Blockchain Protocol Taiko Secures $37 Million Funding

Taiko, a blockchain initiative dedicated to enhancing Ethereum scalability, recently secured $37 million across three funding rounds for its imminent mainnet launch.

Led by Lightspeed Faction, Hashed, Generative Ventures, and Token Bay Capital, with participation from Wintermute Ventures, Flow Traders, Amber Group, OKX Ventures, and GSR, the funding underscores Taiko’s commitment to reducing transaction costs while maintaining decentralization and security.

The project’s focus on a “Type 1” ZK-EVM, compatible with Ethereum, highlights its dedication to technological advancement.

In January, Taiko launched its sixth testnet, Katla, boasting over 1.1 million wallet addresses and 13 million transactions, with plans to address liquidity fragmentation through the “based booster rollup” design.

Taiko aims to complete mainnet upgrades by the end of Q2, prioritizing additional testing and security audits to ensure robustness.

With approximately 40 team members, Taiko plans to expand across various functions, including engineering and community development.

Additionally, the initiative intends to establish an ecosystem investment fund and allocate around $30 million for its second grants program, demonstrating its commitment to fostering a thriving ecosystem while reshaping Ethereum’s scalability landscape.

Author

Alexander Stefanov

Reporter at CoinsPress

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