In a recent announcement on October 24, Kraken, a prominent cryptocurrency exchange, unveiled plans for the launch of a new Ethereum layer-2 network called Ink. This innovative project is based on the Optimism Superchain.
The primary goal of Ink is to enable users to trade, borrow, and lend tokens smoothly, eliminating the need for traditional intermediaries. This marks a significant evolution from Kraken’s existing centralized exchange model.
According to Ink founder Andrew Koller:
“Ink will collaborate extensively with developers and the community to forge a vibrant ecosystem. We are thrilled to drive a transition on-chain with an interoperable L2 that will simplify DeFi access for all crypto users. Ink is the future.”
Kraken is expected to launch a testnet for developers later this year, with plans for a full deployment for both retail and institutional users projected for early 2025.
Understanding the Benefits of Optimism Superchain
Kraken’s decision to utilize the Optimism Superchain is aimed at harnessing Ethereum’s strong security features. This strategy positions Ink within a collective network of blockchains, which share governance, values, and security to improve Ethereum’s scalability.
This choice is in line with a broader trend observed among major cryptocurrency players—such as Coinbase, Uniswap, and World—that are implementing similar technologies for their layer-2 solutions.
Ryan Wyatt, Chief Growth Officer at Optimism Unlimited, provided further insights:
“The technology behind Optimism powers the Superchain and is responsible for nearly half of all Ethereum layer-2 transactions. By integrating into this ecosystem, Ink will play a role in Optimism’s governance while generating revenue for the Optimism Collective as we strive to scale Ethereum.”
Despite the growing adoption of Optimism’s technology, data from DeFillama indicates that Arbitrum continues to hold the title of the leading layer-2 network.
Expanding Kraken’s Product Offerings
The introduction of Ink is part of Kraken’s broader strategy to widen its range of products and strengthen its market position.
Recently, Kraken launched kBTC, a new wrapped Bitcoin offering designed to enhance the availability of the leading cryptocurrency within DeFi spaces. Each kBTC token is fully backed 1:1 by Bitcoin held in Kraken’s custody.
Moreover, Kraken announced the integration of EigenLayer, allowing users to restake their ETH directly through the platform, promoting a user-friendly experience.
Additionally, the exchange has launched a derivatives trading platform in Bermuda following the acquisition of a Class F Digital Business License from the Bermuda Monetary Authority (BMA).
