Ethereum Layer 2 scaling solution provider Taiko has raised USD 15 million in a recent Series A funding round. This funding round was led by Lightspeed Faction, Hashed, Generative Ventures, and Token Bay Capital.

Other participants included Wintermute Ventures, Presto Labs, Flow Traders, Amber Group, OKX Ventures, GSR, and WW Ventures. This funding brings Taiko's total raised capital to USD 37 million across three rounds, and the  closure precedes an upcoming mainnet launch from Taiko. Founded in 2022, Taiko operates as an Ethereum-equivalent ZK-Rollup, aiming to scale Ethereum by enabling all EVM opcodes in a decentralised, permissionless, and secure Layer 2 architecture.

According to the official press release, the company has conducted six testnets involving over 1,100,000 unique wallets, 30,000 proposers, and 14,000 provers since its inception. Taiko's testnets, including the recent Katla, have garnered community support, with contributions from developers, node operators, proposers, and provers. Katla showcases Taiko's Based Contestable Rollup (BCR) design, introducing a configurable, multi-proof rollup architecture with contestation mechanisms and based sequencing.

According to Taiko, this testnet lays the groundwork for the company's forthcoming mainnet launch. In the future, Taiko plans to develop Based Booster Rollup (BBR), addressing liquidity fragmentation by enabling developers to deploy on Ethereum and scale seamlessly across all Layer 2 solutions. In the official press release, representatives from Lightspeed Faction highlighted Taiko's community and simplified L2 value chain.

Officials from Hashed highlighted Taiko's involvement in blockchain scalability and its vision for transforming the ecosystem, while representatives from Generative Ventures expressed optimism about Taiko's unique positioning and capabilities in Ethereum scaling. In turn, Taiko's co-founders emphasised their commitment to delivering Ethereum scalability, acknowledging the journey as a multi-year adventure. They expressed gratitude to supporters and partners who share their vision of bringing Ethereum to a broader audience.

More information about Ethereum Layer 2 blockchains According to ledger.com, Layer 2 solutions represent blockchains that increase scalability by sharing the burden of transaction processing. Built on top of Ethereum, Layer 2 blockchains help speed up transaction processing while keeping the costs down for the L1 network. In summary, they do the heavy lifting of transactions that Ethereum cannot, simply because it wasn’t designed to prioritise speed.

The same source reveals that Ethereum layer 2 networks are designed to tackle issues and offer cheaper, faster transactions. They benefit from Ethereum’s security and, by processing transactions of the parent chain, make the process more efficient. .