Fogo cancels $20M FOGO presale, pivots to airdrop

Fogo, an SVM Layer 1 chain, has canceled its planned FOGO token presale and will instead airdrop the tokens allocated for the sale, The Block reported. The allocation, valued at $20 million, represents 2% of the total FOGO supply. Fogo is scheduled to launch its mainnet in January of next year.