Crypto switch Kraken launched the upcoming commence of Ink, an Ethereum layer-2 network in accordance with the Optimism Superchain, in an Oct. 24 observation.

Ink targets to empower users to replace, borrow, and lend tokens with out the need for intermediaries, marking a essential shift from Kraken’s recent centralized switch model.

Ink founder Andrew Koller said:

“Ink will work carefully with developers and the neighborhood to develop a compelling ecosystem for all. We’re angry to accelerate the pass onchain with an interoperable L2 that can assemble it a ways more seamless for crypto users to catch entry to DeFi. Ink the long term.”

The network plans to commence its testnet for developers later this year, with a burly rollout for retail and institutional users anticipated in the main quarter of 2025.

Why Optimism Superchain?

Kraken acknowledged that its option of the Optimism Superchain would enable it to private the revenue of Ethereum’s tough security. This would also catch Ink as section of the Superchain — a unified network of blockchains that shares security, governance, and values designed to make stronger Ethereum scalability.

Meanwhile, the switch decision aligns with the rising vogue among main crypto companies, including Coinbase, Uniswap, and World, which leverage this expertise for his or her layer-2 networks.

Optimism Limitless Chief Growth Officer Ryan Wyatt commented:

“Optimism’s expertise powers the Superchain, and nearly 50% of all Ethereum L2 transactions. As section of this Superchain ecosystem, Ink will make contributions to Optimism governance and force revenue support to the Optimism Collective as we work collectively to scale Ethereum.”

Without reference to this indispensable adoption of Optimism expertise, Arbitrum stays the dominant layer-2 network, in step with DeFillama knowledge.

Kraken’s expanding product portfolio

The commence of Ink enhances Kraken’s expanding vary of products geared toward solidifying its switch catch.

This month, the switch launched kBTC, a brand new wrapped Bitcoin product designed to make stronger the cease crypto availability in DeFi activities. The company acknowledged that every kBTC is securely backed 1:1 by an comparable quantity of Bitcoin held in its custody.

Additional, Kraken also launched the integration of EigenLayer to enable its users to restake their ETH straight from its platform.

To boot, Kraken has launched a derivatives procuring and selling platform in Bermuda following the acquisition of a Class F Digital Enterprise License from the Bermuda Monetary Authority (BMA).

Mentioned on this text

Ethereum Optimism Arbitrum Uniswap Worldcoin Kraken Coinbase Uniswap

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Oluwapelumi Adejumo

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Oluwapelumi values Bitcoin's doable. He imparts insights on a vary of issues love DeFi, hacks, mining and custom, underlining transformative vitality.

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AJ, a passionate journalist since Yemen's 2011 Arab Spring, has honed his abilities worldwide for over a decade. Specializing in monetary journalism, he now makes a speciality of crypto reporting.

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