Upcoming FuelEV SNS Decentralization Sale

[fueldao]

Greetings ICP Community!

Introduction

FuelEV (formerly known as FuelDAO) is a decentralized platform for vehicle ownership and vehicle rentals. The key tenet of our platform is to tokenize vehicles, which in turn can be owned fractionally by users worldwide. These real world assets (RWAs) can generate passive income through various revenue streams like car rental networks or ridesharing networks.

How FuelEV works

1. Vehicle Tokenization Platform: As discussed above, vehicles tokenized on the platform can generate passive income for their fractional owners. As part of a future roadmap, car owners will have the opportunity to become a part of FuelEV by registering their vehicles on our platform. They will receive FUEL tokens for every mile driven. These tokens will help cover essential costs such as maintenance and energy expenses, and additionally, owners can earn extra incentives based on user ratings and demand.

2. Ride Booking Platform: Introducing our advanced car rental booking platform, that allows you to book a car to rent from the available fleet. Just select a pickup and dropoff date and time, select your preferred car, enter your contact information and pay. We will expand this service to allow car owners to list their vehicle for rent. This experience would be delivered by our sophisticated algorithm will then match the user with the nearest available vehicle based on various factors including proximity, availability, and user ratings, ensuring a seamless travel experience.

3. Electric Fleet: The first vehicle in our fleet is going to be the 2024 MG ZS EV. We intend to keep atleast 80% of our fleet purely electric, promoting a green and sustainable mode of transportation. We’re also committed to being inclusive to our users who would prefer gasoline vehicles, by building a 20% fleet of conventional fuel vehicles.

   

4. Unique Token Economy: FuelEV’s native token FUEL can be earned through a variety of ways such as providing rides, maintaining vehicles, and even contributing to the betterment of the FuelEV ecosystem. Moreover, users can utilize the FUEL tokens they’ve earned to pay for rides, gain access to premium services, and participate in key governance decisions.

Proposed Token Distribution

Total Supply: 1 Billion FUEL Tokens

The Initial Distribution of FUEL Tokens at the SNS Sale is as follows:

• 60%; Reserved for Treasury
• 25%: Allocated to the Decentralization Sale
• 15%: Allocated to the Founding Team

Funding Target

We are targeting a minimum of 40,000 ICP to a maximum of 200,000 ICP. The initial SNS configuration would be:

What’s changed

Since our last attempt failed to materialize, we took the community’s feedback to heart. After a lot of hard work, here’s what we’ve been upto since then-

1. Shift of operational focus to India: The world’s third largest automotive market has a niche we’re very excited about- serving premium customers through our car rental service. Our founding team has extensive experience building in India, and we believe this is a more cost-effective location to begin operations.

2. Vehicle Acquisition: No funds from the DAO will be used to acquire vehicles. Instead, our membership model will allow potential global investors to invest in vehicles through the tokenization framework. Only these funds would then be used to acquire vehicles.

3. Revenue streams: In addition to maintaining a fleet for our car rental service, we also intend to maintain a fleet that would be deployed onto existing ridesharing networks like Uber Black. This service is currently being piloted in India, but thanks to our network with the Uber executive team- we’ve received approval to enlist our vehicles onto Uber Black. This would help us track performance across both verticals, and determine future course of action regarding fleet deployment.

4. Car rental service: We’re in the process of acquiring our first vehicle (the MG ZS EV), and the booking platform will be launched shortly. We’ve also received strong inbound interest for our service, with a waitlist of 100+ people within just 15 days. We’re attaching images below of what our fleet listed on the car rental service would look like.

5. Business page: We strongly believe in the ethos of transparency. We’re soon going to be launching an additional page on our website that tracks all our business metrics like total revenue, yield, carbon offset etc. The community will also be able to see our list of bookings, as well as GPS & dashcam data from the deployed vehicle.

