Ethereum Layer 2 network Taiko has hit its all time high in terms of Total Value Locked (TVL) amid plans of expansions. According to data from DeFiLlama in the last month, the TVL of Ethereum Layer 2 network Taiko has risen by over 1,000% to $81 million.
The milestone for TVL comes on the back of both the lending protocol Avalon Finance and native DEX Panko Finance’s success. According to data, both the units had TVLs of more than $30 million, recently.
The news likely gave the native token TAIKO a push to keep it up 5.8% at $1.34 a piece, according to data from CoinMarketCap.
Taiko’s TVL Sees Continuous Weekly Rise
Taiko’s TVL rise comes over continues rise in TVL for weeks. Just last week, Taiko’s Panko Finance, a primary DEX, and TakoTako, its lending app, drove the company’s TVL to triple to $35 million.
Additionally, according to TaikoScan, on November 4, Taiko’s daily transaction volume hit 5 million, which also set a new record high.
Total Value Locked (TVL) is determined by adding up all of the assets that are locked or staked on a DeFi platform. This entails identifying and quantifying all assets, including tokens and cryptocurrencies. Following that, the amount of each asset is multiplied by its current market price and converted to USD.
Taiko’s Future Plans Spread Optimism Over Network’s Growth Plans
In the future, Taiko intends to introduce DAO governance to empower its community, incorporate ZK proofs to improve security, and apply transaction pre-confirmations to improve user experience. Additionally, the network is getting ready to add more assets, growing its thriving ecosystem.
The plans to have all the new additions in the working stature, Taiko had undertaken a fund raising back in March and June of this year. After raising $15 million in a series A funding round, the layer-2 scaling solution provider went on to raise $22 million.
Lightspeed Faction, Hashed, Generative Ventures, and Token Bay Capital spearheaded the fundraising effort. Flow Traders, Amber Group, OKX Ventures, GSR, WW Ventures, Wintermute Ventures, and Presto Labs were among the other investors in the round. In its three fundraising rounds, including their most new one, Taiko raised $37 million.
TAIKO Token Growth: What Were The Highest And Lowest Points
The past three months have seen a volatile trading for the TAIKO token. However, with growing optimism around its native network, investors might start seeing the coin’s positives in the future.
On June 5 of this year, Taiko hit its highest price ever, peaking at $3.80. On the other hand, on November 4, Taiko hit its lowest price ever, falling to its lowest point ever, $1.23979.
At the moment, the Fear & Greed Index is reading 69 (Greed) for the TAIKO market. Since a lot of altcoins saw selling pressure in the last couple of months, it is likely that TAIKO also faced similar market sentiments. However, with the now bullish crypto market, it is likely that market participants will start picking up on heavy trade in the future.