Surprising Decision from Fogo: Token Sale Cancelled, Airdrop is Coming

Notable developments continue in the world of cryptocurrency. Fogo has canceled its planned 20 million dollar token sale ahead of the mainnet launch scheduled for January. The project management decided to distribute this share directly to the community through the airdrop method. Fogo continues to grow as an altcoin project developed on the Solana Virtual Machine infrastructure.

The project stated that by canceling the previously announced token sale, its aim is to provide a fairer and broader distribution. Robert Sagurton, Director of the Fogo Foundation, emphasized that the most important goal at this stage is to reach early users and loyal community members, but they realized there are more effective ways to achieve this goal. Sagurton expressed that their primary focus is now to directly open to the digital public.

According to the tokenomics plan recently announced by Fogo, 38.98% of the total supply will enter circulation at the launch of the network on January 13. This figure includes a 6.6% airdrop share. Additionally, 34% of the allocation reserved for the core team will be held locked according to a four-year vesting schedule. Significant names such as Distributed Global and CMS Holdings are among the institutional investors, with 8.77% of the total supply allocated to this group.

The share designated for advisors has been announced as 7%. It is particularly noted that the community-focused share is emphasized over that of institutional investors. Following the cancellation of the token sale, it is stated that the Fogo Flames points system will play a central role. Testnet users, those bridging USD Coin, and early participants will be eligible to receive FOGO tokens based on these points. The project team claims this approach will provide a more meaningful distribution to developers and ecosystem participants.

Fogo positions itself as a next-generation Layer 1 network, noted for its 40-millisecond block times, real-time transactions, and low Miner Extractable Value target. Furthermore, it has been shared that during the testnet phase, it reached a capacity of over 1,000 transactions per second. In this context, investors should carefully monitor Fogo's developments in the coming period.