Cryptocurrency exchange Kraken has launched its Layer2 blockchain Ink ahead of schedule. Ink launched on mainnet on Wednesday, fueled by considerable developer enthusiasm and community support.
The Layer2 blockchain, built using Optimism’s OP Stack, was initially scheduled to go live in early 2025.
Kraken’s Layer2 Blockchain Goes Live Ahead Of Schedule
Ink is based on the OP Stack, a highly customizable framework that allows developers to build their own rollups by leveraging Optimism’s technology. The Layer2 blockchain was initially set for launch in early 2025, putting its launch ahead of schedule. According to the announcement, Kraken fast-tracked the launch due to millions of testnet transactions and connected wallets, indicating strong demand. The Layer2 network will now progress towards Stage 1 decentralization, with permissionless fault proofs in January. Andrew Koller, the founder of Ink, stated,
“Today is just the beginning for Ink, and now our boldest work really begins – growing Ink. We’re pushing the boundaries of on-chain experiences to unlock new applications and opportunities for builders and users alike. Thank you to the earliest supporters of Ink, who have been overwhelmingly positive. We’re Inking the future together.”
Ink also posted an announcement on their official X handle, stating,
“We’re excited to announce Ink is live on mainnet! Months ahead of schedule, we’re officially launching as part of the Optimism Superchain. This is just the beginning of our journey to bridge the gap between users and builders in DeFi.”
Kraken also agreed to receive 25 million OP tokens worth around $58 million as part of a deal to build on the OP Stack. Optimism has said giving developer grants for participants building on OP Stack is part of its strategy and will contribute towards the wider Superchain ecosystem.
Unprecedented Demand
According to statements made by Kraken, unprecedented demand from builders and support from the crypto community helped speed up the launch. Moving forward, Ink will focus on decentralization and interoperability. Ink was developed as a Layer2 on the Optimism Superchain. According to representatives from Optimism, Ink quickly grew to over 100,000 users, with the testnet reporting significant activity levels. Ryan Wyatt, Chief Growth Officer at Optimism Unlimited, stated,
“Ink’s accelerated mainnet launch is a testament to the strength of the team, the resources dedicated to its success, and the developer community’s enthusiasm for the launch. As part of the Superchain, Ink will participate in Optimism. We look forward to working together to attract developers and users to Ink as we bring Ethereum to scale.”
Considerable Challenges
Both Kraken and Optimism faced significant challenges over the past few months. Kraken is facing an $8 million fine in Australia. It was also forced to shut down its NFT marketplace following a market downturn and redirect resources towards newer projects. Optimism also faced several challenges before the mainnet launch. In October, its ecosystem came under immense pressure, and the OP token suffered several price shocks. The current bull run has also done very little for the OP token’s value, with the token performing poorly throughout the year.
Other Layer2 Networks
Several other platforms are also using OP Stack to build a Layer2 network. These include Kraken’s competitor, Coinbase. Coinbase announced in August 2023 that it was building a Layer2 with OP Stack. The Layer2, called Base, is now the second largest rollup network, according to data from L2beat. At the time, Optimism said the Base team would receive up to 118 million OP tokens. Others building a Layer2 using OP Stack include Uniswap, World Network, and Sony Blockchain Labs.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
