Taiko, an Ethereum Layer 2 network, has announced its official deployment on the Ethereum mainnet on Monday (27th) after extensive development and including seven testnets in 2022. Vitalik Buterin, co-founder of Ethereum, proposed the first block on the Taiko mainnet, with metadata containing the names of each Taiko core contributor.
Taiko is a Based Rollup, a type of Rollup that relies on Ethereum block validators to order transactions, benefiting from the scalability and security guarantees provided by the base layer. Taiko operates as a ZK-EVM (Type-1) equivalent of Ethereum, ensuring compatibility with the Ethereum mainnet. In the initial stages, the Rollup protocol contract on Ethereum is controlled by a multisignature arrangement. The protocol initially requires SGX proofs and plans to transition to 50% of blocks requiring zero-knowledge (ZK) proofs as part of its long-term scalability and security strategy.
The Taiko token is expected to launch on the mainnet a few weeks later. The network recently announced a “Genesis Airdrop” program, with a total supply of 1 billion native tokens called TKO, where 5% will be allocated to community members. Users can check their eligibility for the airdrop on Taiko’s official website.
In addition, Taiko has unveiled a points-based incentive program called “Trailblazer” to attract community participation by rewarding users for completing tasks and interacting with the network. Taiko also plans to launch a decentralized autonomous organization (DAO) later this year, gradually transferring protocol control to the community. This transition process will be phased, reducing “training wheels” over time until the community achieves full governance.
Taiko Labs has raised $37 million in three funding rounds, including a seed round of $10 million led by Sequoia China in 2022, a Pre-Series A round of $12 million led by Generative Ventures in 2023, and a Series A round of $15 million completed in March this year.
Source: [Provided]
