Taiko Secures $15 Million in Series A Funding for Ethereum Layer 2 Scaling Solution

Taiko, an Ethereum Layer 2 scaling solution provider, has successfully closed its Series A funding round, raising an impressive $15 million. The funding was led by Lightspeed Faction, Hashed, Generative Ventures, and Token Bay Capital, with significant participation from Wintermute Ventures, Presto Labs, Flow Traders, Amber Group, OKX Ventures, GSR, WW Ventures, and more. This latest round brings Taiko’s total capital raised to an impressive $37 million across three rounds.

The successful closure of the Series A funding comes on the heels of Taiko’s highly-anticipated mainnet launch, marking a significant step forward for the Ethereum ecosystem. Taiko is positioned as an Ethereum-equivalent ZK-Rollup, addressing scalability concerns by supporting all Ethereum Virtual Machine (EVM) opcodes in a decentralized, permissionless, and secure Layer 2 architecture.

Since its inception in 2022, Taiko has achieved remarkable milestones, executing six testnets that involved over 1,100,000 unique wallets, 30,000 proposers, and 14,000 provers. The community support has been robust, with over 100 live apps in the Taiko ecosystem and a vibrant community of more than 850,000 members on Discord.

Each of the six testnets conducted by Taiko focused on different aspects of the protocol, garnering substantial support from its engaged community. Members actively contributed by building decentralized applications (dApps), operating nodes, serving as proposers and provers, and engaging with the protocol in diverse ways, all in a permissionless manner.

The latest testnet, Katla, launched earlier this year, showcasing Taiko’s Based Contestable Rollup (BCR) design. This configurable, multi-proof rollup architecture features a contestation mechanism and based sequencing, setting the stage for Taiko’s upcoming mainnet launch.

Looking ahead, Taiko aims to develop the Based Booster Rollup (BBR) design, addressing liquidity fragmentation issues by enabling developers to deploy on Ethereum and scale natively across all Layer 2 solutions.

Lead investors praised Taiko for its unique features, vibrant community, and successful testnets. Samuel Harrison, Founding Partner at Lightspeed Faction, emphasized Taiko’s passionate community and based sequencing architecture, simplifying the Layer 2 value chain and facilitating developer adoption.

Ryan Kim, Founding Partner at Hashed, expressed profound admiration for Taiko’s leadership in blockchain scalability, underlining their commitment to pioneering technologies that promise to transform Ethereum scaling and the broader blockchain ecosystem.

Generative Ventures’ Managing Partner, Will Wang, highlighted the importance of Ethereum scaling for the blockchain ecosystem’s mainstream adoption. He expressed firm optimism about Taiko’s positioning and capabilities, particularly in Type1 and BBR, making it a unique choice among Ethereum Layer 2 networks.

Lucy Gazmararian, Founder of Token Bay Capital, commended Taiko for staying true to crypto’s original ethos of decentralization and permissionlessness. She expressed confidence in Taiko’s potential to become the default scaling solution for Ethereum.

The co-founders of Taiko, Daniel Wang (CEO) and Terence Lam (COO), shared their reflections on the journey. Wang acknowledged the multi-year adventure of building the first Ethereum-equivalent based rollup, emphasizing their determination to prove the industry wrong by achieving the seemingly impossible. Lam expressed gratitude to everyone who shares Taiko’s vision, highlighting the commitment to scaling Ethereum in the most native way possible.

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