Taiko, an Ethereum Layer 2 network, officially announced on Monday (27th) that it has been deployed on the Ethereum mainnet after extensive development and the inclusion of seven testnets starting 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 validators to order transactions. It benefits from the scalability and security guarantees provided by the underlying layer. Taiko operates as a ZK-EVM (Type-1) equivalent to Ethereum, ensuring compatibility with the Ethereum mainnet. In the initial stage, 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. Last week, the network announced a “Genesis Airdrop” program with a total supply of 1 billion native tokens, TKO, with 5% allocated to community members. Users can check their eligibility for the airdrop on Taiko’s official website.
In addition, Taiko announced a points 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 and gradually transfer protocol control to the community. This transition will be phased, reducing the “training wheels” over time until the community achieves full governance.
Taiko Labs has raised $37 million in three rounds of funding, including a $10 million seed round led by Sequoia China in 2022, a $12 million Pre-Series A round led by Generative Ventures in 2023, and a $15 million Series A round completed in March this year.
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