FUEL (Fuel Network) rose 5.74% in the last 24 hours.

Gate News Bot news, on September 2, according to CoinMarketCap data, FUEL (Fuel Network) is currently priced at $0.01, with a rise of 5.74% in the last 24 hours, reaching a high of $0.01 and a low of $0.01. The current market capitalization is approximately $36.1 million, an increase of $1.96 million from yesterday.

Fuel Network is a new high-performance Ethereum Layer 2 network powered by FuelVM. It is designed for home validation and can scale to meet all demands. Fuel V1 set multiple precedents in 2020, being the first optimistic rollup on the Ethereum mainnet and the first project to achieve second-phase security state. Fuel features parallel processing, state minimization, native account abstraction, and native assets, achieving over 600 TPS on Ethereum data availability, with transaction fees as low as $0.0002 and a block time of 1 second.

Important recent news about FUEL:

1️⃣ Fuel Labs launches Ignition testnet Fuel Labs recently launched the Ignition testnet, which is a new type of rollup network focused on parallelization and the UTXO model. The launch of the Ignition testnet marks a significant advancement for the Fuel Network in terms of technological innovation and performance optimization, which may have a positive impact on the market performance of the FUEL token.

2️⃣ FUEL Token Airdrop Plan Announced Fuel Network announced that it will airdrop 10% of the new token supply to 200,000 wallets. This large-scale airdrop plan is expected to increase Fuel Network's user base and ecosystem participation, which may drive demand for FUEL tokens.

3️⃣ Ethereum validator withdrawals drive the development of liquid staking protocols The activation of the Ethereum validator withdrawal feature has prompted approximately $30 billion in funds to flow into Ethereum liquid staking protocols. As an Ethereum Layer 2 solution, Fuel Network may benefit from this trend as more funds and activity could flow towards Layer 2 networks.

From a technical perspective, the 5.74% rise of the FUEL token within 24 hours may be related to these positive developments. The technological innovations and ecosystem expansion efforts of Fuel Network in the Layer 2 space, combined with the overall growth of the Ethereum ecosystem, have jointly driven the short-term market performance of the FUEL token.

This message is not intended as investment advice. Investors should be aware of market volatility risks.