Crypto exchange Kraken announced the upcoming launch of Ink, an Ethereum layer 2 network based on the Optimism superchain, in an October 24 release.
Ink aims to allow 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 a compelling ecosystem for everyone. We are excited to accelerate the move to on-chain with an interoperable L2 that will make it even easier for crypto users to access DeFi. Ink the future. »
The network plans to launch its developer testnet later this year, with a full rollout for individual and institutional users planned for the first quarter of 2025.
Why the optimism superchain?
Kraken said its choice of the Optimism superchain would allow it to benefit from the robust security of Ethereum. This would also position Ink as part of the Superchain – a unified network of blockchains that share security, governance and values designed to improve the scalability of Ethereum.
Meanwhile, the exchange move aligns with the growing trend among major crypto companies, including Coinbase, Uniswap, and World, which are leveraging the technology for their Layer 2 networks.
Ryan Wyatt, Chief Growth Officer of Optimism Unlimited, commented:
“Optimism’s technology powers the Superchain and nearly 50% of all Ethereum L2 transactions. As part of this Superchain ecosystem, Ink will contribute to the governance of Optimism and return revenue to the 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 product line aimed at solidifying its position in the industry.
This month, the exchange introduced kBTC, a new wrapped Bitcoin product designed to improve the highest crypto availability in DeFi activities. The company said each kBTC is secured 1:1 by an equivalent amount of Bitcoin held in its custody.
Additionally, Kraken also announced the integration of EigenLayer to allow its users to reinvest their ETH directly from its platform.
Additionally, Kraken has launched a derivatives trading platform in Bermuda following the acquisition of a Class F digital trading license from the Bermuda Monetary Authority (BMA).
