Fogo, a Solana Virtual Machine-compatible Layer 1 blockchain built for onchain trading, launched its public mainnet on Thursday, Jan. 15.
Its native FOGO token, which launched alongside the network’s mainnet, is currently trading around $0.053, down about 12%, with over $208 million in 24-hour trading volume and a market cap near $198 million, according to CoinGecko. The token’s fully diluted valuation (FDV) stands at about $527 million.
Fogo said its network is currently running 40-millisecond block times and has delivered throughput of more than 1,200 transactions per second with its first mainnet application.
The mainnet launch follows a token sale through Binance, which offered 2% of the FOGO supply at a $350 million valuation, raising roughly $7 million for the Fogo Foundation.
"Fogo exists because infrastructure bottlenecks are the enemy of innovation,” Doug Colkitt, founding contributor at Fogo, told The Defiant. “Dozens of builders will begin deploying applications on Fogo over the coming weeks, and each of them have uniquely benefited from industry-leading block times, near-instant finality, and frictionless UX.”
More than 10 dApps are live at launch, including Valiant (DEX), Pyron and Fogolend (lending), Brasa (liquid staking), and Moonit (token launchpad), according to a press release. The team added that it plans to double its current dApp count over the next few months.
The token is listed on several centralized exchanges, including Binance, OKX, Bybit, and Bitget.
According to Hyperliquid data, FOGO-USDC traded near $0.053, down about 4.7% over 24 hours, with roughly $7.6 million in volume and around $3.7 million in open interest.
Fogo previously ran a public testnet beginning in July 2025, following a private testnet in March, and raised $8 million in a community funding round via Echo in January 2025.