Relevant Links

1. Our Updated Whitepaper
2. Website
3. Source code-

• GitHub - Fuel-DAO/fuel-dao-backend
• GitHub - Fuel-DAO/fuel-ev-ai
• GitHub - Fuel-DAO/fuel-ev-in

[jennifertran]

Hello @fueldao team,

Welcome back; glad to see that you are trying again.

From the guidelines standpoint:

1. Can you please share the final SNS.yaml init file?

2. Can you please ensure all of your code is open-sourced? It would also be great if you could provide a technical architecture diagram so community members can easily review the code.

3. Can you please also add detailed READMEs to each repo outlining what the code is for, what the code does, etc.?

4. Can you please update the roadmap with estimated timelines?

5. Can you please check on the website? The website takes one minute to load for me on Chrome on a Mac - can you please take a look at the loading time?

[jennifertran]

It would also be helpful if you could tell the community more in detail what you’ve been up to since your last proposal. The current description can be improved.

When will you acquire the first vehicle? Is the product launched? Are any investors onboarded?

[fueldao]

Hey @jennifertran,

We’re excited to be back and trying again

It has been an interesting journey since we last attempted an SNS decentralization sale. After going through the valuable community feedback, we realized that while Spain continues to remain an exciting market- it is not the most cost-effective market to begin operations from. Our search for an alternate market landed us in India, which most of our founding team members belong to and have built companies in. India, while being more cost-effective comes with its own set of legal and regulatory challenges. We spent a lot of time navigating the bureaucratic redtape in the country with respect to the regulatory requirements to set up our operations here. With the help of some of the top law firms in the country, we strengthened our business model and legal structure to ensure we’re fully compliant with local laws and regulations. In the meantime, we conducted user interviews to understand what their pain points were. In a duopoly of Uber and Ola in the Indian cab market, users complained of poor cab quality and unreliable experiences. Similar complaints were seen in the car rental space, and we realized India now has a sizeable population that needs premium and reliable services. This is not being tackled by anyone in the rental space, and we decided to carve out a niche for ourselves here.

Another challenge we faced was with vehicle acquisition. A look into India’s market will tell you that a lot of companies in the ridehailing space (namely Uber, Ola, Shoffr, Blusmart, Evera etc.) have been investing very heavily into building EV fleets. This led to a shortage of available commercial EVs in the country. After painstaking efforts and negotiations at the corporate level with Morris Garages India, we’ve finally been able to acquire the MG ZS EV. We now await its delivery, which should be in the next two weeks. In the meantime, we’ve continued building our product suite- namely the car rental booking platform and revamped our car tokenization platform. The launch of our car rental booking platform will coincide with the delivery of our vehicle. We expect this vehicle to be fully booked for a month and have revenue flowing in from day one of launch, thanks to our large waitlist.

The loading performance of our website seems to be doing okay. We used a Google provided benchmarking mechanism to test it (screenshot below). This is a client rendered single page app served from a canister, so naturally it’s not going to be the fastest web app out there.

Please find the links to our SNS.yaml init file, our roadmap with estimated timelines, and our source code-

• GitHub - Fuel-DAO/fuel-dao-backend
• GitHub - Fuel-DAO/fuel-ev-in
• GitHub - Fuel-DAO/fuel-ev-ai
• GitHub - Fuel-DAO/fuel-dao-offchain-backend

Allow us sometime to share the technical architecture and add detailed READMEs to all the repos. Thank you!

[JaviArroyo]

Hello everyone,

I’m Javier Arroyo Ferrer, leader of ICP HUB Canada & US and partner at its official accelerator, Quantum Leap Labs

I wanted to share a message in this thread regarding FuelEV and explain why I wholeheartedly support this project and am proud to be part of its founding team.

My Journey with Internet Computer:

For those who don’t know me, I’ve been involved with Internet Computer almost since Genesis, as an investor, contributor, and passionate advocate for its groundbreaking technology. Over the years, I’ve focused on expanding Internet Computer’s presence, particularly in Canada and the US, by raising awareness and educating others. I’ve organized and participated in dozens of events, meetups, conferences, hackathons, and courses, forming partnerships with more than 25 top North American universities (including MIT, Harvard, Stanford, Columbia, UCLA, UBC, and U of T).

