Fuse Network 2023: A Year in Review

Fuse Network 2023

2023 marked a dynamic and transformative period for Fuse Network, catapulting it into the forefront of the Web3 payments and blockchain industry. In the first quarter alone, Fuse Network embarked on a journey of innovation and growth, with several noteworthy highlights setting the stage for a remarkable year. 

Among these highlights was the unveiling of Fuse 2.0, a significant milestone in the network’s pursuit of becoming a dominant force in Web3 payments. This update introduced the concept of Power Validators (PV) and Operators, redefined the network’s branding, and established a mechanism for community involvement. Additionally, strategic partnerships and ecosystem expansion initiatives further solidified Fuse Network’s position as a trailblazer in the blockchain space.

Fuse Network’s unwavering commitment to expanding its ecosystem was evident throughout the year. Collaborations with leading projects like LayerZero laid a strong foundation for increased network interoperability and integration of new features.

As Fuse Network looks ahead to 2024, its commitment to innovation, security, and community engagement remains unwavering. The network’s roadmap includes migrating to Polygon CDK, which will serve as Fuse’s new native network and offer users and developers access to major blockchain ecosystems. A hackathon showcasing the powerful Fuse tech stack, tokenomics changes, and powering payments at Mystic Valley Festival are just some exciting initiatives on the horizon. 

Fuse Network’s remarkable journey in 2023 has positioned it as a pivotal player in the blockchain ecosystem, with a promising future with immense engagement and innovation opportunities. With a clear mission of making Web3 payments mainstream and years of experience in the payments space, Fuse Network is poised for continued success in 2024 and beyond.

Contents 

  • The Mid-Year Surge: Q2 and Q3 Highlights
    • Tokenomic Changes 
    • Fuse Ignite & Web3 Business Grants
    • Bringing Account Abstraction Capabilities to Fuse 
    • 4th Birthday Celebrations & Community Growth 
    • Fuse Token Bridge Launch 
    • Fuse Ambassador Program: Fuse Force

A Strong Start: Q1 Highlights

Q1 of 2023 saw Fuse Network hit the ground running, setting the stage for a year of growth and innovation. Among the noteworthy highlights were:

Unveiling Fuse 2.0

On the road to becoming a dominant force in Web3 payments, we released Fuse 2.0 and an updated White Paper introducing the concept of Power Validators (PV) and Operators in the Fuse Ecosystem. In addition, we released an updated technical roadmap to outline our ambitious plans for 2023, which we implemented to align with Fuse’s goals and revised where necessary, as recently elaborated upon. 

In line with our vision, we applied a fresh coat of paint to Fuse branding and content to embody our commitment to making Web3 payments mainstream, innovative, trustworthy, and secure. This new look set the stage for the future of our network. 

We introduced and implemented the FRC mechanism to actively involve the community in the conversation around PVs, tokenomics, and fees. We established valuable partnerships with Etherspot and Pimlico, who became our inaugural PV collaborators, kickstarting the implementation and enhancement of our model.

As we progressed, we identified certain aspects that didn’t align well with Fuse’s goals. While initially intended to integrate these elements into our tech roadmap, we have realized that pursuing alternative approaches would be more beneficial for the network. This strategic shift is elaborated upon in a recent post, highlighting our commitment to the network’s long-term success.

Ecosystem Expansion

Fuse Network’s commitment to expanding its ecosystem was evident. Collaborations with the renowned interoperability protocol LayerZero laid the foundation for increased network interoperability. Integrating with BlockSpaces allowed for incorporating new features into the Fuse Network, broadening its utility and user base. 

In 2023, we grew the Fuse ecosystem by adding more than 50 integrators and partners. Each was chosen for its commitment to developing solutions and tools that advance Web3 payments and bring Account Abstraction capabilities to Fuse. 

Increased Interoperability with EVM Networks 

The LayerZero collaboration allowed us to develop a robust bridge infrastructure through the Voltage Finance DEX, which allowed Fuse token holders to bridge to and from other major blockchain networks, including Ethereum and BNB Chain. This interoperability unlocked a world of possibilities, enabling users to transfer assets between chains seamlessly.

Thirdweb Adds Fuse SDK Support 

Thirdweb, a Web3 hub that enjoys around a quarter of a million site visitors a month, with over 50,000 developers ranging from independent creators to organizations like Coinbase, deploying over 150,000 smart contracts using the platform listed the Fuse SDK, making it easier than ever for developers to find resources and build on Fuse.

The Mid-Year Surge: Q2 and Q3 Highlights

As the year progressed, so did Fuse Network’s influence and accomplishments. Q2 and Q3 were marked by significant milestones demonstrating the network’s unwavering dedication to making Web3 payments mainstream:

Tokenomic Changes 

To further enhance the network’s functionality and sustainability, the team proposed changes to the tokenomics of the Fuse Network through FRC002. Most importantly, it outlines the importance of transitioning FUSE to a deflationary model, fee burning, and setting a maximum supply for the FUSE tokens. The proposal was positively met with no blockers. In August 2024 – these changes are expected to be implemented on the consensus level.

