In November 2024, the Ethereum ecosystem witnessed a remarkable increase in the total value locked (TVL) of the Taiko Layer 2 (L2) network. Taiko’s TVL skyrocketed by over 1,000% according to a CNF report, reaching an all-time high of $81 million. This surge in TVL was accompanied by a significant uptick in daily transactions, totaling five million, indicating the growing acceptance of Ethereum’s Layer 2 solutions.
The spotlight is once again on Taiko with the launch of the largest anonymous community vote in Ethereum’s history. Teaming up with DoraHacks, Taiko set out to enhance decentralized governance and prevent vote manipulation through the use of Minimal Anti-Collusion Infrastructure (MACI), a groundbreaking innovation by Vitalik Buterin. MACI ensures vote privacy and eliminates the possibility of vote buying or collusion, ensuring that community decisions truly represent the voices of the members rather than the influence of specific groups.
With a staggering 924,300 members registered for the vote, Taiko and DoraHacks have set a new record for MACI-based community engagement. The goal is to create a truly democratic ecosystem where every voice is heard and every vote counts.
Meanwhile, in the race for a more efficient blockchain experience, Taiko faces competition from the Open Network (TON). TON’s first half of 2025 roadmap includes the launch of a Layer 2 payment network designed to reduce transaction costs, enhance scalability, and enable fast transfers with minimal fees. While TON focuses on transaction efficiency, Taiko stands out for its commitment to decentralization and community governance, as demonstrated by the implementation of MACI in the recent community vote.
As the blockchain landscape continues to evolve, both Taiko and TON are driving innovation in their respective areas. While TON aims to streamline transaction processes, Taiko remains dedicated to creating a democratic ecosystem where community participation and decision-making are prioritized. The future of blockchain technology looks promising with these advancements paving the way for a more inclusive and efficient digital economy.