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Taiko Launches First Based Rollup on Ethereum with Vitalik Proposing Inaugural Block

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Taiko Labs has launched its mainnet this morning.Ethereum‘s co-founder Vitalik Buterin proposed the very first block in an Ethereum transaction.Vitalik expressed his excitement and anticipation for Taiko’s mainnet launch, praising it as the first based rollup and emphasizing its innovative approach that benefits Ethereum by exploring new possibilities for scaling and decentralization.Taiko is introducing the Trailblazer incentive program with 10% TKO total supply as participation incentives over the coming years.Since its inception in 2022, Taiko has secured $37M in funding and developed the Based Contestable Rollup (BCR), which minimizes costs, strengthens decentralization and enhances security through a multi-proof system.Taiko now has the largest Discord community in the blockchain space.

NEW YORK and LONDON and SINGAPORE, May 27, 2024 /PRNewswire/ — Taiko, a based rollup protocol designed to scale Ethereum natively, is now live on mainnet. This milestone was marked by Ethereum co-founder Vitalik Buterin proposing the first block, embedded with the names of all Taiko core contributors.

Quote from Ethereum‘s co-founder Vitalik Buterin:

Vitalik expressed his excitement and anticipation for Taiko’s mainnet launch with this quote:

“I’m excited to see that Taiko is launching as a based rollup. Ethereum benefits from L2s taking a plurality of different approaches, and I appreciate them being among the first to go in this direction.”

Taiko’s launch on the Ethereum mainnet signifies a significant advancement in blockchain scalability. By leveraging the based rollup design, Ethereum block validators sequence transactions and blocks for Taiko, ensuring robust security and liveness guarantees from the base layer.

Quote from Ethereum Foundation’s researcher Justin Drake:

Justin also praised Taiko’s mainnet launch, highlighting its innovative solution to the centralized sequencing problem. He said:

“Taiko is based. It is making a leap forward in the decentralization, credible neutrality, and composability of rollups. The L2 is trailblazing based sequencing, a form of decentralized sequencing where L1 proposers are enrolled for L2 transaction ordering.

Based sequencing is IMO the ultimate form of decentralized sequencing. By reusing the Ethereum base layer, based sequencing is the simplest to deploy and the simplest to reason about.

Based sequencing also means credibly neutral shared sequencing. This is key to synchronous composability across rollups and ultimately key to fixing Ethereum fragmentation.”

Quote from Taiko Labs’ co-founder Daniel Wang:

After years of development, Daniel Wang shares what the launch of the network means to him, saying:

“We’re thrilled to bring Taiko to the Ethereum mainnet. After more than two years of extensive development and testing, we are confident that Taiko offers a different rollup design, a securer and more efficient [Ethereum] scaling solution.”

Trailblazers

To celebrate this momentous launch, and to thank the growing community of over 1 million users, participants will be rewarded for their engagement within the Taiko network and ecosystem. This campaign is aptly named Trailblazers and will distribute 100M TKO tokens (10% of the total supply). The campaign will be divided into seasons continually allowing newcomers and long-term supporters alike to get a slice of the large token allocation. More details on the campaign will be released in the coming days.

Path to Decentralization

Since its inception in 2022, Taiko has secured $37M in funding and developed the Based Contestable Rollup (BCR), which minimizes costs, strengthens decentralization and enhances security through a multi-proof system.

Taiko’s development journey included seven testnets, each offering permissionless interaction. Initially, Taiko will act as the sole block proposer and prover for the first two weeks post-launch to ensure network stability. This phased approach prioritizes security and a smooth user experience.

After the network stabilizes, both proposing and proving blocks will become permissionless. Node running, an activity as important as proposing and proving, is already accessible to everyone.

“At this point, security and a smooth rollout is our top priority,” Daniel Wang emphasized. “By stabilizing the network first, we ensure a reliable foundation before opening it up to broader participation.”

The Taiko token (TKO) is needed for block proving as bonds, which means the token contract was deployed with the mainnet launch, however, the token will not begin to circulate outside the core nodes until the network has been deemed stable, which is estimated within a couple of weeks.

Taiko will be in the “training wheel mode” for a couple of years. Over this period, transferring ownership to a DAO and revoking all privileges from Taiko Labs and the core developers will be our primary goal.

