Ignis , Fogo and Snapchain Are the Projects That Will Accelerate the Issuance of New Tokens

These projects will serve as a testbed to pave the way for other projects.

Author: Ignas , DeFi Research

Compiled by: Tim, PANews

The issuance of new tokens has slowed down, but I believe it will accelerate soon because:

* We will see an increase in the number of interesting projects launching their own tokens

* These projects will serve as a testbed to pave the way for other projects

In this post I want to highlight a few protocols that appear frequently in my Twitter feed. However, it seems that not everyone is familiar with what they do.

So, if you are one of those people on Twitter who posts spam and waits for token airdrops, but has no idea what they do, then this post is for you.

Initia: The "Garden of Eden" of Multi-Chain Ecosystem

Initia completed its first sale in Echonomist Group on Cobie’s Echo fundraising platform.

Cobie's Echo fundraising platform has only completed three project financings so far, so Initia is worth bullish. In addition, the mainnet launch + airdrop plan may be launched at any time (but it seems to have been postponed to April).

If I had to choose one word to sum up Initia, it would definitely be "intertwined" .

Initia is an L1 network that builds a modular application chain ecosystem by integrating different L2s.

This sounds like Ethereum, but Initia hopes to solve the problems that ETH maximalists are dissatisfied with Ethereum.

Unlike Ethereum L2, which operates in isolation, Initia deeply integrates L1 and L2 networks to build an intertwined ecosystem. These second-layer networks are called "Minitias". This design idea is similar to the subnet of the Avalanche protocol (recently renamed L1).

Unlike Ethereum, but similar to Avalanche, the OPinit stack supports three major virtual machine architectures: EVM, MoveVM, and WasmVM. This means that developers can choose the programming language they are most familiar with for development.

This may make ETH bulls salivate. Initia's on-chain liquidity mechanism allows staking INIT tokens alone, or using approved INIT-X liquidity pool tokens (trading pairs with INIT tokens) to obtain yield rewards through the Delegated Proof of Stake (DPoS) mechanism.

Built-in liquidity is good Ponzi economics, which forces 50% or more of INIT to be used as a trading pair. These LP tokens must be authorized through a whitelist.

Similar to Berachain, Initia also has a native decentralized exchange: InitiaDEX built on Layer 1 based on the Move programming language. It is the liquidity hub of the Omnitia ecosystem, and from what I understand, even between different L2s, most of the liquidity will flow through InitiaDEX (and the mandatory configured INIA liquidity pool).

Initia has many more features, such as a native cross-chain bridge (called Minitswap) and a Vested Interest Program (Rollups can earn rewards by creating DAPPs and expanding new use cases for INIT tokens), but for me, the four core features mentioned above are still the most prominent highlights of the project.

Initia integrates the demands of Ethereum native users for Ethereum into one product, creating an intertwined ecosystem.

Tokens and Fundraising

The token economics details have not yet been fully revealed. Initia only shared four relevant details:

* 50% of the supply is allocated to VIP and reserved liquidity pools

* Staking rewards not unlocked for Insiders

* Enjoy a discount of about 30% on the community round.

*15% for investors

We can expect the Initia project to adopt an airdrop method with vesting, because its co-founder Zon once wrote that "vesting is a gift. It prevents you from selling too early and forces you to keep your faith."

In September 2024, Zon also revealed to The Block that Initia completed a $14 million Series A financing with $350 million FDV, and investors included Theory Ventures, Delphi Ventures, Hack VC and other institutions.

The testnet has an incentive mechanism, so feel free to interact with the official testnet website, claim test tokens and participate in the ecosystem. All details can be found on its testnet page.

As usual, I don’t have high expectations for testnet activity.

Overall, the Initia ecosystem is well-established, but a key question remains: Will builders and users choose to participate deeply in it?

Fogo: The fastest Layer 1 blockchain

Fogo, another project that launched a token sale on Cobie’s Echo fundraising platform, raised $8 million at a $100 million valuation.

Fogo uses a highly optimized version of the Solana validator client Firedancer, developed by Jump Crypto, as the only execution client on its network.

Firedancer isn’t even live on the Solana network yet. Solana will soon benefit from the Fired