AskHediki.com shows us a tutorial on how to upgrade your Cherry mobile fusion bolt. But if you do this, you are on your own. You may void the warranty you have with Cherry Mobile since you are flashing its ROM.
But if you would want to tune up your FuBo, then by all means go for it.
Here are some screenshoots when your Fusion Bolt is upgraded to the Ainol Novo7 Venus Lite firmware.
***Update: Latest Firmwares for Cherry Mobile Fusion Bolt