Built using Optimism’s OP Stack, Ink places Kraken at the cutting edge of modular blockchain technology, enabling users to access customizable and efficient DeFi solutions.
By Chimamanda U. Martha
Edited by Marco T. Lanz
Updated
3 mins read
Cryptocurrency exchange Kraken has joined the growing list of companies to roll out an independent blockchain to explore the world of decentralized finance (DeFi) ecosystem. On Wednesday, the company announced that its layer-2 network Ink has officially debuted to the public on mainnet.
When the company initially unveiled plans to launch the blockchain in October, Kraken said the beta launch was scheduled for this year, with mainnet slated for rollout in early next year. In its announcement today, December 18, the exchange acknowledged that the launch was “months ahead of the schedule.
Kraken attributed its accelerated pace to strong demand from developers and unwavering support from the crypto community.
Why launch now?
The demand from builders and support from our community pushed us to move faster. After millions of testnet transactions and thousands of connected wallets, it’s clear: the world is ready for a DeFi renaissance, and Ink is here to lead the charge.
— ink (@inkonchain) December 18, 2024
During its testnet, Ink processed more than 8.17 million in transactions with more than 1.22 million addresses exploring the protocol. Additionally, Kraken said that around 90,600 tokens were deployed on the protocol.
The exchange had earlier said in October that the blockchain will be available for retail and institutional users at launch. According to Andrew Koller, founder of Ink, these users will be able to access the applications on the protocol using Kraken’s Web3 wallet.
The wallet will serve as a bridge connecting users from the centralized exchange to the protocol, giving them the opportunity to explore both ecosystems without having to leave the exchange.
Starting January 2025, Ink will enter the first phase of its decentralized roadmap, advancing toward a more decentralized system by introducing “permissionless fault proofs.” According to Kraken, these fault proofs allow anyone to verify and report errors or discrepancies in the system, improving transparency and accountability.
Commenting on Ink’s launch, Koller said it represents Kraken’s commitment to expanding the possibilities of on-chain technology, paving the way for innovative applications and new opportunities for both developers and users.
“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,” he said in a press release.
Although based on Ethereum, the newly launched Ink was built using the OP Stack, a developer toolkit that lets software engineers build their own roll ups using Optimism’s technology. The OP Stack provides a structured framework, enabling creators to tailor their blockchain solutions effectively.
According to Coindesk, Kraken received a significant grant for choosing to build on the Optimism ecosystem: 25 million OP tokens (Optimism’s native cryptocurrency), worth approximately $58 million. The grant exemplifies Optimism’s commitment to supporting projects that strengthen its “Superchain” ecosystem through strategic builder collaborations.
Meanwhile, Optimism has extended similar grants to other networks, including Coinbase’s Base, which launched in 2023. An agreement between Base and the Optimism Foundation ensures Base will receive 118 million OP tokens over six years. In exchange, Base will contribute either 2.5% of its sequencer revenue or 15% of its net profit to the Optimism Collective.
Other OP Stack adopters, such as Uniswap, World Network, and Sony Blockchain Labs, have yet to disclose details about the grants they may receive as part of their partnerships.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love for travel and food, bringing a fresh and engaging perspective to her work.
