How did FOGO become the dark horse in the SVM track? Jump Trading pushes full-chain Firedancer to create traditional financial grade performance

Recently, the Solayer public chain with hardware acceleration SVM has issued tokens, and the market has also focused on SVM public chains such as SOON and Eclipse. This article will introduce another relatively obscure SVM public chain dark horse FOGO, and see how they support the reputation of the high-performance SVM public chain.

FOGO Aims to Solve the Problem of Traditional Blockchain Throughput and Latency

Compared to Web2, the performance of Ethereum is still not enough, even Layer 2 cannot break through the limit of 1,000 TPS. Although Solana's design goal is to pursue higher efficiency, due to the limitations brought by client diversity, it will currently experience congestion at around 5,000 TPS. In contrast, traditional financial systems such as NASDAQ, CME, and Eurex operate routinely at over 100,000 transactions per second.

Supplement: Nodes and clients are often confused, nodes are "roles" or "devices/systems existing on the network", while clients are the "software that executes the role". A computer (hardware) only needs to install and start the client of a certain blockchain, and then connect to the blockchain network to become a node in that blockchain. In other words, a node is the entire "physical/instance" that includes the hardware environment, network connection, and the execution of the client software; the client is the "program" itself that helps you interact with the blockchain network.

Therefore, in the application layer, people often use "node" and "client" interchangeably, but to express it precisely: when you say "I want to run a node", it actually means "run (a certain blockchain) client software on my computer or server". When you say "what is a blockchain client", it refers to the "software itself that interacts with the blockchain network".

In addition, latency is also a major difference between blockchains and Web2. Due to the pursuit of extreme decentralization, the traditional blockchain architecture uses a globally distributed set of validators, and runs without geographical considerations, thereby generating basic performance limitations. Even in ideal propagation conditions at the speed of light, it takes about 130 milliseconds to circle the earth. The real-world network has even more distance and infrastructure latency. Once multiple transmissions between validators in multiple regions are involved, these delays will be amplified.

FOGO's solution to these two major problems is to adopt an all-Firedancer node and adopt co-located consensus, while retaining the decentralization advantage of global consensus as much as possible.

The SVM Public Chain FOGO of the Whole Chain Firedancer

FOGO is a Layer 1 public chain that adopts SVM, which means that protocols running on Solana can be ported to run on FOGO. FOGO uses Firedancer across the entire chain, Firedancer is a client software proposed by Jump Trading at the Solana Breakpoint in September 2024, which increases transaction throughput through optimized parallel processing, memory management and SIMD instructions.

Firedancer currently has two versions:

• Frankendancer: a hybrid of the Firedancer transaction processing engine and the Rust validator network stack.
• Firedancer: a full C language network stack with higher performance.

FOGO will initially use Frankendancer and eventually migrate fully to Firedancer.

Emulating the Foreign Exchange Market, Launching Multi-Local Consensus to Meet the Needs of Transactions at Different Time Periods

Multi-local Consensus dynamically adjusts the physical location of validators to minimize latency and improve performance. This is inspired by the "Follow-the-Sun" trading model in the foreign exchange market: trading activity at different time periods takes place in different financial centers (moving from Asia, Europe to North America). This can reduce the latency of cross-regional transactions while maintaining liquidity.

The three main advantages of regional rotation:

• Avoid single jurisdiction risk (prevent government intervention).
• Enhance infrastructure resilience (prevent data center failures).
• Optimize performance (can adjust the optimal region based on market demand).

Can You Use the $TRUMP Token $SOL to Pay gas fee?

FOGO's initial number of validators is set between 20 and 50. Initially, it will adopt a Proof-of-Authority (PoA) mechanism, and then transfer power to the validator community. Validators must meet a minimum staking requirement to ensure that participants have sufficient economic incentives. Inefficient or MEV-abusing validators can be expelled through validator community voting.

The FOGO whitepaper also mentions the SPL mechanism, which means that even if the wallet does not have $SOL, it can use tokens like $TRUMP to pay the transaction fee, which is quite user-friendly.

FOGO Community Fundraising Valuation Estimated at $100 Million, Founder Previously Served as Senior FX Executive at Major Brokerages

FOGO co-founder Robert Sagurton previously served as a senior executive in the foreign exchange departments of J.P.Morgan and Morgan Stanley, and also worked as a business consultant and global digital asset sales manager at Jump Trading for five years. The list of contributors to the project also includes Compound founder Robert Leshner, former FTX executives, and Tristan Yver, the co-founder of Backpack and Madlads. This suggests that the project has connections to the FTX, Jump Trading, and Solana ecosystems.

FOGO's seed round fundraising was around $5.5 million, and the project subsequently raised $8 million in a community fundraising round on the Echo platform, with a valuation of around $100 million. Investors include Distributed Global, CMS Holdings, Kain Warwick, Larry Cermak, and Cobie, the founder of the Echo platform. It is worth noting that Cobie has invested in several high-performance public chains, including Monad, MegaETH, and Initia, as well as Ethena. MegaETH had previously also raised funds on the Echo platform.