Ethereum Layer 2 network Taiko, after extensive development and including seven testnets in 2022, was officially deployed on the Ethereum mainnet on Monday (27th). Ethereum co-founder Vitalik Buterin proposed the first block on the Taiko mainnet, with metadata containing the names of each Taiko core contributor.
Taiko is a Based Rollup (a Rollup that relies on Ethereum block validators to order transactions), benefiting from the liveness and security guarantees provided by the underlying layer. Operating as a ZK-EVM(Type-1) equivalent to Ethereum, Taiko ensures compatibility with the Ethereum mainnet. In the initial stages, the Rollup protocol contracts on Ethereum are controlled by a multi-signature arrangement. The protocol initially requires SGX proofs and plans to transition to requiring 50% of blocks to use zero-knowledge (ZK) proofs as part of its long-term scaling and security strategy.
Taiko tokens are expected to launch on the mainnet a few weeks later. The network announced a “Genesis Airdrop” plan last week, with a total supply of 1 billion native TKO tokens, 5% of which will be distributed to community members. Users can check their eligibility for the airdrop on Taiko’s official website.
Additionally, Taiko announced a point-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. The transition process will be phased, reducing “training wheels” over time until the community achieves full governance.
Taiko Labs raised $37 million in three funding rounds, 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.