Today, U.S. cryptocurrency exchange Kraken announced the launch of ‘Ink,’ an Ethereum Layer 2 blockchain that aims to be the portal towards decentralized finance. According to the exchange, Ink will provide a seamless user experience in DeFi while creating a world class development environment.
Kraken’s L2 will utilize the OP Stack, which is a modular, open-source stack from Optimism, and be part of the Superchain. Members of the Optimism Superchain include Base from Coinbase, Fraxtal, the Zora Network, and Redstone. Like those other chains, Ink will use optimistic rollups, a way of batching transactions that allows for faster processing speeds for the mainnet.
“Ink will work closely with developers and the community to create a compelling ecosystem for all,” Andrew Koller, Founder of Ink, said in a statement. “We’re excited to accelerate the move onchain with an interoperable L2 that will make it even more seamless for crypto users to access DeFi. Ink the future.”
One of the initial focuses of Ink will be developers, as Kraken hopes to provide the tools, support, and potential users that the developers need to turn code into financial revolutions. That focus starts at Devcon7, a four-day Ethereum event in Bangkok, Thailand. A testnet launch is pending.
Users who are excited about Ink can mint a commemorative NFT on Zora to show that they were there from the beginning. The announcement about Ink comes as Kraken is furthering its onchain mission, recently having launched a wrapped bitcoin token called kBTC.
Kraken Innovates in Web3
The world’s sixth-largest cryptocurrency exchange by trading volume, Kraken has been a safe and reliable choice for crypto enthusiasts for over a decade. And in this bull market, it has put an emphasis on innovation, releasing kBTC, exploring alternative energy options, and teaming up with NFT organizations. Here are some of the stories we’ve covered about the exchange in the past year.
First, last week, Kraken announced the launch of kBTC, its wrapped bitcoin token. Each bitcoin token is backed 1:1 by Kraken Financial, a Wyoming-chartered Special Purpose Depository Institution. The goal of the token is to help users dive further into the world of DeFi, while the exchange provides best-in-class security.
Next, four months ago, Kraken’s Chief Technology Officer (CTO) revealed that the exchange is currently exploring nuclear energy to meet the demands of the company’s services. Vishnu Patankar, the CTO, said that crypto’s around-the-clock nature means that there is a 24-hour demand for Kraken’s services. Nuclear energy could allow the exchange to scale while meeting demands for energy and latency.
Lastly, 11 months ago, Kraken teamed up with Dust Labs, the creators of NFT collections DeGods and y00ts, for four days of events at Art Basel in Miami. The events included Poker Night, Ecosystem Happy Hour, and a 3×3 Battle for Basel.
As these stories show, Kraken has innovated over the past year, showing leadership in the Web3 space as one of the top centralized exchanges. The launch of its own Ethereum L2 furthers its onchain mission, an exciting development for developers and users alike.