On December 18, 2024, Kraken, one of the largest crypto exchange platforms, announced the launch of its level 2 blockchain, Ink
Crypto exchange platform Kraken has announced the launch of its layer-2 blockchain, Ink, on the Ethereum mainnet. Initially scheduled for early 2025, the launch was brought forward due to the community's enthusiasm and the development team's rapid progress.
Kraken’s Ink Launches on the Ethereum Mainnet
Ink is built on Optimism’s OP Stack technology, which allows for the creation of customized rollups. Rollups are scaling solutions that process transactions off-chain while validating a minimal amount of data on the main blockchain, which improves speed and reduces the costs of crypto transactions. With Ink, Kraken aims to enhance the user experience in DeFi by providing a more efficient and cost-effective platform.
Furthermore, Kraken received funding of 25 million OP tokens, valued at around 58 million dollars, to support Ink's development. This funding aligns with Optimism’s initiative to distribute grants to crypto developers, fostering the “Superchain” ecosystem.
In addition to financial support, Ink has partnered with several decentralized applications, including the decentralized exchange Curve, the stablecoin platform Frax, LayerZero for interoperability, and Gelato for infrastructure support.
Objectives and Future Perspectives
Through Ink, Kraken aims to advance on-chain experiences by integrating improvements in privacy, crypto security, and user experience, while maintaining high liquidity. Andrew Koller, founder of Ink, stated: “Today is just the beginning for Ink, and our boldest work starts now – growing Ink.”
The launch of Ink escalates the competition for layer-2 and layer-3 scaling solutions on Ethereum. Smaller solutions will need to enhance their offerings to keep up with Ink's crypto advancements in scalability, privacy, and user experience.
Overall, the early launch of Kraken's Ink marks a significant development in DeFi, promising faster and cheaper crypto transactions while enhancing security and interoperability within the Ethereum ecosystem.
