Kraken, one of the top crypto exchanges globally, has recently announced the launch of its layer-2 rollup network, Ink, on the Ethereum blockchain. This network, built on top of the OP stack, a customizable framework that allows developers to create their own rollups using Optimism’s technology, has gone live ahead of schedule. Originally planned for a release in early 2025, the main network launch of Ink marks a significant milestone for Kraken.
In a strategic move, Kraken agreed to receive 25 million OP tokens, valued at approximately $58 million, as part of the deal to build on the OP Stack. This partnership aligns with Optimism’s approach of providing developer grants to participants building on the stack, contributing to the overall growth of the “Superchain” ecosystem.
Coinbase, a major competitor of Kraken, had announced in August 2023 its intention to develop a layer-2 network using the OP Stack, known as Base. Currently the second-largest rollup network according to L2beat, Base is a key player in the ecosystem. The Base team is set to receive up to 118 million OP tokens and commit a percentage of their revenue or profits to the Optimism Collective.
Several other participants, such as Uniswap, World Network, and Sony Blockchain Labs, are also building layer 2 solutions with the OP Stack. While the specific details of their token allocations have not been disclosed, these projects are expected to contribute significantly to the growth of the ecosystem.
Andrew Koller, the founder of Ink, expressed his excitement for the future of the network, stating, “Today is just the beginning for Ink, and now our boldest work really 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.”
Overall, the launch of Ink and the broader adoption of layer-2 solutions built on the OP Stack signify a growing trend towards scalability and efficiency in the crypto space. With major players like Kraken and Coinbase leading the way, the future looks bright for decentralized finance and blockchain technology.