamic, deep, and fair liquidity markets by driving market development through flexible incentive mechanisms, thereby delivering a superior trading experience for all users.
In 2024, MIRA will launch on the Fuel mainnet as a basic AMM and gradually evolve into a ve(3,3) model to optimize capital efficiency and user incentives. Recently, MIRA launched a points program to encourage user participation and reward liquidity providers, with plans to introduce a governance system and vote-escrowed tokens to strengthen community decision-making.
Image source: Official X account of MIRA
Spark
Spark is a DeFi application developed by Composability Labs for the Fuel Network, integrating perpetual contracts, order books, and lending services. The project employs a multi-collateral cross-margin system supporting diverse asset deposits and complex liquidation protocols to effectively manage risk. With high-performance order books and trading tools, Spark aims to provide developers and traders with greater flexibility and enhanced trading capabilities.
In October, Spark raised $1.5 million in a Pre-Seed round from investors including Fuel, Curiosity Capital, and chainyoda, and is currently raising its Seed round. As part of the Fuel ecosystem, Spark is pushing innovation in DeFi, offering users richer choices and more flexible trading experiences.
Swaylend
Swaylend is a decentralized lending platform built on the Fuel Network, operating atop Ethereum's consensus layer. Based on Compound V3 but rewritten in the Sway language, it features core markets for base assets where users can deposit to earn interest or borrow by paying interest. For example, in the USDC market, users may choose to deposit or borrow USDC.
Education
Cookbook
Cookbook is an open-source platform integrating smart contract registry, search, and development tools, rooted in the Fuel documentation system and tailored for EVM-compatible blockchains.
In May 2023, Cookbook successfully raised $2 million in funding co-led by MaC Venture Capital and Alchemy. The platform enables developers to easily discover and use smart contracts, accelerating project development and improving efficiency.
LearnWeb3
LearnWeb3 is an educational ecosystem in the Web3 space offering extensive courses, resources, and tools to help developers learn and grow in the field.
The platform provides diverse learning paths from beginner to advanced levels, enriched with comprehensive materials, hands-on guidance, and interactive tools, delivering a full knowledge framework and growth opportunities. It helps developers deeply understand decentralized technologies and their applications.
With LearnWeb3, developers can quickly master core Web3 concepts such as smart contract development, blockchain architecture, and dApp construction, building a solid foundation in the industry.
Metaschool
Metaschool is an edtech startup dedicated to democratizing Web3 education. The platform offers an accessible entry point for those interested in Web3, helping beginners and developers quickly acquire essential knowledge.
Gaming
Constellation Battle
Constellation Battle is a game inspired by ancient legends, where players mint monsters and engage in card battles to earn rewards. The core gameplay involves creating monsters with unique genes and weight values—genes determine combat power, while weights influence rewards. Each monster generates a random constellation card daily, with card type determined by its gene and a random number.
Each monster has a "Time of Death" (TOD) countdown. Players must regularly feed fruits to extend the monster’s life; failure to do so results in death and cessation of card generation until revival. Players can list duplicate constellation cards on the marketplace and battle other players—winners take both cards.
Within each game cycle, collecting 12 different constellation cards allows players to synthesize a Zodiac card. Holders of Zodiac cards qualify for prize pools and rewards.
Sway Farm
SwayFarm is a blockchain game in the Fuel Network ecosystem where players grow and sell tomatoes to accumulate wealth, gradually becoming a "Sway Farm Hero." Combining on-chain assets and NFTs with DeFi elements, SwayFarm enhances gameplay interactivity and depth, giving players true ownership of in-game virtual assets. The game aims to attract players with the unique fun and real-world earnings of virtual farming and management.
Indexer
ENVIO
Envio is a modern, multi-chain EVM blockchain indexing framework optimized for speed, enabling efficient querying of real-time and historical data. Its sub-framework, HyperIndex, supports easy querying of real-time and historical data across any EVM blockchain and the Fuel Network. HyperIndex focuses on exceptional performance and smooth developer experience, allowing developers to build real-time APIs for blockchain applications within minutes.
