Total Deposits in Taiko Soared 1,326%! Fighting over Airdrop?

Bittime - Taiko is the leading player as a Layer 2 (L2) bridge with a fantastic increase of 1,326%! This figure is certainly surprising, especially when compared to its closest competitor, Linea, which only experienced an increase of 6% and Metis of 4.4%.

Taiko Leads Deposit Acquisition

But what actually happened? Looking at data from Token Terminal, Taiko currently leads the total acquisition of Layer 2 (L2) bridge deposits with an impressive score, namely 10.64 million deposits.

Source: Cryptomode

This drastic increase cannot be separated from the launch of the Taiko mainnet on Ethereum (ETH) on May 27. The presence of this mainnet allows users to move their ETH between Layer 1 and Layer 2 more easily, thereby automatically increasing bridge activity.

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Apart from that, another factor that is thought to have contributed to the surge in activity is the hope that an airdrop will be coming soon. According to its official website, Taiko plans to distribute 5% of its total token supply on June 6. 

Also read: Bitcoin Staking: A More Profitable Layer-2 Alternative

Typically, this kind of increase in bridge transaction activity is often associated with users preparing for an airdrop.

This can be seen from Linea's achievement in second place, even though the blockchain does not yet have a token. Previously, we had also seen a spike in Total Value Locked (TVL) that occurred there.

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Taiko Prospects: A Promising Future

Not only is the bridge deposit notch astonishing, Taiko has also succeeded in attracting the attention of investors. According to Coin98 Analytics, Taiko's fundraising started in August 2023. The event successfully raised $10 million (around IDR 160 billion) with support from KuCoin Ventures and OKX Ventures. 

Also read: Ethereum: Towards a New Future with Layer-2 and Ethereum 2.0

This achievement was then continued with the second round of fundraising in June 2023 which succeeded in raising $12 million (around IDR 192 billion), bringing the total funds raised to $22 million (around IDR 352 billion).

Technically, Taiko is a Layer 2 solution designed to improve the scalability and performance of the Ethereum network. This protocol operates as an open-source Zero Knowledge (ZK) Rollup. 

Taiko's approach is referred to as "Based booster rollup," which indicates an innovative operating method compared to other Layer 2 projects.

Interestingly, even though it has just launched the mainnet, the Taiko ecosystem is currently busy with various projects. Some of them include Non-Fungible Tokens (NFT), crypto wallets, Social Finance (SoFi), Oracle, and many more.

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The presence of the airdrop and mainnet launch was certainly the main trigger for the spike in Taiko bridge activity. With promising prospects and a growing ecosystem, Taiko has the potential to become an important player in Layer 2 solutions in the future.

How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn Complete Guide How to Buy Crypto on Bittime. 

Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.