The Fuse Network announced on July 29 that it successfully released the Consensus Contract on its new Flash Testnet network. Fuse mentioned that the Consensus Contract was now available for Fuse users. The network explained that the upgrades would improve the network’s stability, decentralization, and capabilities.
The network also introduced several updates to prepare for transitioning from testnet to mainnet. Fuse is upgrading from Open Ethereum to Nethermind to improve the network’s performance and security.
According to Fuse, the upgrade will stabilize the network’s transaction fees, reducing volatility and costs. Fuse stated that Nethermind would introduce new and essential EIPs, protecting users from vulnerabilities.
The Fuse Network confirmed the upgrades will lay the groundwork for an efficient, user-friendly ecosystem. The network encouraged its community’s engagement and feedback. Fuse also thanked the community for its continued support and promised to provide a solid foundation for the network’s growth.
Fuse Network changes its consensus mechanism
5/ 💪 Impact of the New Consensus Mechanism:
— Fuse Network (@Fuse_network) July 29, 2024
• Decrease in the number of nodes, simplifying the validation process.
• More staking options for community members.
• Enhanced inclusion and participation on the Fuse blockchain.
The Fuse Network changed its consensus mechanism, capping the maximum FUSE token supply. The cap will introduce the network to a deflationary token model. The network commented that the new model would improve its token’s desirability.
Fuse mentioned that the changes would enhance the token’s price stability and offer community members long-term value. The network reiterated that the model would further support the ecosystem’s improvements and the foundation for its migration to Layer 2.
The blockchain also introduced a new maximum stake requirement for validators, reducing the number of validator nodes. The network explained that fewer nodes would simplify the validation process as validators run fewer nodes to verify transactions.
The Fuse Network stated that the simplified validation process would increase staking options for the community. The network promised its community more inclusion and participation as a result.
Fuse explained that its ecosystem required a stable medium to meet the changing needs of consumers accessing finance in web3.
Fuse launches a zkEVM Layer 2 network
Fuse announced its transition to a zkEVM Layer 2 using the Polygon Chain Development Kit (CDK). The network commented that the transition to the zkEVM architecture influenced its decision to move its mainnet launch to Q4 2024. Fuse said it would shift to an Ethereum-based Zero Knowledge network as its native network post-launch, created by the Polygon CDK.
Users can expect phased testnet adjustments, including the ZK rollup deployment, L1 <> L2 integration, and ZK Validium migration. The network also promised to announce changes to the testnet across its official social media channels.
Fuse confirmed that the Flash Testnet implementing Polygon CDK would be the first step in deploying the new zkVM-powered network. The network will then update key infrastructure providers to support the Layer 2 structure. The Fuse Network also confirmed that developers can test their end-user dApps on the updated network ‘without a new fork.’
The transition aims to improve the network’s scalability, interoperability, and security while supporting the new financial model. Fuse also expects increased transactions per second, decentralized validation, and web3 support. The FUSE token will act as the gas fee token.