Bitfinex, a premier digital asset trading platform, has announced that it will be among the first exchanges to list TAIKO, the native token of Taiko. This Ethereum-based layer-2 network focuses on enhancing scalability and reducing transaction costs, according to blog.bitfinex.com.
Understanding Taiko
First launched in 2022, Taiko is an Ethereum-equivalent ZK-Rollup. This technology uses Zero-Knowledge Rollup to process multiple transactions in batches, significantly reducing costs and enhancing transaction speeds. Operating as a Layer-2 solution, Taiko maintains the decentralized, permissionless, and secure attributes of the Ethereum mainchain while improving scalability.
Taiko has already demonstrated its potential, executing six testnets involving over 1.1 million unique wallets, more than 30,000 proposers, and over 14,000 approvers, as stated on their website.
TAIKO Token Features
TAIKO, the native token of the network, offers various functionalities to its holders. It grants governance voting rights, supports Taiko’s rollup solutions, and enables yield earning for proposers and approvers. The token aims to underpin the network’s operation and facilitate community participation in governance.
Listing Details
Bitfinex plans to open deposits for TAIKO at approximately 10:00 AM UTC on June 4th, 2024, with trading expected to commence at around 1:00 PM UTC on June 5th, 2024, subject to liquidity requirements. The token will be tradable against US Dollars (TAIKO/USD) and Tether tokens (TAIKO/USDt).
Henry Child, Head of Tokens at Bitfinex, expressed enthusiasm about the listing, stating, “We are thrilled to add TAIKO to our extensive range of listed tokens. At Bitfinex, we are proud to support developers who prioritize decentralization and scalability, as these principles are essential to the future of Web3.”
About Bitfinex
Founded in 2012, Bitfinex is a digital token trading platform offering a range of advanced trading features and tools. The platform provides access to peer-to-peer financing, an OTC market, and margin trading for a variety of digital tokens. Bitfinex focuses on delivering unparalleled support, innovation, and tools for experienced traders and global liquidity providers.
To learn more about Bitfinex and access TAIKO, customers can visit their official website.
Image source: Shutterstock
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