Fuse Ignite & Web3 Business Grants 

We unveiled a designated fund to stimulate growth and innovation in multiple areas of the Fuse ecosystem. The program focussed on two main areas: liquidity incentives and developer grants.

We received hundreds of applications for the Ignite grant for ecosystem projects. We awarded grants to selected projects such as JiffyScan and PinJam and will soon announce the new recipients. To complement this, the Fuse Business Grants program was launched in Q4, with over 500 applicants from 20 countries in the first weeks. 

Bringing Account Abstraction Capabilities to Fuse 

By mid-year, we started implementing plans outlined in the updated roadmap, namely, going all in on full account abstraction capabilities for developers and businesses building on Fuse. Partnerships with Etherspot, specifically utilizing their Skandha Bundler and further integration with Jiffyscan’s account explorer, laid the foundations for the later release of FuseBox and the Fuse Console in Q4. 

4th Birthday Celebrations & Community Growth 

To celebrate Fuse’s 4th Birthday, the team went into overdrive in August to orchestrate campaigns and reward initiatives for the Fuse community and new advocates. We organized 24 days of giveaways, including exclusive offers from our ecosystem partners. This activity drove significant awareness of the Fuse token and its role in our Web3 payments ecosystem. 

Fuse Token Bridge Launch 

September saw the launch of the native Fuse Token Bridge, powered by LayerZero and monitored by security firm Ironblocks. This allows the seamless transfer of assets between popular EVM-compatible networks such as Ethereum, BNB Chain, Optimism, Arbitrum, and Polygon and gives Fuse token holders further utility. 

Fuse Ambassador Program: Fuse Force 

We unveiled the Fuse Ambassador Program in September to further expand community growth and opportunities. From an original batch of more than 600 applicants, we whittled it down to around 300 during the first phase and now have over 100 phase two participants spread out, advocating the Fuse brand and mission statement worldwide. In December, ambassador applications opened specifically for the Latin American region. 

Find out more about joining the Fuse Force Ambassador program. 

The Grand Finale: Q4 Highlights

As the year neared its end, Fuse Network maintained its momentum, concluding Q4 with a huge announcement:

Collaborating with Polygon to Migrate to Layer 2

Saving the best until last, the biggest news of 2023 is that Fuse is collaborating with Polygon Labs to harness the power of the Polygon Chain Development Kit (CDK) to build a ZK-powered Layer-2 network. 

Driven by its scalability enhancements for Ethereum, unparalleled customization capabilities, privacy options, compliance-friendly architecture, and robust support for the Web3 ecosystem. Polygon CDK stands out as a perfect fit for Fuse and promises to be a massive catalyst for businesses’ adoption of blockchain. The migration to Polygon CDK will take at least 12 months, involving stages like ZK rollup deployment, L1 <> L2 integration, and migration to ZK Validium.

The goal is to revolutionize Web3 payments, offering scalability, customization, privacy, and robust Web3 support. Moreover, the development promises to bring low transaction costs, instant finality, high throughput, and decentralized security to Web3 blockchain payments.

Unveiling FuseBox & Console 

Throughout 2023, we referred to refactoring and improving our tech stack to be the most suitable for businesses and to facilitate seamless Web3 payments at low cost. The release of the FuseBox is the culmination of these efforts and brings together powerful tools such as Flutter and Web SDKs now at the disposal of developers and builders on Fuse.

FuseBox is a one-stop solution for generating user accounts using Account Abstraction. It provides all the essential tools to make user accounts possible and practical. The FuseBox component is pivotal in simplifying this process and handling intricate tasks.

At present, the Fuse Console is a one-stop shop for Fuse token holders. From this central location, users can get Fuse with fiat currencies, stake tokens for rewards, or bridge assets to and from the Fuse Network using the token bridge. In 2024, these innovative development tools will be brought into the Fuse Console and given a user-friendly interface to enable businesses and merchants to easily access services on the network, such as token minting, Account Abstraction wallet deployment, webhooks, RPC nodes, subgraph, and more. 

Alongside these advances came the release of a brand new Fuse Blockchain Explorer, built with the leading, open-source platform Blockscout for users to query Fuse Mainnet and Testnet transactions and activity efficiently and in a more visually appealing way. 

Showcasing Account Abstraction on Fuse 

After waxing lyrical on the benefits of Account Abstraction and refactoring our tech stack to meet the needs of our customers for most of 2023, we ended the year with two critical integrations and the arrival of several products that showcase the power of Account Abstraction capabilities on Fuse. 

Pimlico joined the Fuse blockchain ecosystem to provide bundlers, verifying paymasters, ERC-20 paymasters, and much more to help builders develop an ERC-4337 smart account on Fuse, build a more stable wallet, and iterate faster. At the same time, we cemented our relationship with Etherspot will run a Validator node on the Fuse Network, providing validation services to Fuse token holders and pilot the “Power Validator – Phase 1 – Relaying service,” which aims to optimize bundling services on Fuse.

