Kraken’s Upcoming L2 Blockchain ‘Ink’ Will Be Joining Optimism’s Superchain by Building on the OP Stack

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As a seasoned analyst with years of experience in the crypto industry, I find the launch of Kraken’s Ink blockchain platform an exciting development that aligns well with the industry’s push towards greater accessibility and scalability. Kraken’s commitment to simplifying DeFi complexities is commendable, especially considering the growing interest in decentralized finance from both seasoned crypto enthusiasts and newcomers alike.

On October 24th, Kraken introduced Ink, a novel Layer 2 (L2) blockchain system, which simplifies access to Decentralized Finance (DeFi). Constructed on Optimism’s OP Stack and planned as part of the expansive Ethereum Superchain, Ink intends to eliminate traditional hurdles that frequently complicate DeFi navigation. By blending the security and dependability of Ethereum with Kraken’s commitment to making cryptocurrency user-friendly, Ink is primed to expand DeFi’s allure to a larger user base.

Kraken’s continued dedication towards making cryptocurrency and Decentralized Finance (DeFi) more approachable for a wider audience is demonstrated through Ink. By smoothing out the transitions between centralized and decentralized systems, Kraken envisions that Ink will provide users with a unified platform where they can interact effortlessly with leading DeFi applications, protocols, and communities. This simplification would empower both experienced crypto enthusiasts and newcomers to effortlessly tap into wealth-building opportunities within the DeFi space.

Andrew Koller, the creator of Ink, underscored their intention to collaborate closely with developers and the wider community to establish a strong, interconnected ecosystem. He emphasized their aim to streamline on-chain experiences and make them more accessible to a wide array of cryptocurrency users, thereby speeding up the shift towards DeFi.

Ink utilizes the Optimistic Rollup (OP) Stack, an open-source platform licensed by MIT which is a key component of Optimism’s strategy to expand Ethereum. By doing so, Ink benefits from Ethereum’s security while also being part of the Superchain—a unified network of interconnected Layer 2 solutions that adhere to common security, governance, and operational rules. This integration with the Superchain will facilitate smooth interactions between Ink and other OP-based Layer 2 platforms.

As stated in a press release from Kraken, Ryan Wyatt, Optimism Unlimited’s Chief Growth Officer, showed excitement about Ink joining the Superchain ecosystem. He highlighted that more than half of all transactions on Ethereum Layer 2 are currently facilitated by Optimism’s technology. The purpose of Ink is to help Ethereum scale while also participating in Optimism’s decision-making process, thereby strengthening relationships between different L2 solutions within the network.

One main objective for Ink is making DeFi simpler to navigate through its complexities. The fact that Kraken is introducing an L2 solution demonstrates a drive towards a more accessible and user-friendly DeFi environment. Later this year, Ink will become available on testnet, giving developers and users the chance to check out its features ahead of a full release. At launch, Ink will be compatible with SuperchainERC20 tokens, making it easier for assets to move around within the Superchain ecosystem. This will make it simpler for users to interact with other OP-based chains, promoting a seamless experience throughout Ethereum’s L2 network.

Additionally, Kraken is inviting its users to create their own exclusive NFTs via Zora, a collaborative partner in the Superchain network, as part of the celebratory launch event.

Introducing Ink.

A single, integrated DeFi ecosystem here to make onchain easier.

Join us:

— ink (@inkonchain) October 24, 2024

As Margaux Nijkerk pointed out in her report for CoinDesk earlier today, Optimism’s technology has been gaining momentum, with major players like Sony and decentralized exchange Uniswap recently announcing plans to develop their own Layer 2 networks using the OP Stack. Coinbase, a key figure in the ecosystem, launched its Layer 2 network, Base, in 2023, and Kraken’s Ink is now following a similar path by joining the Superchain. According to L2Beat, the combined projects using Optimism’s technology have amassed a TVL of $18.1 billion across 43 rollups, surpassing the total held in projects utilizing Arbitrum’s technology.

Kraken asserts that their blockchain is the one and only one supported by a significant Western exchange, with a primary focus on delivering an optimal decentralized finance (DeFi) experience – however, it’s important to note that Coinbase’s Base blockchain also exists in this context.

Coinbase’s platform known as “Base” is a Layer 2 (L2) solution that operates on Optimism’s OP Stack, and it’s backed by Coinbase, a major cryptocurrency exchange based in the West. The primary goal of Base is to foster DeFi (Decentralized Finance) by offering a secure and scalable platform for DeFi apps. Additionally, Coinbase has been actively championing Base as the cornerstone of the DeFi ecosystem, much like Kraken does with Ink.

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2024-10-24 17:57