I’ve supported dozens of ecosystem projects, launched my own podcast (Let’s Talk ICP), and backed many SNS projects through investment and collaboration. Additionally, I’ve helped ICP DEXs secure listings on platforms like DEXTools and DEXScreener, fostered partnerships with CoinMarketCap, Killer Whales or LearnWeb3 among others, and supported projects transitioning from other ecosystems or Web2 to build on ICP through Quantum Leap Labs, among many other contributions not mentioned here.

These efforts reflect my unwavering commitment to the success of Internet Computer.

Why I’m Part of FuelEV:

I’ve known the founding team of FuelEV for years, and I’ve never seen the level of passion and dedication to Internet Computer that they bring to the table. They live and breathe ICP 24/7. Their expertise spans smart contract canister design, tokenomics, SNS, marketing, and everything else essential to building a profitable and successful project.

The team is composed of experienced entrepreneurs with expertise in go-to-market business models and an extensive network of contacts, communities and investors.

FuelEV’s ambitious mission to tokenize real-world assets (RWA), specifically electric vehicles, represents an untapped niche with enormous potential. The opportunities that blockchain, and Internet Computer in particular, offer in this space are unmatched.

Of all the RWA projects I’ve encountered, whether focused on gold, real estate, or luxury goods, none come close to the visibility and impact FuelEV can achieve. Imagine: the moment the first car starts operating in Mumbai, with the Internet Computer logo prominently displayed, it will serve as unparalleled advertising, driving massive protocol adoption.

This is more than just visibility, it’s about creating tangible connections between blockchain and the real world, making this technology accessible to everyone.

A Scalable and Fair Model:

FuelEV is built for long-term success, starting in Mumbai, India, with plans to expand to other countries and continents. The project’s scalability is remarkable, and its model is fundamentally fair.
• No Liquid Tokens for the Team: Our tokens are locked and vested over four years, ensuring alignment with the community’s interests.
• No VCs: By keeping venture capitalists out, we’ve avoided centralized control. This decision ensures fairness and keeps the focus on what truly matters, the community.

A Movement, Not Just a Project:

FuelEV is more than a project; it’s a movement powered by people. Together, we are building something sustainable, meaningful, and truly innovative.

For all the reasons explained above, we have decided to step forward, learn from past mistakes, and come back stronger than ever.

Thank you for being part of this journey.

Javier Arroyo Ferrer

[fueldao]

Hey @jennifertran,

Please find our technical architecture attached below, and we’ve added detailed READMEs to all repos

[jennifertran]

These questions are more related to the product, not in relation the guidelines:

1. How will you scale if there are commercial EV shortages?

2. How much does each vehicle cost? How many investors do you estimate to need to purchase a vehicle?

3. What do you think the relation between token holders and vehicle owner investors will be?

[fueldao]

The premium EV segment in India has been heating up, the demand of which has surprised even top premium EV manufactures like Morris Garages India, BYD Auto, Hyundai Motor India and Mahindra Electric. Fortunately, we don’t anticipate a long-term impact on vehicle availability that would affect our ability to scale. All the aforementioned companies have ramped up manufacturing over the past few months and will continue doing so all through 2025. Here are some interesting developments in the Indian EV space-

• Morris Garages India just recently launched the MG Windsor, expected to take MG India’s total EV sales to 50% of their total sales. They’ve also ramped up manufacturing to increase their current capacity by 5x over the next couple of years.
• Hyundai India recently concluded the country’s largest ever IPO by raising $3.3Bn. They’re focused on improving EV technology and ramp up investment in manufacturing and R&D.
• Mahindra Electric recently announced two new premium EVs- the BE 6 and XEV 9e. They’ve come in with industry-beating features and technology, including a minimum 550km+ range on both vehicles.
• The Indian Government’s Ministry of Heavy Industries is aiding this domestic manufacturing push through it’s Faster Adoption and Manufacturing of Electric Vehicles (FAME) subsidy. Currently in its Phase 2, significant efforts are being made to upkeep charging infrastructure, electric car components and more to boost time to market and reduce maintenance costs.

