Crypto exchange Kraken is set to introduce its own Ethereum Layer 2 blockchain named “Ink” early next year, in partnership with decentralized platform Zora.
The Ink testnet is expected to go live later this year, with a full mainnet launch planned for the first quarter of 2025, according to a report from Bloomberg. The move follows similar initiatives by competitors like Coinbase.
The blockchain aims to provide permissionless access to decentralized finance (DeFi) applications, including trading, lending, and borrowing services.
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Kraken’s Ink Will be Part of Ethereum Ecosystem
Ink will be part of the broader Ethereum ecosystem, joining the Superchain—a network of interoperable Layer 2 blockchains built on Optimism’s OP Stack.
The innovative structure allows seamless communication and scalability across networks. Other major projects, including Base, Zora, and Worldcoin, have already launched their Layer 2 solutions on the Superchain.
Uniswap, a leading decentralized exchange, recently announced plans for its own optimistic rollup called Unichain.
LIVE NOW — Announcing Ink | Kraken's L2@ben_chain from @Optimism and Andrew Koller from @krakenfx join us today to talk about Kraken’s latest release — Ink, a blockchain built on the OP Stack, joining the Superchain to scale Ethereum.@inkonchain offers 1-second block times… pic.twitter.com/mag7NSZKQ8
— Bankless (@BanklessHQ) October 24, 2024
Ryan Wyatt, Chief Growth Officer at Optimism Unlimited, welcomed Kraken’s Ink to the Optimism ecosystem, noting its potential contribution to governance and revenue generation for the Optimism Collective.
“Optimism’s technology powers the Superchain, and nearly 50% of all Ethereum Layer 2 transactions. Ink will play a key role in helping scale Ethereum,” Wyatt said.
Despite its promising launch, Kraken’s Ink will not issue a native token, unlike some of its Superchain peers. Andrew Koller, Ink’s founder, stated that Kraken will initially serve as the sole sequencer, managing transactions and earning revenue.
However, Kraken plans to decentralize this role over time, similar to Coinbase’s approach with Base, which has grown to be the largest Ethereum Layer 2 by total value locked.
At launch, more than a dozen decentralized applications, including exchanges and aggregators, will be available on Ink, with future expansion into real-world assets and advanced lending services.
Kraken hopes to replicate Coinbase’s success, as Base recently surpassed Arbitrum to become the largest Ethereum Layer 2 by total value locked, with $2.5 billion in deposits.
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Kraken Continues to Explore New Markets
Kraken has been exploring new markets and products recently, including launching a wrapped bitcoin token called kBTC on Ethereum and OP Mainnet, and eyeing a potential initial public offering (IPO), despite regulatory challenges with the U.S. Securities and Exchange Commission.
Furthermore, the exchange has formed a partnership with UK football club Tottenham Hotspur. As the football club’s crypto and Web3 partner, Kraken will serve as the club’s official sleeve partner for both its men’s and women’s teams.
In July, Kraken announced the expansion of its Custody services for institutional clients in the UK and Australia. The US-based company is also eyeing European Union, Switzerland, Cayman Islands, and British Virgin Islands in the near future.
Kraken is also actively looking to broaden its reach in Europe. Back in May 2024, Kraken entered the German market, partnering with local asset manager DLT Finance.
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