Original Author: shushu

In the process of Solana's return to its peak, the SVM track has become extraordinarily lively, with Eclipse and Sonic leading the way, followed by SOON and Fogo, all backed by well-known teams and investors. Recently, Fogo announced the completion of two rounds of financing, with over 3,000 angel investors on its investor list.

What is Fogo?

Fogo is a new type of SVM chain currently under development, which aims to provide "institutional-grade" financial services on-chain by combining the performance of traditional finance with decentralized infrastructure.

Fogo is currently in the developer network (devnet) phase and reportedly has achieved over 54,000 transactions per second. The testnet is expected to launch in the first quarter of this year, with the mainnet anticipated in the second quarter.

Fogo has already begun to criticize the new public chain Monad, claiming it is "too slow." According to its white paper, Fogo has the following three main features:

1. Unified client implementation based on Firedancer: Through a high-performance client implemented purely with Firedancer, FOGO can achieve performance levels unattainable by other networks (including Solana).

Firedancer is a high-performance Solana-compatible client implementation by Jump Crypto, showcasing higher transaction processing throughput than current validator node clients through optimized parallel processing, memory management, and SIMD instructions.

Firedancer has two versions: "Frankendancer," a hybrid version that uses Firedancer's processing engine and the Rust validator node's network stack; and a complete Firedancer implementation with a fully rewritten C network stack, which is currently in the later stages of development. Both versions maintain compatibility with the Solana protocol, and FOGO will initially launch the network based on Frankendancer, gradually transitioning to pure Firedancer.

2. Multi-local consensus and dynamic co-location: Allowing validator nodes to coordinate their physical locations at different times while maintaining independent cryptographic identities in different regions, FOGO achieves block times and latencies far lower than other mainstream blockchains.

The inspiration for multi-local consensus comes from the "follow the sun" trading model in traditional financial markets. In this model, market making and liquidity provision migrate between major financial centers as the trading day progresses, enabling continuous market operations while maintaining concentrated liquidity in specific geographic areas.

3. Curated set of validator nodes: By carefully selecting a set of validator nodes, FOGO incentivizes high-performance operations and prevents predatory behavior at the validator node level.

In the initial phase, the selection of the validator node set will be conducted through Proof-of-Authority, transitioning to direct management by the validator node set thereafter. By delegating selection authority to the validator node set, FOGO can punish abusive behavior through social layers without increasing centralization.

Can you trade without SOL? Fogo's future expansion

In Fogo's white paper, there is a section dedicated to its future development plans. To expand network access and improve user experience, FOGO may introduce a feepayerunsigned transaction type, allowing transactions to be executed without SOL in the initiating account. This feature, combined with the on-chain fee payment program, enables users to pay transaction fees using SPL tokens (such as TRUMP, MELANIA, or BARRON) while maintaining protocol security and validator node compensation.

Users construct transactions that include their intended operations and SPL token payments to compensate the final fee payer. These transactions can be effectively signed without specifying a fee payer, allowing any party to complete the transaction by adding their signature and paying the SOL fee. This mechanism effectively separates transaction authorization from fee payment, allowing accounts with a zero balance to interact with the network as long as they hold other valuable assets.

This feature is implemented with minimal protocol modifications, requiring only the addition of a new transaction type and on-chain program to handle relay compensation. The system creates an efficient market for transaction relay services while maintaining the security properties of the underlying protocol. Unlike more complex fee abstraction systems, this approach does not require changes to the validator node payment mechanism or consensus rules.

Crypto OG Ming Nai, the SVM rising star with no shortage of funds

On January 25, SVM L1 Fogo completed $8 million in financing in "less than two hours" on the angel investment platform Echo, founded by Cobie, with a token valuation of $100 million. The Echonomist led the investment, with participation from 4 CMS Holdings, Big Brain Collective, and Patrons. Last month, Fogo had just completed a $5.5 million seed round, led by Distributed Global with a $5 million investment.

Fogo's co-founder, former Jump Crypto executive Robert Sagurton, stated in an interview that four Echo investment groups participated in this round of financing:

• The Echonomist led by Cobie invested $6 million;

• 4 Ventures of CMS Holdings invested $1 million;

• Big Brain Collective led by The Block CEO Larry Cermak invested $500,000;

• And Patrons led by Synthetix and Infinex founder Kain Warwick invested $500,000.

Meanwhile, Fogo's founding team has strong ties to Solana, cryptocurrency, and traditional finance.

According to Sagurton's LinkedIn, he worked at Jump Crypto for over five years, serving as the head of global digital asset sales and a business consultant. Before joining Jump Crypto, Sagurton worked at enterprise blockchain company R3, JPMorgan, State Street, and Morgan Stanley.

Fogo's co-founder is Douglas Colkitt, also the founder of Crocodile Labs, who developed the decentralized trading platform protocol Ambient Finance (formerly CrocSwap), which is also planned to be deployed on Fogo.

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