FuelEV, a new player in the Web3 space, has announced its ambitious plan to take full advantage of the Internet Computer Protocol (ICP) by transitioning to a Decentralized Autonomous Organisation (DAO) via the Service Neuron System (SNS). This strategic move promises to reshape how fuel-related services function within the Web3 ecosystem, bringing a new level of decentralisation and community-driven governance.
The platform is designed to give developers a space where decentralised applications (dApps) can thrive, operating fully on-chain. This is possible due to ICP’s capabilities, which allow services to be built and run in a 100% decentralised environment. As a result, FuelEV’s shift to DAO status through SNS opens the door to a new era where token holders have a direct say in the platform’s future. This change is set to create a truly decentralised ecosystem that operates beyond traditional corporate control, instead enabling the community to have a hand in its governance and direction.
FuelEV’s decision to implement tokenised governance introduces a novel approach to decentralisation. By leveraging the SNS technology from DFINITY, FuelEV will integrate token staking and voting to allow its users to directly influence the project’s operations. Token holders will have the ability to propose, vote on, and approve changes to the ecosystem through a decentralised model. This transition will not only elevate FuelEV but also strengthen the broader Web3 ecosystem, ensuring the project remains accountable to the community it serves.
As part of the decentralisation process, FuelEV has outlined a detailed token distribution plan. The total supply of FUEL tokens will amount to 1 billion, with 25% of that supply being allocated for the decentralisation sale, which amounts to 250 million tokens. The remaining 75% is divided between the founding team (15%) and the treasury (60%). This distribution ensures that FuelEV remains well-funded while also providing a significant portion to those who choose to participate in the decentralisation sale.
The decentralisation sale is set to open with a minimum of 50 participants and a minimum contribution requirement of 1 ICP. The maximum contribution allowed is 100,000 ICP, while the total ICP raised through direct participation is capped at 200,000 ICP. The flexibility of these limits ensures that both small and large participants can take part, while also encouraging a broad level of community engagement in the project.
FuelEV has also established certain governance parameters. Neuron participants must stake a minimum of 5 SNS tokens to cast votes on proposals, with a minimum dissolve delay of 3 months for neurons to be eligible to vote. The maximum dissolve delay for a neuron is set to 4 years, ensuring long-term stability for the platform’s governance structure. The ledger transaction fee for FuelEV will be set at a modest 0.001 FUEL, making it accessible for users to interact with the platform without worrying about excessive fees.
The token’s design also encourages long-term participation. With only a portion of the total token supply being made available during the decentralisation sale, FuelEV aims to gradually bring on new participants and decentralise the platform over time. The project’s commitment to transparency and decentralisation sets the stage for a sustainable future where the community, rather than any centralised authority, has control over the platform’s evolution.
However, not all regions are eligible to participate in the decentralisation sale. Several countries have been excluded from the offering, including Afghanistan, Cuba, Iran, North Korea, and Syria, among others. This exclusion is due to regulatory concerns and compliance with international laws. Participants from eligible countries must also meet the required minimum ICP commitments to take part in the decentralisation sale.
FuelEV’s transition into a DAO is a significant milestone, not only for the project itself but for the broader Web3 ecosystem. By adopting decentralised governance, FuelEV is setting an example for other projects looking to incorporate blockchain technology in a way that benefits users, rather than centralised organisations. The fuel sector, traditionally dominated by large corporations, will now see a shift towards decentralisation, with FuelEV leading the charge.
The potential of FuelEV to drive change in the fuel industry and beyond is undeniable. With the power of the Internet Computer’s decentralised capabilities and the community-driven approach through DAO governance, the project is well-positioned to redefine how services in this space operate. As FuelEV moves forward with its decentralisation efforts, the community will play a crucial role in shaping its future, ensuring that it remains aligned with the needs and interests of those who contribute to its success.
The decentralisation sale is scheduled to close on February 14, 2025, at 12:45 PM, offering a final opportunity for participants to get involved in this pioneering project. With a limited number of spots available and clear commitments from the team, FuelEV is set to make a lasting impact on the Web3 space. As the fuel industry evolves, FuelEV’s use of SNS technology and DAO governance could pave the way for new and innovative projects to follow suit.
FuelEV’s move into decentralisation represents a key moment for the Web3 community, signalling a shift toward a future where governance and decision-making power is more equally distributed. This transition will offer the opportunity for greater community involvement and a stronger, more transparent platform that is built by the users, for the users.
As decentralisation and blockchain technology gain momentum, FuelEV’s progress could lead the way for the next generation of Web3 projects. With increasing pressure on centralised systems, the shift to a DAO marks a pivotal move toward a more community-driven and decentralised future.