The Kraken cryptocurrency exchange has unveiled its new Ink Layer-2 blockchain on the Ethereum platform. This launch, initially planned for 2025, occurs ahead of schedule and promises to enhance scalability and interoperability within the Ethereum ecosystem.
Launching the Ink Blockchain
According to Kraken's blog post, the Ink Layer-2 network launched ahead of schedule on Wednesday. The network is built on Optimism's OP Stack—an architectural framework designed to enhance Ethereum's scalability and interoperability. Kraken received a grant from the Optimism Foundation, including approximately 58 million OP tokens, to support the adoption and growth of Ink within the ecosystem.
Key Partnerships and Features
The Ink Layer-2 launch was supported by various decentralized applications, including the Curve decentralized exchange, the Frax stablecoin platform, LayerZero for interoperability, and Gelato for infrastructure support. These collaborations emphasize the ecosystem’s focus on diverse use cases within decentralized finance (DeFi).
Future Plans and Legal Aspects
By January 2025, Kraken plans to offer permissionless proof-of-error on its Ink Layer-2. This feature will allow anyone to contest potentially invalid transactions, increasing the platform’s accountability. Ink Layer-2 is among the latest products built on OP Stack for Ethereum scaling solutions. Projects like Coinbase's Base and Sony's Soneium reflect the trend of major players expanding the Ethereum ecosystem. Meanwhile, Kraken continues to face legal challenges with the SEC, potentially impacting their operations.
The launch of Ink Layer-2 on Ethereum lays new groundwork for advancing blockchain technology in a multi-chain world, highlighting major players' involvement in improving the Ethereum ecosystem.
