Kraken, a popular crypto exchange, recently announced the upcoming launch of Ink, an Ethereum layer-2 network based on the Optimism Superchain, in a statement on Oct. 24. Ink is designed to allow users to trade, borrow, and lend tokens without the need for intermediaries, taking a significant step away from Kraken’s current centralized exchange model. Ink founder Andrew Koller expressed excitement about creating an ecosystem that is compelling for developers and the community, making it seamless for users to access DeFi. The network plans to launch a testnet for developers later this year, with a full rollout for retail and institutional users expected in the first quarter of 2025.
Kraken’s choice of the Optimism Superchain was made in order to benefit from Ethereum’s robust security and to position Ink as part of the Superchain, a network of blockchains sharing security, governance, and values aimed at improving Ethereum scalability. This decision aligns with a trend seen among major crypto firms, such as Coinbase, Uniswap, and World, utilizing this technology for their layer-2 networks. Optimism Unlimited’s Chief Growth Officer Ryan Wyatt noted that nearly 50% of all Ethereum layer-2 transactions are powered by Optimism’s technology, and Ink’s contribution to the Superchain ecosystem will aid in Optimism’s governance and revenue generation.
Despite the significant adoption of Optimism technology, Arbitrum remains the dominant layer-2 network, according to DeFillama data. Kraken’s launch of Ink is part of the exchange’s strategy to expand its product portfolio and solidify its position in the industry. This includes the introduction of kBTC, a wrapped Bitcoin product that is securely backed 1:1 by an equivalent amount of Bitcoin held in Kraken’s custody. The exchange has also integrated EigenLayer to allow users to restake their ETH directly from the platform. Additionally, Kraken has launched a derivatives trading platform in Bermuda after acquiring a Class F Digital Business License from the Bermuda Monetary Authority (BMA).
In summary, Kraken’s upcoming launch of Ink, an Ethereum layer-2 network based on the Optimism Superchain, marks a significant shift in the exchange’s approach to decentralized finance (DeFi). By empowering users to trade, borrow, and lend tokens without intermediaries, Kraken aims to create a compelling ecosystem for developers and the community. The decision to leverage the Optimism Superchain aligns with a trend seen among major crypto firms and will enhance Ethereum scalability. Kraken’s expanding product portfolio, which includes kBTC, EigenLayer integration, and a derivatives trading platform in Bermuda, demonstrates the exchange’s commitment to innovation and growth in the crypto space.