We’re also in touch with key executives across all the aforementioned automakers, and are confident on the long term future of India’s EV story.

The electric vehicle market is priced competitively across India. Factoring in variables such as state, taxes and available subsidies- premium electric vehicles we’re focused on are priced anywhere between $20,000 to $30,000. The number of investors required to purchase a vehicle will depend on a number of factors- location of investors, affordability index in their regions (impacting availability of surplus income), investment interest into particular city networks etc. While this will remain a dynamic and evolving requirement, we initially estimate it to require around 15-25 investors to purchase a vehicle in India. As we expand into other geographies, vehicle prices and the required number of investors would vary as well.

Vehicle owner investors are a key pillar of FuelEV’s operational strategy. Their investment will help us expand our fleet in a city network by deploying it across multiple revenue channels and offering a return to said investors. Their stake in the FuelEV ecosystem is limited to the city network they’re invested in. Token holders, on the other hand, are stakeholders in our DAO. This DAO will have complete governance control over FuelEV’s growth and strategic direction. FuelEV’s growth is intricately linked to the continued business growth of our city networks, and in extension our revenue.

Token holders and vehicle owner investors represent two different types of investors. Vehicle owner investors are primarily focused on financial gain and their interest in generating a passive income source on their investment. Token holders are more deeply invested in our business- their primary goal is to look after the long-term strategic interests of FuelEV DAO. Both these investments vary on the motivation of investment as well as time horizon of return. That being said, people from these investor groups aren’t mutually exclusive. We look forward to having investors onboard who are both token holders as well as vehicle owner investors

[fueldao]

Hey ICP Community,

We’ve had a fantastic start to 2025! Here are some key updates in our journey so far-

1. We’ve successfully acquired our first vehicle- the MG ZS EV for our Mumbai city network. We’ve gotten it the best-in-class ceramic and PPF protection from 3M Car Care, dashcam and rear cameras along with some cool branding. We’re thankful for the support from the ICP community, and we’re fully committed to bring the masses to ICP in India.
2. We’ve officially launched our car rental booking and our car tokenization platform. Our MG ZS EV was successfully tokenized, and we’ve also started generating revenue on our booking platform. Thanks to our strong waitlist, we’re expecting to generate further revenue until the end of January. We’ll then share profits with our fleet investors in the first week of February.
3. We’ve also launched our business dashboard, which gives you full visibility into our total revenue, distance covered, yield percentage and reduced carbon emissions thanks to our committment to sustainable transportation. We’re also proud to introduce access to our fleet’s dashcam and GPS data for everyone in the community. This first-in-industry initiative demonstrates our love for transparency and decentralization.
4. We’ve spoken about our journey at length in a few AMAs recently, and have also put out a press release on CoinMarketCap. Check them out below-

• ICP HUB Vietnam
• ICP HUB South Africa
• ICP HUB Philippines
• ICP HUB Indonesia
• ICP HUB Thailand
• ICP HUB Townhall Asian Alliance
• ICP HUB TownHall North America Alliance

5. Here are some posts from our socials, documenting our journey through these first couple of weeks in January-

• x.com
• x.com
• x.com
• x.com
• x.com

6. India’s biggest telecommunications network Jio recently announced a partnership to bring Web3 to its 450 million subscribers. Given their tremendous history of large-scale transformation for the Indian masses, we’re excited about the future of Web3 in India. Jio has historically enabled Indian consumers to seamlessly access technology, and we’re primed to take advantage of this upcoming movement.

We’re excited about our initial traction and continued growth, and look forward to the continued support of the ICP ecosystem.

[Lorimer]

Hello @fueldao

@fueldao

Vehicle Acquisition: No funds from the DAO will be used to acquire vehicles.

