Kraken, a prominent cryptocurrency exchange, recently unveiled its latest project called Ink, an Ethereum layer-2 network based on the Optimism Superchain. This exciting development was announced on October 24, marking a significant shift from Kraken’s traditional centralized exchange model.
Ink is designed to empower users to trade, borrow, and lend tokens without the need for intermediaries, offering a more decentralized approach to cryptocurrency transactions. Founder of Ink, Andrew Koller, expressed his enthusiasm for the project, stating, “Ink will work closely with developers and the community to create a compelling ecosystem for all. We’re excited to accelerate the move onchain with an interoperable L2 that will make it even more seamless for crypto users to access DeFi. Ink the future.”
The network is set to launch its testnet for developers later this year, with a full rollout for retail and institutional users expected in the first quarter of 2025.
Kraken’s decision to utilize the Optimism Superchain was strategic, as it allows them to benefit from Ethereum’s robust security while being part of a unified network of blockchains that share security, governance, and values. This move aligns with other major crypto firms leveraging this technology for their layer-2 networks, such as Coinbase, Uniswap, and World.
Ryan Wyatt, Chief Growth Officer of Optimism Unlimited, emphasized the importance of Ink contributing to Optimism governance and driving revenue back to the Optimism Collective as part of the Superchain ecosystem.
Despite the growing adoption of Optimism technology, Arbitrum remains the dominant layer-2 network, according to DeFillama data.
Ink’s launch is part of Kraken’s broader strategy to expand its product portfolio and strengthen its presence in the industry. This includes the introduction of kBTC, a wrapped Bitcoin product, and the integration of EigenLayer to allow users to restake their ETH directly from the platform. Additionally, Kraken recently launched a derivatives trading platform in Bermuda following the acquisition of a Class F Digital Business License from the Bermuda Monetary Authority (BMA).
Overall, Kraken’s foray into the world of decentralized finance with Ink demonstrates its commitment to innovation and growth in the rapidly evolving cryptocurrency landscape.