Fogo cancels $20 million token presale and switches to community airdrop

Foresight News reported that the L1 blockchain project Fogo has canceled its originally planned $20 million token presale (accounting for 2% of total supply). The FOGO tokens intended for the presale will instead be airdropped to the community, and the 2% of tokens originally allocated to core contributors have been burned. According to the tokenomics, 38.98% of the tokens will be unlocked at network launch on January 13, including immediately tradable airdrop shares, tokens for foundation operations, and vested core contributor shares. Token allocation includes approximately one-third for the foundation, 34% for core contributors (four-year vesting), 8.77% for institutional investors, 7% for advisors, and 11.25% for the community.