Kraken Unveils Ethereum-Based Layer-2 Blockchain Ink Powered by Optimism’s OP Stack
Cryptocurrency exchange Kraken has made a significant move in the world of blockchain technology by unveiling Ink, an Ethereum-based layer-2 blockchain powered by Optimism’s OP Stack. This new network will offer on-chain wealth management tools for both experienced digital asset traders and those new to the world of cryptocurrency.
In a joint statement with the Optimism Collective, Kraken announced that Ink will roll out on testnet in November and will be interoperable with Optimism’s Superchain, a network of layer-2s that share security and infrastructure. Ink founder Andrew Koller stated that the network is laying the groundwork for an interoperable and pluralistic on-chain ecosystem that will attract developers and make it the ideal platform for the next generation of DeFi applications and protocols.
Optimism’s Superchain, which includes nearly 30 chains such as Base, Zora, Unichain, and World Chain, records over 7 million daily transactions, making it a significant player in the layer-2 space on Ethereum. By joining the Superchain, Ink will have the opportunity to communicate and share resources with other networks, preventing fragmentation and allowing access to a larger user base.
In exchange for using the OP Stack, Ink will engage in revenue sharing with the Optimism Collective and participate in Optimism’s governance. Developers will also support core development of the OP Stack. The network is expected to launch on mainnet in early 2025, offering one-second block times to facilitate time-sensitive transactions such as perpetual futures trading, decentralized lending, and yield farming.
Kraken’s move with Ink follows in the footsteps of Coinbase’s Base, another Ethereum layer-2 network built on Optimism that has gained prominence since its launch in early 2023. This development signals a growing trend towards layer-2 solutions in the cryptocurrency space, aiming to improve scalability and transaction speeds on the Ethereum network.
