Solana VM Blockchain Fogo Cancels $20M Token Sale, Opts for Airdrop

TLDR: 

• Fogo cancels $20M token presale, distributing 2% of tokens via airdrop instead.
• Fogo Flames points program rewards early testnet users and bridge participants.
• Core contributors receive 34% of tokens locked, while community owns 11.25%.
• Solana VM blockchain targets 40ms block times and 1,000+ TPS on testnet.

Fogo, an experimental Solana VM blockchain, has canceled its planned $20 million token presale ahead of its January mainnet launch. 

The project will now distribute tokens through an airdrop targeting early adopters and participants in its Fogo Flames points program. The decision emphasizes rewarding community members who contributed during the testnet phase.

The cancellation follows a recent 2% burn of Fogo’s initial token supply, permanently reducing the total supply. 

The airdrop will allocate the same 2% of tokens originally reserved for the presale to loyal supporters. The mainnet launch is scheduled for January 13, when the first rewards will be redeemable.

Fogo Airdrop and Token Distribution Plan

Fogo’s airdrop program will reward Fogo Fishers, Portal Bridge users, and early USDC bridge participants. 

The team stated on X, “We have taken a snapshot of Fogo Fishers, Portal Bridge points holders, and all USDC transfers since the initial presale announcement.” Tokens will be redeemable after the mainnet launch, reflecting the project’s commitment to early community support.

The project’s tokenomics reveal that 6.6% of tokens are allocated for immediately tradable airdrops. 

Core contributors receive 34% of tokens locked under a four-year vesting schedule, while the Fogo Foundation controls about one-third of the initial supply. Institutional investors such as Distributed Global and CMS Holdings hold 8.77%, and advisors receive 7%.

In addition, 11.25% of Fogo’s tokens were allocated to community ownership through prior Echo crowdfunding sales. 

By distributing tokens via airdrop rather than presale, the blockchain ensures broad and fair participation. The Fogo Flames points program remains central to distributing tokens to developers, community members, and ecosystem participants.

Technical Features and Network Development

Fogo operates on the Solana VM, targeting 40-millisecond block times and over 1,000 transactions per second on its testnet. 

The blockchain will integrate Jump Crypto’s validator client software, a first for any network. This integration aims to reduce malicious MEV while supporting real-time trade execution.

The Layer 1 blockchain is designed to support developers and community members while maintaining high efficiency and network reliability. 

Fogo’s airdrop strategy aligns token distribution with active participation in the ecosystem, encouraging users to engage before the public mainnet launch.

By focusing on airdrops, Fogo shifts away from traditional presales, rewarding early supporters and ensuring meaningful token distribution for its community.

The post Solana VM Blockchain Fogo Cancels $20M Token Sale, Opts for Airdrop appeared first on Blockonomi.