TLDR:
- The upcoming Ink blockchain is poised for a launch at the start of 2025 by Kraken, functioning as an Ethereum Layer 2 rollup to enhance blockchain efficiency.
- Utilizing Superchain technology from Optimism, Ink is built in a manner akin to Coinbase’s Base infrastructure.
- While no native token is on the agenda, Ink plans to incorporate DeFi solutions straight into the Kraken Wallet app.
- Developer testnet launching in late 2024
- The mission is to make DeFi tools more accessible to the wide network of over 10 million Kraken users.
Recognized as one of the leading cryptocurrency platforms in America, Kraken has revealed its intention to roll out a new blockchain, Ink, by early 2025. Built as an Ethereum Layer 2 rollup using Optimism’s technology, Ink has drawn comparisons to Coinbase’s well-received Base blockchain. Kraken's move to introduce the Ink blockchain marks a strategic initiative to merge centralized and decentralized financial realms. Ink's development aims to ease DeFi application access for Kraken's existing global user base of over 10 million.
Departing from some blockchain introductions, Kraken's new Ink will omit the release of a native token. Instead, the platform plans to embed various DeFi services, like decentralized exchanges, within the Kraken Wallet app.
Andrew Koller, the mastermind behind Ink, highlighted the goal of enabling users to navigate effortlessly between centralized and decentralized finance, making DeFi less daunting for newcomers.
The backbone of Ink is constructed on Optimism’s open-source OP Stack, ensuring its integration within the expansive Ethereum ecosystem and participation in the Optimism Superchain's network.
Kraken will take on the critical role of Ink’s sequencer, handling transaction management within the network. This position could yield financial gains, echoed by Coinbase's successful revenue generation with Base.
At its debut, Ink will feature an array of over a dozen decentralized applications, intending to widen its reach to tangible assets and cutting-edge lending platforms eventually.
Developers are granted preliminary access to Ink via a testnet available in late 2024, allowing for experimentation with dApp development ahead of the 2025 mainnet release. Kraken extends comprehensive developmental support through detailed documentation and guides.
The advent of Ink is another step in Kraken's broader foray into the crypto sphere. In October, it launched a derivatives trading platform in Bermuda, sanctioned by regulatory approval from the Bermuda Monetary Authority.
Ink joins an expanding roster of blockchains stemming from Optimism, featuring contributions from notable entities like Sony and Uniswap. Through Optimism's tech integration, Ink aims for upcoming interoperability enhancements in 2025.
Once operational, Ink will implement SuperchainERC20, a token standard crafted to simplify asset transitions across Optimism-based blockchains, addressing current Ethereum liquidity issues.
Kraken is positioning the Ink blockchain as the sole prominent Western exchange-backed venture with a concentrated focus on enhancing DeFi user interfaces, prioritizing both capital efficiency and community-driven innovation.
To fuel initial interest, Kraken has revealed plans for exclusive initiatives, including a special edition NFT drop with Optimism and developer-focused events at major industry gatherings.
The development squad has set up various community engagement platforms, like Discord for developers and Telegram for users, to foster active participation as Ink progresses towards its 2025 rollout.
The Editor-in-Chief of Blockonomi and founder of UK-based Kooc Media champions open-source software, blockchain technology, and a universally fair internet.
