Kraken cryptocurrency exchange has launched its Layer-2 blockchain network called Ink on the Ethereum mainnet. This rollout, originally scheduled for early 2025, has occurred ahead of schedule. Built using Optimism’s OP Stack, Ink aims to provide enhanced scalability and interoperability within the Ethereum ecosystem.
Kraken Launches Ink Layer-2 Network Ahead of Schedule on Ethereum Mainnet
According to a blog post, Kraken launched its Ink Layer-2 network on Wednesday, advancing its plans to introduce the blockchain by several months. The network is built on Optimism’s OP Stack, a modular framework designed to enhance Ethereum scalability and interoperability.
As part of the development, the crypto exchange secured a grant of 25 million OP tokens (approximately $58 million) from the Optimism Foundation. These tokens support the adoption and growth of Ink, enabling the platform to contribute to Optimism’s broader “Superchain” ecosystem.
Andrew Koller, the founder of Ink expressed enthusiasm stating,
“Today is just the beginning for Ink, and now our boldest work begins, growing Ink. We’re pushing the boundaries of on-chain experiences to unlock new applications and opportunities for builders and users alike, layering privacy, security and UX enhancements on a foundation of deep liquidity.”
Meanwhile, the adoption of Layer 2 solutions has been on the rise. Most recently, Germany’s Deutsche Bank integrated ZKsync technology through Project Dama 2. This move will enhance Ethereum’s efficiency while ensuring compliance with regulatory standards.
Key Partnerships and Features
Ink Layer-2 launched with support from several decentralized applications. Notable partners include decentralized exchange Curve, stablecoin platform Frax, LayerZero for interoperability, and Gelato for infrastructure support. These collaborations highlight the ecosystem’s focus on enabling diverse use cases within decentralized finance (DeFi).
By January 2025, Kraken plans to enable permissionless fault proofs on Ink Layer-2. This feature will allow anyone to challenge potentially invalid transactions, increasing the platform’s accountability.
Kraken’s Ink Layer-2 is the latest addition to Ethereum scaling solutions built on the OP Stack, joining networks like Coinbase’s Base and Sony’s Soneium. These projects demonstrate a growing trend among major players to expand the Ethereum ecosystem.
Meanwhile, in the ongoing Kraken vs. SEC lawsuit, the court denied the crypto exchange request to obtain documents related to Bitcoin, Ether, and SEC policies on digital assets. The judge ruled the requests irrelevant to the SEC’s allegations concerning specific crypto tokens. Kraken’s demand for evidence tied to public statements and internal policies was also rejected, with the court emphasizing a lack of justification for such disclosures.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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