The Ink Foundation, backed by Kraken, announced the launch of a new Ethereum Layer 2 network with the $INK token, which may significantly impact DeFi.
Support for Ink's Ethereum Layer 2 Launch
The Ink Foundation, supported by Kraken, is set to launch a new Ethereum Layer 2 network. This initiative aims to support DeFi and improve overall developer participation with the introduction of the $INK token in Q1 2025. The token will have a fixed supply of 1 billion units and will be introduced during the mainnet launch and public airdrop next year.
Network Opportunities and Impact on DeFi
The launch of the Ink network is anticipated to boost interest in DeFi, potentially increasing Ethereum usage. Stakeholders are closely watching the launch, looking forward to shifts in total value locked (TVL) and user participation as the mainnet goes live. The introduction of Ink may influence financial trends in the blockchain sector, following examples set by other exchanges like Binance and Coinbase.
Comparison to Binance and Coinbase Chains
Comparisons to Binance's BNB Chain and Coinbase's Base chain reflect a growing inclination among crypto exchanges to launch their own blockchain networks. These prior examples have positively impacted ecosystem TVL and token valuations. Experts from Kanalcoin suggest that the launch of Ink may lead to similar economic benefits, with the fixed supply of $INK fostering market interest.
The launch of the new Ethereum Layer 2 from Ink presents opportunities for enhancing the DeFi ecosystem and may stimulate developer activity in the blockchain space.
