Fogo cancels $20 million token presale, opting instead to airdrop tokens to the community before mainnet launch.

Fogo has announced the cancellation of its previously announced $20 million token pre-sale plan ahead of its mainnet launch in January 2026, and will instead airdrop 2% of FOGO tokens originally intended for the pre-sale to the community. The project previously planned to sell 2% of its tokens at a fully diluted valuation of approximately $1 billion. According to the newly disclosed token economic model, 38.98% of FOGO tokens will be unlocked at the mainnet launch, including immediately tradable airdrop shares, tokens for foundation operations, and shares unlocked in installments for core contributors; institutional investors and advisors will receive 8.77% and 7%, respectively. In addition, Fogo has burned the 2% initial token supply originally allocated to core contributors. (The Block)