Cryptocurrency exchange Kraken announced the upcoming launch of Ink, a layer 2 ethereum network based on the Optimism Superchain, in a statement on October 24.
Ink aims to empower users to trade, borrow, and lend tokens without the need for intermediaries, marking a significant shift from Kraken's current centralized exchange model.
Ink Founder Andrew Koller said:
“Ink will work closely with developers and the community to create an attractive ecosystem for everyone. We are excited to accelerate movement on-chain with an interoperable L2 that will make access to DeFi even more seamless for cryptocurrency users. Ink the future.”
The network plans to launch its testnet for developers later this year, with a full launch for retail and institutional users expected in the first quarter of 2025.
Why Superchain Optimism?
Kraken stated that its choice of Optimism Superchain would allow it to benefit from the strong security of ethereum. This would also position Ink as part of Superchain, a unified network of blockchains that share security, governance, and values designed to improve the scalability of ethereum.
Meanwhile, the exchange's decision aligns with the growing trend among major crypto companies, including Coinbase, Uniswap, and World, leveraging this technology for their Layer 2 networks.
Ryan Wyatt, Chief Growth Officer at Optimism Unlimited commented:
“Optimism technology powers the Superchain and almost 50% of all ethereum L2 transactions. As part of this Superchain ecosystem, Ink will contribute to the governance of Optimism and drive revenue for Optimism Collective as we work together to scale ethereum.”
Despite this significant adoption of Optimism technology, Arbitrum remains the dominant Layer 2 network, according to DeFillama data.
Kraken's Expanding Product Portfolio
The launch of Ink complements Kraken's growing range of products aimed at solidifying its position in the industry.
This month, the exchange introduced kBTC, a new wrapped bitcoin product designed to enhance the maximum availability of cryptocurrencies in DeFi activities. The firm stated that each kBTC is securely backed 1:1 by an equivalent amount of bitcoin in its custody.
Additionally, Kraken also announced the integration of EigenLayer to allow its users to renew their eth directly from its platform.
Additionally, Kraken launched a derivatives trading platform in Bermuda following the acquisition of a Class F digital trading license from the Bermuda Monetary Authority (BMA).
