Layer 2 rollup Taiko launches on mainnet with Vitalik Buterin proposing inaugural block

Taiko,
an
Ethereum-based
rollup,
has
launched
on
the
mainnet
following
a
year
of
development
and
seven
testnet
iterations.

Ethereum
co-founder
Vitalik
Buterin
proposed
the
inaugural
block,
which
included
metadata
containing
the
names
of
all
Taiko
core
contributors.

As
a
based
rollup,
Taiko
relies
on
Ethereum
block
validators
to
sequence
transactions,
benefiting
from
the
liveness
and
security
assurances
provided
by
Ethereum.
Initially,
Taiko’s
rollup
protocol
contracts
on
Ethereum
are
controlled
by
a
multisig
arrangement,
with
plans
to
transition
to
requiring
50%
of
blocks
to
use
zero-knowledge
(ZK)
proofs
as
part
of
its
long-term
strategy.

The
project
incorporates
a
type-1
zero-knowledge
virtual
machine
built
to
emulate
Ethereum’s
core
architecture.
Such
a
design
enhances
protocol
security
by
allowing
the
submission
and
contestation
of
proofs.

“It’s
been
a
long
time
in
the
making,
and
we’re
beyond
thrilled
to
deliver
what
we
believe
is
the
most
secure
technology
to
scale
Ethereum,”
Taiko
co-founder
and
CEO
Daniel
Wang
shares.

The
project
will
be
launching
a
token
some
weeks
after
the
mainnet
launch,
with
plans
to
introduce
an
incentive
program
to
engage
its
community
through
rewards
for
task
completion
and
interaction.
Ahead
of
the
mainnet
launch,
an
airdrop
was
run
for
its
community,
with
a
distribution
scale
of
5%
of
the
planned
token’s
5
billion
supply.
A
DAO
is
also
slated
for
launch
sometime
before
the
end
of
the
year,
with
a
phased
governance
mechanism
to
incrementally
update
its
systems.

To
ensure
network
stability
post-mainnet
launch,
Taiko
says
that
it
will
be
setting
up
controls
for
block
proposals
and
proving
for
up
to
two
weeks.
Based
on
the
progress,
the
processes
will
then
be
decentralized
and
permissionless,
enabling
node
running,
and
other
requisite
functions
for
all
users.

Taiko
has
raised
$37
million
from
two
previous
funding
rounds,
with
a
seed
raise
led
by
Sequia
China
in
Q3
2022
and
a
$12
million
pre-Series
A
round
led
by
Generative
Ventures.
Its
Series
A
funding
round
was
completed
on
March
2
this
year
led
by
Lightspeed
Faction,
Hashed,
Generative
Ventures,
and
Token
Bay
Capital,
with
participation
from
Wintermute
Ventures,
Presto
Labs,
Flow
Traders,
Amber
Group,
OKX
Ventures,
GSR,
and
WW
Ventures,
among
others.