Roughly 50 million tokens, or 5% of the total supply, can now be claimed.
Taiko, a Layer 2 scaling network, started the first phase of its token distribution plans with the cryptocurrency launching at a fully diluted valuation (FDV) of $2.1 billion and a market capitalization of $110 million.
The token has suffered a rocky start, however, dropping 40% to $2.20. Its token valuation makes it the 15th largest among Layer 2 networks in terms of market cap, and the 7th largest in terms of FDV.
Taiko is a rollup, which takes transactions and computation off the Ethereum mainnet to allow for faster and cheaper use. It uses “zero-knowledge” technology, which refers to a way of confirming transactions from the Layer 2 onto mainnet.
The team also says the protocol is Ethereum-equivalent, which means it does not require any additional compiling, reaudits, or tooling to interact with the Ethereum blockchain.
Airdrop Claimers
Eligible users include Taiko proposers, which determine the transaction sequence in a block; provers, which prove a block’s transition from one state to another; bridgers, allowing for users to lock ETH and receive funds on Taiko, developers, Github contributors, and members of the DEX Loopring community.
To claim tokens users first need to bridge ETH to Taiko to cover gas fees, the team wrote on X today. The claim window ends July 5.
For users that did not qualify for this round’s airdrop, Taiko has allocated 10% of the total supply to their upcoming Trailblazer program. The program looks to reward users that “explore” the ecosystem, and the project has established a number of special boosts for users engaging with the community and the protocol.