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SOURCE Taiko

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Tulufan, Xinjiang: For the first time, a new energy plant and station has achieved “all-green electricity” operation

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September 20, 2024

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TULUFAN, China, Sept. 20, 2024 /PRNewswire/ — On September 19, employees of State Grid Tulufan Electric Power Supply Company came to State Power Investment Zhongli Tenghui Qiquanhu Photovoltaic Power Station to provide comprehensive technical support and guidance for new energy enterprises.

Seven wind power and photovoltaic power generation enterprises, including Xinjiang Jize Power Generation Company in Tulufan, have obtained 6.035 million KWH of grid electricity by purchasing 6,035 “green certificates” to achieve “green electricity – green electricity” and achieve green energy use in the whole link of new energy power generation.

The green power certificate, referred to as “green certificate”, is the only certificate that identifies the production and consumption of renewable energy power. Promoting the all-green operation of new energy power generation is an important measure to promote the green consumption of renewable energy.

“Before, we were just ‘producers’ of green electricity. Now the buyers of green certificates have become green electricity consumers, and the production process is fully green.” Qiquan Lake photovoltaic power station inspection officer Forzati Dilishati said.

Since the launch of the green electricity and green certificate market, State Grid Tulufan Electric Power Supply Company has actively promoted green electricity trading, promoted the supply of green electricity and green certificates in multiple scenarios, promoted the rapid promotion and popularization of related services in Tulufan, and helped build a new power system.

In the first eight months of this year, the cumulative volume of green electricity transactions in Xinjiang reached 1.174 billion KWH, 93.83 times that of the whole year of 2022.

 

View original content:https://www.prnewswire.com/apac/news-releases/tulufan-xinjiang-for-the-first-time-a-new-energy-plant-and-station-has-achieved-all-green-electricity-operation-302253902.html

SOURCE State Grid Tulufan Electric Power Supply Company

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KuCoin’s Alicia Kao Shares Insights on How AI is Accelerating Mass Crypto Adoption at TOKEN2049 Singapore

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20 mins ago

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September 20, 2024

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VICTORIA, Seychelles, Sept. 20, 2024 /PRNewswire/ — Alicia Kao, Managing Director at leading global cryptocurrency exchange, KuCoin, shared her vision on how crypto exchanges are the drivers that hold the keys to unlocking mainstream crypto adoption. Speaking at the OKX Main Stage at TOKEN2049 in Singapore on a panel session titled “Exchanges at the Helm: Driving Crypto from Niche to Mainstream,” Alicia shared that “accessing information about blockchain has become significantly easier…at KuCoin, we leverage complex data analysis algorithms using our trading bots to help users trade more efficiently.”

Industry stakeholders from all groups were in attendance for the panel, comprising investors, crypto enthusiasts, and more. The focus was on the crucial role of cryptocurrency exchanges in paving the way for crypto adoption and the eventual integration of digital assets into mainstream financial systems. Alicia and her fellow panelists explored both the challenges and opportunities that lay ahead for the crypto industry.

Alongside Alicia, the panel also featured leaders from leading crypto exchanges such as Ben Zhou, Co-Founder and CEO of Bybit; Gracy Chen, CEO of Bitget; Vivien Lin, Chief Product Officer of BingX; and Sonia Shaw, President of CoinW, and moderated by Michael Casey, Chairman of the Decentralized AI Society.

In addition to the panel discussion, KuCoin cemented its position as a leading centralised exchange (CEX) with a prominent presence on the show floor and activations that showcased the platform’s latest developments. The KuCoin Arcade also drew significant attention, offering an engaging and immersive experience with interactive crypto-themed games and activities.

“As we wrap up another edition of TOKEN2049 in Singapore, I’m once again filled with optimism for the future of the crypto industry. The energy, innovation, and collaboration displayed over the past two days have been immensely inspiring. At KuCoin, we will continue striving to be the driving force in this ever evolving space to build a more inclusive, decentralised, and prosperous financial future” added Alicia as TOKEN2049 concluded.

