Taiko Raises $15 Million in Series A Funding for Mainnet Launch
Taiko, a blockchain project focused on scaling Ethereum (ETH), has secured $15 million in a Series A funding round as it prepares for the launch of its mainnet. The funding round was co-led by Lightspeed Faction, Hashed, Generative Ventures, and Token Bay Capital. Other investors included Wintermute Ventures, Flow Traders, Amber Group, OKX Ventures, and GSR. The round is not yet fully closed and some investments are still subject to regulatory approval.
Background on Taiko
Taiko is a Layer 2 scaling startup that aims to make Ethereum more affordable while maintaining its core properties of being censorship-resistant, permissionless, and secure. The project is building a โType 1โ ZK-EVM, which is an Ethereum Virtual Machine-compatible ZK-rollup that supports zero-knowledge proof computation. This technology is crucial for making the Ethereum Layer 1 itself more scalable.
Taiko has been under development since 2022 and recently launched its sixth testnet called Katla. The testnet has seen significant traction with over 1.1 million wallet addresses and more than 13 million total transactions to date. It utilizes Taikoโs โbased contestable rollupโ design, which features a contestation mechanism and based sequencing.
Mainnet Launch Plans
Taiko had initially planned to launch its mainnet in Q1 of this year but has adjusted its timeline. The team is currently working on upgrading the Katla testnet to support EIP-4844 and conducting another cycle of stress testing and security audits before the mainnet launch. The current projection is to complete these tasks before the end of Q2.
As Taiko prepares for its mainnet launch, it is looking to expand its team. The project currently has around 40 employees and is actively hiring across various functions, including engineering, community, and ecosystem growth.
In addition to the funding round, Taiko plans to establish an ecosystem investment fund in collaboration with its investors. The specific amount for the fund has not been finalized yet. Taiko also recently announced an allocation of approximately $30 million for its second round of the grants program.
Hot Take: Taiko Gains Momentum with Series A Funding
Taikoโs successful Series A funding round demonstrates growing confidence in the project and its potential to scale Ethereum effectively. With $15 million secured, Taiko is well-positioned to continue developing its Layer 2 scaling solutions and advance towards the launch of its mainnet.
The funding round was co-led by prominent investors in the blockchain space, including Lightspeed Faction, Hashed, Generative Ventures, and Token Bay Capital. This support from established players in the industry further validates Taikoโs technology and vision.
As Taiko prepares for its mainnet launch, it will need to overcome technical challenges and ensure the security and stability of its platform. Conducting stress tests and security audits are critical steps in this process to identify and address any potential vulnerabilities.
With plans to expand its team and establish an ecosystem investment fund, Taiko aims to foster a thriving developer community around its Layer 2 scaling solutions. By providing resources and support to developers, Taiko can encourage widespread adoption of its technology and contribute to the overall growth of the Ethereum ecosystem.
Overall, Taikoโs latest funding round marks an important milestone in the projectโs journey towards scalable Ethereum solutions. As it moves closer to its mainnet launch, all eyes will be on Taiko to see how its technology can positively impact the Ethereum network and address the challenges of scalability and affordability.
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