Fri, July 26, 2024 at 09:46
Hey Annie!
Have you heard about the latest updates from Ethereum Layer 2 Taiko (TKO)?
They've just announced their roadmap for future development, and it looks super exciting!π
Oh, really?
What's new with Taiko?π€
Well, they have this Ontake upgrade set to launch on the mainnet in Q4 of this year.
Since their mainnet launch in May, they've managed to reduce Layer1 gas costs by more than 30% and have TVLs up to $200 million!π
Wow, that's impressive!
What exactly is Taiko aiming to achieve with their protocol?π€
Taiko is all about providing a universal ZK-Rollup (Type-1 ZK-EVM) for Ethereum.
ZK-Rollups are known for their privacy and speed, but they usually have low compatibility with the Ethereum Virtual Machine (EVM).
Taiko is working to keep the benefits of ZK-Rollups while making them highly compatible with Ethereum.
This should help lower transaction costs and allow developers to build better dApps.π
That sounds like a game-changer!
How are they managing to keep everything decentralized?π€―
Great question!
Taiko uses something called Based Rollup technology.
Instead of a centralized sequencer, they use Ethereum validators to manage transactions and blocks.
This way, they maintain decentralization and security.
It's pretty unique because most other rollups rely on a centralized entity for sequencing.π
Interesting!
So, how has Taiko been performing since its launch?π
In just two months since their mainnet launch, Taiko has achieved $138.7 billion in TVL, 19.53 TPS, 21.57 million total transactions, and 700,000 independent wallets.
They've also integrated with over 80 projects, including big names like LayerZero and Stargate.
Their Discord community has grown to 1.07 million members!π
That's incredible growth!
How are they funding all these developments?π°
They've raised a total of $37 million in funding, including a $15 million seed round led by Lightspeed Faction, Hashed, Generative Ventures, and Token Bay Capital.
This funding helps them explore services that provide the best tools and experience for developers.πΈ
It sounds like they're really committed to decentralization.
Why is that so important to them?π§
Daniel Wang, the co-founder and CEO of Taiko, has a history with the Loopring project, which was the first zkRollup.
He learned the importance of permissionlessness and decentralization from that experience.
He believes that many applications, especially decentralized social networks, need these principles to thrive.ποΈ
Got it.
So, what's their ultimate goal with all these developments?π―
Taiko's goal is to achieve 'ownerless' status as soon as possible.
This means that Taiko Labs will gradually relinquish all privileges, ensuring that the network can maintain its value and trust without the presence of its developers.
They believe that rollups are the key to scaling Ethereum in a decentralized manner.π
Wow, that's quite a vision!
Do you think this news is good or bad for the market?π
Oh, it's definitely good news!
Taiko's advancements in decentralization and compatibility with Ethereum can lower transaction costs and enhance the overall ecosystem.
This could attract more developers and projects, boosting the market.
So, it's a big thumbs up from me!π
To sum up, this article is considered a πBullish for investors!!