According to a press release, the funding was led by Lightspeed Faction, Hashed, Generative Ventures, and Token Bay Capital. Other investors in this round include Wintermute Ventures, Presto Labs, Flow Traders, Amber Group, OKX Ventures, GSR, and WW Ventures. The latest round brings Taiko's total funding over three rounds to $37 million.
Taiko says it will offer “ZK Rollup equivalent to Ethereum.” This is what Ethereum co-founder Vitalik Buterin said in his 2022 post that scaling these is the holy grail of his network's technical achievements. “Rollup” is a term used to describe a layer 2 chain that acts like an auxiliary network to provide faster and cheaper transactions that can be settled on the main or “base” blockchain like Ethereum. Masu. “ZK” refers to “zero knowledge” encryption, which is a hot trend in blockchain design.
But there's a lot of competition. The website L2Beat lists 44 active Layer 2 projects and 34 “upcoming projects,” including Taiko.
In particular, Taiko claims to use a technology known as “base” sequencing, where the main component known as the “sequencer” is powered by the base, or layer 1, blockchain. In the architecture of a blockchain network, a sequencer is a layer 2 chain component that acts like an air traffic controller, bringing together transactions for final processing in data blocks.
Many of the rollups currently in production use a centralized sequencer, which is seen as a potential single point of failure or censorship vector.
“With the explosion of new rollups, Taiko stands out due to its passionate community and base sequencing architecture, which uniquely simplifies the L2 value chain, streamlines trust assumptions, and We take the friction out of hiring developers,” said founding partner Samuel Harrison. Light speed faction.
