After extensive development starting in 2022 and including seven testnets, the Ethereum Layer 2 network Taiko officially announced on Monday (27th) that it has been deployed on the Ethereum mainnet. Vitalik Buterin, co-founder of Ethereum, proposed the first block on the Taiko mainnet, and the Metadata contains the names of each Taiko core contributor.

Dear Taiko Community,We are beyond excited to announce that after two years of hard work, the Taiko protocol has been deployed on Ethereum mainnet! Let's look at how you can start exploring Taiko today:1/ pic.twitter.com/LXGdPbV1Yr

— Taiko (@taikoxyz) May 27, 2024

Taiko is a Based Rollup (a Rollup that relies on Ethereum block validators to order transactions) that benefits from the liveness and security guarantees provided by the base layer.

Taiko operates as the Ethereum equivalent of ZK-EVM (Type-1), ensuring compatibility with the Ethereum mainnet. In its initial stages, Taiko’s Rollup protocol contracts on Ethereum are controlled by a multi-signature arrangement. The protocol will initially require 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.

The Taiko token is expected to launch a few weeks after the mainnet launch. The network announced the "Genesis Airdrop" plan last week. The total supply of its native token TKO is 1 billion, 5% of which will be distributed to community members. Users can already check air investment eligibility on Taiko’s official webpage.

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 to gradually transfer control of the protocol to the community. The transition process will occur in phases, with “training wheels” reduced over time until the community achieves full governance.

Taiko Labs has raised US$37 million in three rounds of financing, including the first round of financing (a US$10 million seed round) led by Sequoia China completed in 2022, a $10 million seed round completed in 2023 by Generative Ventures led the $12 million Pre-Series A round of financing, and the $15 million Series A round completed in March this year.

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