Showcasing this advance, the Volt mobile app successfully transitioned to having full Account Abstraction capabilities and drove thousands of downloads in Q4 as part of a larger campaign. Similarly, Tweed, a Web3 wallet infrastructure platform, came on board to ensure businesses that want to offer Tweed’s wallet-as-a-service can operate on Fuse and extend payments and token transfers on the network. Furthermore, companies can build loyalty and reward schemes utilizing Tweed’s Web3 wallet solution and Fuse token assets. 

Looking Ahead: What’s Next for Fuse

As we wrap up our journey through Fuse Network’s remarkable year, it’s crucial to peek into the future. With its commitment to innovation, security, and community engagement, Fuse Network is poised for continued success in 2024 and beyond. The network’s roadmap includes

Migrating to Layer 2 Using Polygon CDK – 2024/25 

The intended migration to Polygon CDK will be the development team’s focus throughout 2024 as they take the necessary foundational and later steps to see Fuse build a ZK-powered Layer-2 network utilizing Polygon CDK. 

Once migration is complete, the ZK-powered Layer-2 will serve as Fuse’s new native network and provide users and developers access to the world’s biggest blockchain ecosystems. Fuse’s utility token, FUSE, will be used to pay for gas fees on the network. We will continually update the community on the progress of the migration via our blog and social media channels. 

Web3 Payments

Tokenomics Changes (Q3, 2024) 

The team proposed changes to the tokenomics of the Fuse Network in early 2023 through FRC002. Most importantly, it outlines the importance of transitioning FUSE to a deflationary model, fee burning, and setting a maximum supply for the FUSE tokens. In August 2024 – these changes are expected to be implemented on the consensus level.

To complement these changes at the consensus level and ensure complete transparency, we will create interactive tokenomic dashboards for Fuse, allowing token holders and stakeholders to follow changes, the state of the token, and broader effects on price. 

Industry Impact & Spreading the Word 

The Fuse team will participate and have a significant presence at several local and global events throughout 2024. This, alongside the considerable expansion of the Fuse Ambassador footprint across Latin America and globally, will assist us in spreading the word and getting Fuse tech into the hands of developers and businesses. 

The Mystic Valley Festival in Thailand will showcase the powerful Fuse tech stack in February 2024 with payments powered by Bitazza’s Freedom World app, built on Fuse. This real-world case study highlights the simplicity with which businesses can adopt Web3 payments with minimal budget into resources, hardware, or POS devices. 

All ticket, merchant, and food stall sales will be processed on the Fuse Blockchain through the Freedom World app, with the festival creating and launching its own MYST token to facilitate payments. At the 2020 edition, Fuse processed over $1,000,000 in transactions through 15,000+ payments with $0 in hardware costs for the festival organizers.

Ecosystem Expansion

2024 will see the first projects emerge from the Fuse Web3 Grants Program and start tackling real-world problems with Web3 solutions built on Fuse. Partners such as Chromepay, Sanduk, and Zneakrz will move past their respective testing phases into soft launches and then onto full-scale rollouts. 

Additionally, we have a slew of partnerships and integrations lined up for announcement in early Q1 that will add further clout to our tailored ecosystem of solutions for businesses that want to embrace Web3 payments and loyalty. We will announce these updates via our blog and social media channels. 

Adoption Initiatives

The arrival of FuseBox and Console, complimented by a hackathon in 2024, is aimed squarely at onboarding developers and businesses into the Fuse ecosystem. The mission is clear for 2024: Get more builders developing Web3 apps and services on Fuse alongside growing awareness of Fuse Network more broadly amongst advocates and potential supporters.  

This will be achieved through many targeted and incentivized marketing campaigns for builders and those seeking Web3 funding and support. Additionally, community members can expect to see further listings of the Fuse token on decentralized and centralized exchanges as we look to expand the base of Fuse token holders and total value locked (TVL) on the network. 

We will release the complete 2024 roadmap shortly. Bookmark the Fuse blog and follow us on social media to stay ahead.

Fuse’s 2023 In Summary  

In 2023, Fuse Network experienced substantial growth and significant developments, positioning itself as a leading player in the Web3 payments and blockchain industry. As we enter 2024, Fuse Network is more vital than ever and presents an excellent opportunity for engagement within its ecosystem.

Early supporters of Fuse will know our mission of making Web3 payments mainstream has existed since launching in 2019. Now, the Web3 payments narrative is more vital than ever, and Fuse finds itself well-positioned and equipped to benefit.

Moreover, years of experience in the payments space have allowed us to understand businesses’ needs regarding decentralization and Web3. Effectively making Fuse the best blockchain for business. 

Fuse Network is dedicated to making Web3 payments mainstream, and its track record of growth and innovation positions it as a compelling opportunity for involvement in the blockchain ecosystem in 2024 and beyond.

Follow our social media channels to stay updated:

More Articles

© 2024 Fuse. All Rights Reserved.