At its core, Envio is designed to deliver peak performance for developers and ensure data retrieval meets multi-chain demands, enabling rapid integration and real-time responsiveness for blockchain apps in the Fuel ecosystem.
Pangea
Pangea is a cross-chain data indexing project in the Fuel ecosystem, providing real-time and historical data for dApps, blockchains, and protocols. Pangea allows users to access blockchain data on-demand—whether raw on-chain data or aggregated analytics. Data is delivered directly to user devices, ensuring full control. Its infrastructure delivers trustless, verifiable data support, accelerating innovation and modular blockchain development.
Sentio
Sentio is a Web3 observability platform offering integrated, hosted modern monitoring, alerting, log management, and debugging services for decentralized applications.
In February 2023, Sentio announced a $6.4 million seed round at a $32 million valuation, led by Lightspeed Venture Partners, with participation from Hashkey Capital, GSR Ventures, and others.
Observability refers to measuring a system’s current state based on generated data. In crypto, applications are built atop smart contracts, yet no standardized process exists for this. This forces many developers to either build internal solutions combining fragmented third-party tools or operate without such monitoring—increasing operational risks.
Sentio breaks this impasse. Using its SDK, users can easily collect metrics and event logs derived from smart contract events, transactions, traces, and states—across blockchains including Ethereum, Aptos, Polygon, and Avalanche. Sentio fully manages indexing and enables users to build visual dashboards via its web interface.
These capabilities allow real-time monitoring of dApp operations, timely detection of anomalies, and alerts for specific on-chain activities. Sentio’s integrated solution simplifies dApp operations while significantly enhancing security and stability.
NFT
Executoors
Executoors is an innovative NFT project in the Fuel ecosystem aiming to create an ideal execution environment. Through uniquely attributed NFT roles, it emphasizes efficient and precise operations on decentralized platforms. Each Executoor possesses distinct properties capable of executing various tasks, advancing dApp development. The project also plans community-driven features, allowing holders to participate in future development and governance, enhancing user engagement and ownership.
Fuel Pumps
Fuel Pumps is an NFT project on the Fuel Network consisting of 1,999 OG PFPs commemorating the launch of Fuel V1. Participants are known as Fuel Runners. Each pump holds unique potential, requiring active management for optimal performance and stability, leveraging Fuel’s modular architecture to advance dApp development.
Props
Props Octane is an NFT Launchpad platform on the Fuel Network, helping creators mint and showcase their NFTs while providing developers with the Props SDK for efficient dApp and smart contract development.
On-Ramp (Fiat Onboarding)
Banxa
Banxa is a fiat-to-crypto gateway in the Fuel ecosystem, offering secure and convenient conversion services to help users exchange traditional fiat for cryptocurrencies. As a fintech platform, Banxa supports multiple payment methods including credit cards, Apple Pay, ACH, and SEPA, serving regions worldwide. It partners with centralized and decentralized platforms such as MetaMask and dYdX.
Oracles
ORAO
ORAO is a decentralized data service platform designed for blockchain ecosystems, specializing in verifiable randomness for multi-chain environments like Solana and Fuel. Its Verifiable Random Function (VRF) technology enables fast, bias-resistant random number generation, ideal for NFT minting, airdrop distribution, game level generation, and lotteries. In the Fuel ecosystem, ORAO’s VRF empowers developers to generate secure, fast on-chain randomness, delivering fairer and more transparent user experiences for dApps.
Pyth
Pyth Network is a decentralized oracle delivering high-frequency, accurate market data to smart contracts. By aggregating data from global exchanges and market providers, Pyth updates prices every 400 milliseconds across multiple asset classes, including cryptocurrencies and equities. Currently active on over 40 blockchains, Pyth bridges DeFi and traditional finance, reducing data access costs and increasing efficiency.
