American crypto trading platform Kraken has launched Ink, its flagship layer-2 scaling solution on Ethereum
In a recent update, cryptocurrency exchange Kraken announced the launch of its bespoke Layer-2 blockchain dubbed Ink. The debut was initially scheduled to take place in 2025, but it ended up coming months ahead of the schedule. This new addition is focused on boosting Decentralized Finance (DeFi) and facilitating financial revolution.
Understanding The Kraken L2 Ink
Built using Ethereum scaling solution Optimism’s Superchain technology stack, Ink is designed to be interoperable with other networks built using the OP Stack. Some of Ink’s launch partners include applications like decentralized exchange Curve, stablecoin platform Frax, L2 infrastructure provider Gelato, and interoperability protocol LayerZero.
According to the crypto exchange, the newly launched L2 blockchain is already progressing toward Stage 1 decentralization with permissionless fault proofs. By January 2025, it plans to enhance accountability, marking a huge milestone for the ecosystem. This means that anyone will be allowed to contest potentially invalid transactions. In the long run, Ink is more accountable to its community of users.
Noteworthy, the launch of Ink places Kraken amongst the likes of Coinbase and Uniswap, which already released their respective L2 blockchains. Coinbase’s Layer 2 Ethereum solution, Base, is one of the leading protocols amongst it counterparts. A few months ago, Base crossed the $2 billion milestone in Total Value Locked (TVL).
This signaled rising confidence in the network’s scalability and potential role in the broader crypto ecosystem. At the time, Base rose to the second-largest optimistic rollup by deposits, trailing only Arbitrum.
Uniswap Launchs Unichain For Transparent Transactions
Similarly, the launch of Uniswap’s Unichain triggered a UNI price rally. When the decentralized crypto exchange unveiled Unichain in October, it highlighted a few of its features.
Amongst its goals is the plan to tackle the challenges of high transaction fees, slow speeds, and fragmented liquidity.
One of the key features of Unichain is its Trusted Execution Environment (TEE), which is designed to make transactions more transparent and fair. In addition, it ensures the order in which transactions happen is clear and foolproof.
Based on the initial plan, Ink will offer enhanced access to Decentralized Exchanges (DEXes) and aggregators.
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.
