According to The Block, Layer 2 developer Fuel Labs has officially launched the mainnet of its Optimistic Rollup network, Ignition, with a focus on a parallelized, UTXO-based model. Powered by the FuelVM virtual machine, the network employs a UTXO-based, asset-centric transaction model that provides parallelization for high throughput. Built specifically for blockchain execution, FuelVM provides performance suitable for scaling decentralized applications. According to Fuel Labs, Ignition can process more than 21,000 transactions per second per core. Fuel was originally launched in 2020 as a Layer 2 Optimistic Rollup on Ethereum, called Fuel V1, which uses a modular approach and acts as the execution layer for various Layer 2 blockchain configurations. Earlier this year, Fuel Labs switched to a "Rollup OS" strategy.