New Ethereum Matching Solution: Tyco Prepares for Mainnet Launch After Raising $37 Million
Blockchain startup Taiko is set to launch the mainnet for its blockchain solution after closing three rounds of funding from top-tier crypto investors. The new capital comes ahead of the planned mainnet release later this year and positions the project to achieve its goal of massively shorting Ethereum while maintaining decentralization.
TLDR
Taiko raised $37 million in pre-mainnet funding this year The Series A round raised $15 million and is led by Lightspeed Faction, Hashed, Generative Ventures, and Token Bay Capital Taiko has the largest Discord community with over 850,000 raised. Active members Tycho has run 6 TetNet networks with over 1 million wallets to test various aspects of the protocol. Investors have praised Tyco's community, architecture, TestNet's success and commitment to crypto's original ethos.
Tyco's latest funding round raised $15 million in Series A capital led by crypto-native fund Lightspeed Faction, Hashed, Generative Ventures and Token Bay Capital. Taiko fans like GSR and Amber Group also participated. This latest installment brings the total raised to date to $37 million.
The organization intends to use the funds to advance development and grow the community until the start of the mainnet.
Tyco has fostered the largest Discord ecosystem among projects working on Ethereum scaling solutions called Rollups. The community now boasts over 850,000 active members who have participated extensively in six different testnet experiments over the past year.
These TestNet networks have proven components of Tyco's two new bundle technologies that have seen the participation of more than 1 million unique wallets. Tyco's rollup offerings include a configurable design called Based Contestable Rollup (BCR) as well as Based Booster Rollup (BBR) plans designed to withstand Ethereum liquidity disruptions by facilitating seamless transfers between Layer 2 networks.
The latest test network, Katla, is the backbone of Tyco's soon-to-be-launched main network based on the BCR architecture.
Part of the enthusiasm is Tyco's commitment to adhere to the core principles of crypto through a fully decentralized and permissionless network architecture from day one. The accessibility allowed community members to proactively contribute to active nodes, application builds, and fluid delivery prior to the main network release.
The growth so far has not gone unnoticed by investors. Generative Ventures' Will Wang commented that scaling Ethereum represents a “precedent” for the industry's ambitions, highlighting Tycoon's unique position among emerging Layer 2 solutions. Meanwhile, TokenBay Capital's Lucy Gazmararian called for tycoon's adherence to crypto's “original ethics” to be decentralized from the start.
With significant financial resources and community momentum following Tycoon's pilot network victories, it has its eyes set on a planned mainnet launch later this year. The event promises to mark another milestone towards the project's goal of massive global consumer adoption as it retains its core decentralized features.
If the mainnet activation goes smoothly, Tyco seems poised to quickly establish itself as the premier scale for the world's leading smart contract blockchain. As blockchain technology enters the mainstream, it can serve as a template for a permissionless community-based approach for Web3 projects seeking to adhere to the founding principles of decentralization.