Could you clarify what DAO funds will be used for? (What’s the sale raising money for and how does that fit into the business plan).

@JaviArroyo

FuelEV’s ambitious mission to tokenize real-world assets (RWA), specifically electric vehicles, represents an untapped niche with enormous potential.

Have you reached out to @ORIGYN about facilitating this?

[fueldao]

Hello,

FuelEV’s decentralization sale aims to raise funds for the following activities -

1. Product and Technology: We aim to build a comprehensive product suite to support our vision, from improving features on our car rental booking platform to building a decentralized ride-hailing application supporting thousands of drivers and customers. We’re also going to start implementing artificial intelligence models to assist us with pricing and customer support. We also want to build cross-integrations within our platforms and third-party services for KYC and adherence to local regulations as we expand globally. We’d also require funds to upkeep all this technology infrastructure.

2. Marketing: After the initial success of the marketing efforts of our car rental service, we intend to invest further to scale up this service. There is a very large gap in the transportation offerings for premium customers in India right now, and we intend to fully take advantage. Dedicated marketing campaigns (both online and offline) focused on the premium niche offering, partnerships with local influencers across cities, and cross-city campaigns to generate awareness among non-residents are some of the marketing strategies we’ve already planned to execute post the completion of the SNS sale.

3. Operations: In addition to acquiring EV vehicles through our fleet investment model, we’ll also allow existing EV vehicle owners to list their vehicles on our platform to be tokenized and deployed across various revenue channels. While this would allow us to scale our services faster, it comes with its own operational requirements—everything from vehicle quality checks during pre-onboarding to maintenance management. We’ll also work with drivers and customers, secure parking lots for our fleet in strategic locations, maintain charging infrastructure, etc.

4. Legal And Compliance: A key tenet of our global growth and development is the understanding of local laws and regulations of the land so we can fully comply with them - including but not limited to tweaking our product, business, and GTM strategies for individual jurisdictions. We intend to work with the best legal firms in said jurisdictions to secure our long-term interests and make our vision a reality.

5. Hiring: To achieve all of the aforementioned activities, we intend to expand our team in the technology, operations, marketing, and finance divisions. Over time, this would create a global workforce to help us launch and expand operations worldwide.

All our efforts are to enable FuelEV’s long-term goal - to build the world’s first tokenized fleet of autonomous EV vehicles. With autonomous vehicles becoming a mass-scale reality through Waymo and Cruise in the US and Apollo Go (Baidu) in China, our entire product suite will be geared towards enabling safe, sustainable, and driverless transportation for a global community.

We imagine a world where being a part investor in a city network of tokenized autonomous EV vehicles you live in would eliminate any need for you to ever own a private vehicle again. While we’re aware that this vision will take some time to fulfill, FuelEV aims to be the world’s first DAO and decentralized product suite to achieve this milestone. For this, the journey starts now.

Regarding our tokenization technology, we understand the nuances of our operational business, which are intertwined with our fleet tokenization needs. Fleet tokenization forms a key pillar of our business strategy and, by extension, our continued growth. Hence, it would be imperative to develop these capabilities in-house. We have made a lot of progress on this front already, and have an exciting upcoming roadmap for the tokenization platform (including profit transfers). We also expect to be able to add more tokenized EV vehicles to the Mumbai city network soon. We’re always open to partnering with projects from the ICP ecosystem that align with our business and technology goals.

Unrelated to the question, we’ve also come across an interesting use case of our car rental platform. We had one customer who booked our service simply to take a long-term test drive of the vehicle before making a personal purchase. Vehicle showrooms typically allow you a 15-30 minute drive, which isn’t sufficient for customers to make a purchase decision. We’re in early discussions with Morris Garages India for a partnership, to offer our car rental service to their potential customers. Based on the efficacy of this model, we’ll scale this up for other EV manufacturers in the country. This co-marketing opportunity could do wonders for FuelEVs and ICs visibility in the Indian market and be a tailwind boost for our revenue.