About KuCoin

Launched in September 2017, KuCoin is a leading cryptocurrency exchange with its operational headquarters in Seychelles. As a user-oriented platform with a focus on inclusiveness and community engagement. It offers over 900 digital assets across Spot trading, Margin trading, P2P Fiat trading, Futures trading, and Staking to its 34 million users in more than 200 countries and regions. KuCoin ranks as one of the top 6 crypto exchanges. KuCoin was acclaimed as “One of the Best Crypto Apps & Exchanges of June 2024” by Forbes Advisor and has been included as one of the top 50 companies in the “2024 Hurun Global Unicorn List”. Learn more at https://www.kucoin.com/.

 

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/kucoins-alicia-kao-shares-insights-on-how-ai-is-accelerating-mass-crypto-adoption-at-token2049-singapore-302253908.html

SOURCE KuCoin

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PayPal Ventures Reinforces Support of Chaos Labs with Additional Investment

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20 mins ago

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September 20, 2024

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SINGAPORE, Sept. 20, 2024 /PRNewswire/ — Today, PayPal Ventures, the global venture capital arm of PayPal, announced an additional investment in Chaos Labs, an industry leader in onchain risk management. This investment underscores PayPal Ventures’ confidence in Chaos Labs’ potential and their blockchain products.

Chaos Labs’ recent launch of Edge, a new decentralized oracle protocol, has garnered significant attention within the industry. Edge has already secured a remarkable $30B over the last 2 months and has been adopted by leading exchanges such as Jupiter, the top perpetuals exchange on Solana, and GMX, the leading exchange on Arbitrum.

Edge offers a comprehensive, low-latency oracle solution, combining accurate price data with actionable market intelligence. Its advanced architecture ensures the security and efficiency of DeFi applications while providing insights into market dynamics and security risks. Edge monitors the market for specific risk signals, performs the offchain data parsing and computation, and outputs one actionable data point.

Omer Goldberg, CEO and Founder of Chaos Labs, said, “We’re excited to receive the strong confidence and additional support from the PayPal Ventures team. Edge by Chaos is the culmination of our entire company’s work and expertise. Edge Price, Risk, and Proofs deliver meaningful and unmatched contextualized risk and price data for assets including stablecoins and other real-world-assets, in addition to the crypto assets and venues that provide access to them.”

Last month, Chaos Labs announced a $55 million Series A funding round led by Haun Ventures, including prominent new investors such as F-Prime Capital, Slow Ventures, and Spartan Capital, and existing investors including PayPal Ventures. Chaos Labs has experienced significant growth, tripling its customer base and securing billions in trading volume, loans, and incentives.

PayPal Ventures’ investment aligns with PayPal’s ongoing commitment to the blockchain ecosystem. In May 2024, PayPal launched its stablecoin, PYUSD, on the Solana blockchain.

Amman Bhasin, Partner at PayPal Ventures, said, “Our continued investment in Chaos Labs reflects our belief in their vision to create a safer crypto ecosystem and move more financial services on chain. Chaos Labs has emerged as a leading risk authority in the sector and we are thrilled to witness their evolution as they launch innovative products like Edge to mitigate oracle vulnerabilities.”

Chaos Labs will receive the total investment in PYUSD on-chain. A simulation will be shown live on-stage on September 20th at the annual Solana Breakpoint conference in Singapore.

About Chaos Labs

Chaos Labs leads the blockchain risk management industry with innovative solutions for the evolving onchain financial landscape. Chaos Labs enables protocols to verify stability across all market conditions, merging offchain observability with onchain risk parameter adjustments. Backed by leading venture capital firms, Chaos Labs continues to set new standards for security and responsiveness in onchain finance. Founded in 2021, Chaos Labs is headquartered in New York City.

About PayPal Ventures

PayPal Ventures is the global corporate venture arm of PayPal. We invest for financial return in companies at the forefront of innovation in fintech, commerce enablement, digital infrastructure, and crypto/blockchain technologies. Through the expertise, experience, and vast network of PayPal Ventures – and the companies we invest in – we are helping to bring transformative solutions to market faster. For more information, please visit: www.paypal.vc 

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/paypal-ventures-reinforces-support-of-chaos-labs-with-additional-investment-302253911.html

SOURCE Chaos Labs, Inc.

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