Kraken's Ink network has garnered attention due to a sharp increase in activity before the launch of the INK token, which has a fixed supply of 1 billion.
Announcement of INK Token and Its Features
The need for the INK token emerged following the announcement by the Ink Foundation. The token is intended to facilitate liquidity within the network, although it does not grant voting rights to its holders.
Surge in Ink Network Usage
Since the token announcement, the Ink network has recorded over 500,000 daily transactions. The number of active smart contracts has nearly doubled since May, reaching 6,000 as of June 18, according to Dune Analytics.
Technical Aspects of Ink and Competition with Other Networks
Ink went live on the mainnet in December 2024 on the Optimism Superchain platform, positioning itself alongside projects like Coinbase’s Base and Layer 2 networks from Uniswap, Sony, and World App. Ink is compatible with the Ethereum Virtual Machine (EVM), allowing developers to easily port their applications.
With increasing developer interest and the upcoming launch of the INK token, Ink could potentially compete with major players such as Coinbase.
