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Kraken's Ink Network Joins the Ethereum Superchain
Kraken is gearing up for a major evolution with the upcoming launch of Ink, its Ethereum Layer 2 network. Announced on October 24, the project is scheduled for a full release in 2025, with a testnet debut expected before the year ends.
Built on Optimism's Superchain using the OP Stack, Ink is designed to revolutionize decentralized finance (DeFi) by enabling users to trade, lend, and borrow tokens directly, cutting out intermediaries. Andrew Koller, the network's founder, emphasized the importance of community collaboration, expressing excitement about driving the crypto industry towards a fully on-chain future.
Unlike many other Layer 2s, Kraken's Ink will not issue its own token, marking a different approach from typical blockchain launches. Kraken will initially control transaction sequencing, managing the flow of operations and collecting the related revenues. However, this centralized oversight is expected to evolve, with plans for a more decentralized transaction process in the future.
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Ink's integration with Optimism's Superchain further deepens Kraken's commitment to Ethereum scalability. The Superchain is a collection of interoperable Layer 2s that work together to enhance transaction throughput and network efficiency.
Projects like Base and Uniswap have already embraced this framework, making Ink a natural addition. By leveraging Optimism’s technology, Kraken will ensure that Ink benefits from Ethereum’s robust security, while contributing to the larger ecosystem’s governance and collective revenue generation.
The move comes as Kraken looks to replicate the success of Coinbase’s Base, which became the largest Ethereum Layer 2 network by total value locked, recently hitting $2.5 billion in deposits.
Optimism’s technology is already behind nearly half of all Ethereum Layer 2 transactions, and Ink’s inclusion is set to further reinforce the Superchain's growing dominance. Optimism's Chief Growth Officer, Ryan Wyatt, highlighted how Ink’s participation would feed into the Optimism Collective’s efforts to scale Ethereum.
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Kraken’s Ink project is part of a broader strategy to expand its offerings across the DeFi landscape. Earlier this month, Kraken launched kBTC, a wrapped Bitcoin product that provides access to Bitcoin within decentralized finance applications.
Additionally, Kraken integrated EigenLayer to allow ETH restaking directly from its platform, further broadening its DeFi reach. Kraken also rolled out a derivatives trading platform in Bermuda after securing a Class F Digital Business License from the Bermuda Monetary Authority, reinforcing its ambitions to strengthen its position in the global cryptocurrency market.
This article has been refined and enhanced by ChatGPT.
