Layer-2 (L2) project Taiko has officially deployed its protocol on the Ethereum (ETH) mainnet, marking a significant milestone after two years of work.
The Taiko protocol uses Based Contestable Rollup (BCR) architecture. It promises to enhance Ethereum’s scalability and security while maintaining a decentralized structure.
Vitalik Buterin Proposes First Block as Taiko Deploys on Ethereum
Ethereum co-founder Vitalik Buterin proposed the inaugural block, highlighting the significance of this launch. He expressed his excitement about Taiko’s unique approach, which integrates various proof systems to bolster the network’s robustness.
“I’m excited to see that Taiko is launching as a based rollup. Ethereum benefits from L2s taking a plurality of different approaches, and I appreciate them being among the first to go in this direction,” Buterin stated in the block’s metadata.
Read more: A Beginner’s Guide to Layer-2 Scaling Solutions
Taiko’s launch introduces several opportunities for users and developers to interact with the new network. Regular users can bridge ETH to Taiko using the official bridge and explore decentralized applications (dApps) for activities like swapping, borrowing, and staking. Although there are quota controls for bridging back to Ethereum, these limits will be gradually lifted.
Furthermore, developers can engage by running nodes, proposing, and proving blocks—which are essential for maintaining the network’s security and functionality. The Taiko team will initially manage these processes to ensure stability but will soon open them to the broader community. Additionally, developers can build and deploy smart contracts on Taiko, which are supported by comprehensive documentation.
The team also plans to launch a DAO and transfer protocol control to token holders later in the year. TKO, Taiko’s native token, will launch a few weeks after the mainnet deployment. Taiko will hold an airdrop to distribute the token.
Some user categories eligible for the airdrop include proposer, prover, developer, and bridger. GitHub and Loopring community members who meet the conditions can also check their eligibility for the airdrop.
Taiko is a completely open-source, permissionless ZK-Rollup equivalent to Ethereum. Its goal is to offer an experience similar to Ethereum without the involvement of centralized parties, functioning entirely through community-driven mechanisms.
Read more: Layer-2 Crypto Projects for 2024: The Top Picks
This technological accomplishment and user-focused approach have garnered significant financial backing. In early March, Taiko announced the completion of commitments for a Series A funding round worth US$15 million.
Lightspeed Faction, Hashed, Generative Ventures, and Token Bay Capital led the round. This most recent round brings Taiko’s total raised capital to US$37 million across three rounds.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Be the first to comment