[Lorimer]

@fueldao

FuelEV’s decentralization sale aims to raise funds for the following activities

Thanks for explaining. Presumably these plans are contingent on the resulting SNS community agreeing to when and if they are executed (as planned)?

I was about to ask what tokenization and the SNS is actually doing for this vision and product (other than raising funds). Then I read this which was helpful →

@fueldao

We imagine a world where being a part investor in a city network of tokenized autonomous EV vehicles you live in would eliminate any need for you to ever own a private vehicle again

If I owned the majority token share in an particular EV, does that mean I can decide what happens with that EV (including delisting it from the platfrom)? Do those token holders legimately represent the legal owners of the vehicle?

[fueldao]

Decentralized governance is core to the ethos of FuelEV, and we fully intend to work with the community in determining our strategic direction and growth. All initiatives we plan to execute, along with detailed documentation and correlated budgets would be put up as proposals to the resulting SNS community. They will only be executed as such if a successful vote is passed on said proposals.

When investing into a city network, fleet investors’ right to profits and timesharing is calculated across the entire city network (and not an individual vehicle). It would be a percentage of the total investment value of the city network. Like in the world of venture capital, their rights will be subject to dilution as we expand the fleet size in the city network. We realized early on that limiting profit sharing rights to only the EV vehicle an investor is invested in could be unfair. Imagine a scenario where a rental request is placed on our platform for an MG ZS EV, for which we have multiple vehicles available. Even though they’re all eligible to be handed over to the customer, the ones that aren’t sent out would bring in no revenue. This could lead to skewed revenue dynamics among the same city network for the exact same vehicles. We believe our approach tackles this challenge effectively, and is inherently scalable as our fleet size increases in various city networks.

Fleet investors make an investment into a fleet of electric vehicles across a particular city network. It starts with one EV vehicle in the network and then grows as more and more EV vehicles are added to that network. The tokens issued in lieu of the investment represent the investors’ right to the profit distribution of the network and timesharing benefits accrued to the investors. The ownership of EV vehicles is under a special purpose vehicle (SPV) created specifically for that particular city network. This legal entity also looks after the operations and management of that city network. These SPVs are owned by the FuelEV DAO, ensuring fleet investors’ interests are protected through a legal entity in their respective jurisdiction. That being said, RWA tokenization has an ever-evolving legal landscape, and we’ll continue working with the best legal firms in individual jurisdictions to comply with the regulations and look after the best interests of our investors.

[Lorimer]

@Lorimer

If I owned the majority token share in an particular EV

Okay, I understood from your answer that investors own a fractional share in a fleet, and not specific vehicles, which makes sense. Am I correct in understanding that these have been referred to as ‘Vehicle owner investors’? I think ‘Fleet owner investors’ would help avoid confusion.

@fueldao

Vehicle owner investors are a key pillar of FuelEV’s operational strategy. Their investment will help us expand our fleet in a city network by deploying it across multiple revenue channels and offering a return to said investors. Their stake in the FuelEV ecosystem is limited to the city network they’re invested in. Token holders, on the other hand, are stakeholders in our DAO. This DAO will have complete governance control over FuelEV’s growth and strategic direction. FuelEV’s growth is intricately linked to the continued business growth of our city networks, and in extension our revenue.

If the investors described above are not ‘token holders’, how is their fractional ownership of a fleet represented, and what does it then mean to ‘tokenize’ a vehicle?

[Lorimer]

@fueldao

we’ll also allow existing EV vehicle owners to list their vehicles on our platform to be tokenized

Similarly, if a vehicle that is…

• A. purchased by the platform (using investors), and a vehicle that is
• B. owned but willingly listed on the platform

…both become tokenized, how is the ownership distinction established (or is there no distinction)?

[Quyho3]

Hello. As an early member follow Fuel from begin on last year, I love your Idea and hope successful SNS launch. Can I ask about Airdrop pre-snslaunch program I’ve joined ? Hope to get your annoucement and reply here. Thanks