South Korean Cryptocurrency Trading Alliance Upbit Expands Support for Ethereum L2 Taiko

South Korean cryptocurrency trading giant Upbit issued an official statement on June 5, stating that it will support Ethereum L2 Taiko’s plan.

Upbit will provide market support in BTC, USDT and KRW trading pairs

According to an official statement from upbit, Upbit will launch three new trading pairs as part of its support for Ethereum L2: Bitcoin (TAIKO/BTC), Tether (TAIKO/USDT) and Korean Won (TAIKO/KRW). This diverse trading pair will be available for trading after 22:00 (KST) on June 5 (GMT+9), giving Upbit users multiple options to participate in the Taiko cryptocurrency.
Upbit outlines some important trading rules and restrictions regarding listings. The company said, “All TAIKO deposits must be verified by travel rules before the price is listed on Coinmarketcap, after deposit support starts, or before Upbit TAIKO trading support starts, regardless of price. Additionally, according to the announcement, Upbit will start trading support after trading support starts Buy limits and minimum sell limits are implemented to ensure a fair and safe trading environment for all users.
Buy orders are limited approximately 5 minutes after trading support begins. Sell ​​orders with a base price of -10% or lower are also restricted during the same period.
Meanwhile, the company added, “Market prices and pre-orders will be limited for approximately 1 hour after trade support.
Additionally, Upbit cautions users not to use networks other than TAIKO-Taiko and TAIKO-Ethereum for withdrawals and deposits as this may hinder the process and cause delays. Nonetheless, with Buterin’s help, the L2 protocol has gained significant traction, and the aforementioned underlying chroniclers of optimism are also involved.

Taiko project introduction

Taiko is a decentralized Ethereum equivalent of ZK-EVM and universal ZK-Rollup. The aim is to enable developers and users of dApps developed for Ethereum L1 to use them on Taiko without any modifications. As a result, dApps can be quickly deployed to L2, generating lower transaction fees than L1 while maintaining the security of Ethereum.

Taiko will issue airdrops

Taiko’s mainnet is expected to launch in the near future, having gone through extensive development with six testnets over the past few years. The network will operate as the Ethereum equivalent of ZK-EVM (Type-1), ensuring compatibility with the Ethereum mainnet.
Taiko also announced an airdrop for its community members ahead of the mainnet launch. The project will allocate 5% of its 1 billion token supply, known as the Genesis Airdrop.
Eligibility for the initial airdrop extends to community members interacting with the Taiko testnet, block proposers and provers, contributors to specific GitHub repositories, and participants in the Ethereum ICO.

Team introduction

Taiko was founded in early 2022 by Daniel Wang, Brecht Devos and other well-known figures in the field. The two worked at Loopring before founding Taiko.
Taiko currently consists of approximately 20 employees from Turkey, Austria, Barbados, China, India, the United States, Canada, Ukraine and other countries.

Project Benefits

The Taiko protocol went live in late May and aims to provide users with cheaper and faster transactions than on the Ethereum mainnet, while borrowing elements of network security. Since its launch, Taiko, unlike its competitors, has spent a whopping $900,000 on blobs in less than two weeks, moving users’ transactions onto the Ethereum network.

Financing situation

Taiko has completed financing of US$37 million before the mainnet launch.

Investors include prominent venture capital firms and key members of the crypto community. For example:

• Generative Ventures: A progressive investment firm focused on the machine economy.
• Hashed: South Korea's largest crypto asset fund and community builder.
• Other investors represented by Faction, Token Bay Capital, Hongshan, and similar firms.

Project current progress

Taiko is using the Hekla testnet as the final testnet before its mainnet launch, featuring the following characteristics:

• No longer requires archive L1 nodes.
• Enables EIP-4844 DA blocks.
• Adjusts L2 block gas issuance and limits.
• Fine-tunes EIP-1559 configurations.
• Enhances guardian proof-of-stake infrastructure.
• Supports two-step claiming of L2 to L1 bridged tokens. Additionally, Hekla adopts the same competitive Rollup (BCR) mechanism as Katla. Taiko will launch on mainnet using the BCR architecture. Taiko is set to introduce the first Rollup-based version, bringing Ethereum to everyone worldwide.