Kraken To Launch Ink In Push Toward Ethereum L2 Dominance

Kraken is following its rivals in the launch of Ink, an Ethereum Layer-2 scaling solution that can boost DeFi and financial revolution

Kraken, one of the leading crypto exchanges, is preparing to launch its Ink blockchain. According to a recent report, a dedicated team of 40 experts is already developing this new chain. 

This move could reshape the decentralized finance (DeFi) landscape, potentially setting Kraken apart from its competitors.

Kraken Ink: Following Coinbase’s Footsteps

Kraken is one of many major exchanges that have ventured into developing its own Ethereum-layer-2 scaling solution. Its rival, Coinbase, made headlines recently with the launch of its Base blockchain. 

Impressively, this network quickly rose to become the fifth-largest by Total Value Locked (TVL), according to data from DefiLlama. This Kraken move also aligns with Uniswap’s launch of Unichain earlier this month, signaling a new shift among exchanges.

In September, the Layer 2 scaling solution broke a major milestone by processing over 4.5 million transactions daily. This surge in activity highlights Base’s growing adoption, a network built on Ethereum using the Optimism tech stack. 

Kraken shared that Ink’s development will kick-start with its testnet later this year. The general public, however, will have to wait until the first quarter of 2025 for full access. Kraken promises that Ink will be user-friendly. This is poised to make DeFi accessible to everyday users while maintaining strong security and interoperability.

Ink to Venture into DEXes and More

At its core, the Ink blockchain will start by offering enhanced access to Decentralized Exchanges (DEXes) and aggregators. It also plans to serve as a hub for the emergence of decentralized applications. Kraken’s vision for Ink includes creating a development ecosystem that fosters notable financial technologies.

Impressively, Ink is built on Kraken’s ten years of crypto expertise, using Superchain technology as its backbone. On its website, Kraken describes Ink as a place where visionary builders turn code into financial revolutions. This statement highlights its ambitious plans for world-class development opportunities.

As one of the oldest crypto exchanges, Kraken’s new blockchain could signal a fresh chapter for the platform and DeFi.

Disclaimer: The information provided in this article is for informational purposes only. It does not constitute investment, financial, trading, or any other sort of advice. You should not treat any of BGECrypto’s content as such. BGEcrypto does not recommend that any cryptocurrency should be bought, sold, or held by you. Do your due diligence and consult your financial advisor before making any investment decisions.