L2 Taiko Officially Launches on Ethereum Mainnet, Making Waves in the Crypto Community

L2 Taiko Goes Live on Ethereum Mainnet

Layer-2 (L2) project Taiko has successfully launched its protocol on the Ethereum (ETH) mainnet, achieving a major milestone after two years of development. The Taiko protocol utilizes Based Contestable Rollup (BCR) architecture to improve Ethereum’s scalability and security while preserving a decentralized structure.

Vitalik Buterin, Ethereum co-founder, proposed the first block for Taiko’s deployment on Ethereum, emphasizing the importance of this event. He commended Taiko’s innovative approach, which integrates various proof systems to strengthen the network’s resilience. Buterin expressed his enthusiasm for Taiko’s launch as a based rollup in the block’s metadata.

Taiko’s debut presents numerous opportunities for users and developers to engage with the new network. Users can transfer ETH to Taiko through the official bridge and explore decentralized applications (dApps) for activities such as swapping, borrowing, and staking. Although there are initial limits on bridging back to Ethereum, these restrictions will be gradually lifted over time.

Developers can participate by running nodes, proposing, and validating blocks, which are crucial for maintaining the network’s security and functionality. Initially, the Taiko team will oversee these processes to ensure stability before opening them up to the wider community. Additionally, developers can create and deploy smart contracts on Taiko with the support of detailed documentation.

The team’s future plans include establishing a DAO and transferring protocol control to token holders later in the year. The native token of Taiko, TKO, will launch shortly after the mainnet deployment, with an airdrop scheduled to distribute the token.

Some eligible user categories for the airdrop comprise proposers, provers, developers, and bridgers. Members of the GitHub and Loopring communities who meet the criteria can also verify their eligibility for the airdrop. Taiko aims to provide an experience similar to Ethereum but without the involvement of centralized entities, operating entirely through community-driven mechanisms.

This technical achievement and user-centric approach have attracted significant financial support. Taiko recently secured commitments for a Series A funding round totaling US$15 million from leading investors like Lightspeed Faction, Hashed, Generative Ventures, and Token Bay Capital. This latest funding round brings Taiko’s total raised capital to US$37 million across three rounds.

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