RedStone Oracle
RedStone is a blockchain oracle similar to Chainlink and Pyth Network but built with a modular design. In July, RedStone closed a $15 million Series A round led by Arrington Capital, with participation from Kraken Ventures, Berachain’s Smokey the Bera and Homme Bera, and Ether.Fi’s Mike Silagadze, among other angel investors.
Prediction Markets
Griffy
Griffy is an innovative prediction market platform dubbed the "NASDAQ of Opinions." Users can trade views on real-world events—from sports and politics to celebrities and fashion—in a stock-like manner. This decentralized approach enhances user engagement and provides valuable market insights for brands and institutions.
Social
Fuel Name Service
Fuel Name Service (FNS) is a decentralized domain name service built on the Fuel blockchain. It allows users to convert complex blockchain addresses into easy-to-remember names, simplifying crypto transactions and digital identity management. FNS improves user experience, supports integration with smart contracts and dApps, and facilitates broader blockchain adoption by enhancing security and convenience in the digital world.
Common Ground
Common Ground is a Web3-based social app providing an interactive platform for communities. Users can chat with friends and audiences, share content, and earn rewards through participation. Emphasizing decentralized social experiences, it enables creators to engage with members, boosts community activity, and offers a secure, private communication environment. This model meets rising demand for decentralized platforms, creating new income streams for users and creators alike.
Guild
Guild is an automated membership management tool designed to streamline community administration across existing platforms. It offers efficient member management, allowing admins to oversee multiple communities from one place, minimizing manual work. This decentralized utility improves user experience, strengthens community organization and engagement, and is ideal for fast-growing projects in the Web3 ecosystem.
On-Chain Tools
Charcoal Transpiler
Charcoal Transpiler is a tool that converts Solidity code into Sway code, now available on Sway Playground. It helps developers migrate Ethereum smart contracts to the Fuel Network, leveraging the efficiency and security of the Sway programming language. With Charcoal Transpiler, developers can quickly adapt to the Fuel ecosystem, accelerate development, and enhance cross-chain flexibility.
Lync
Lync is an SDK suite designed for game and NFT development in the Fuel ecosystem, offering developers powerful tools to simplify project creation. Leveraging Fuel’s high throughput and low latency, Lync supports smooth gaming experiences and tradable NFTs, advancing decentralized entertainment. Its release is expected to attract more developers to the Fuel ecosystem, expanding its application scope.
Wallets
Bako Safe
Bako Safe is a native multi-signature wallet for the Fuel Network, offering a secure and flexible asset management solution. Requiring multiple signers for transaction authorization, it significantly enhances security. Deeply integrated with the Fuel ecosystem and easy to use, Bako Safe is ideal for enterprises and individuals needing high security standards to protect their assets.
Fuel Wallet
Fuel Wallet is an integrated digital wallet allowing users to conveniently manage crypto assets and explore decentralized applications (dApps). As a key component of the Fuel ecosystem, Fuel Wallet features a user-friendly interface and robust security, delivering a one-stop Web3 experience. It enables safe, seamless asset management and access to a wide range of dApps within the Fuel ecosystem.
Fuelet Wallet
Fuelet Wallet is a secure, user-friendly digital wallet that has already attracted over 200,000 users. Designed specifically for exploring the Fuel ecosystem, it offers an intuitive interface and strong security, helping users easily manage and trade digital assets. As the Fuel ecosystem grows, Fuelet Wallet becomes a vital bridge connecting users to the Fuel Network.
Looking Ahead: The Limitless Potential of Fuel Network
This article outlines key projects across the Fuel ecosystem, spanning DeFi, NFTs, oracles, and more. Fuel Network is committed to building a high-performance, modular blockchain network that enhances developer experience through innovation and attracts a growing number of projects. Initiatives like Spark, Executoors, Pyth, and Fuel Wallet offer developers, users, and communities rich functionality and streamlined platforms, showcasing Fuel’s strong scalability and vast future potential.
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