On October 24, Kraken introduced Ink, a new Layer 2 (L2) blockchain platform designed to streamline access to decentralized finance (DeFi). Built on Optimism’s OP Stack and set to be part of the wider Ethereum Superchain, Ink aims to remove traditional barriers that often make navigating DeFi challenging.
Ink reflects Kraken’s objective of making crypto and DeFi accessible to a broader user base. By eliminating points of friction between centralized and decentralized ecosystems, Kraken hopes that Ink will allow users to engage with top-tier DeFi applications, protocols, and communities in a single, integrated environment. This means that users would be able to explore and take advantage of wealth-building opportunities with greater ease, whether they are seasoned crypto enthusiasts or newcomers.
Ink leverages the OP Stack, an open-source codebase licensed by MIT, that is part of Optimism’s push to scale Ethereum. This allows Ink to inherit the security of Ethereum while contributing to the Superchain—a network of interconnected Layer 2 solutions that share security, governance, and operational standards. Ink’s integration with the Superchain will enable seamless interactions between Ink and other OP-based L2 platforms (such as Base, which is backed by Coinbase).
According to Kraken’s press release, Ryan Wyatt, Chief Growth Officer at Optimism Unlimited, said:
“We’re excited to welcome Ink to Optimism, as they join other industry leaders building on the OP Stack. Optimism’s technology powers the Superchain, and nearly 50% of all Ethereum L2 transactions. As part of this Superchain ecosystem, Ink will contribute to Optimism governance and drive revenue back to the Optimism Collective as we work together to scale Ethereum.”
Ink is expected to launch on testnet in November and on mainnet in Q1 2025. At launch, Ink will support SuperchainERC20, facilitating smoother movement of assets across the Superchain ecosystem. This will enable users to interact with other OP-based chains more effortlessly, fostering a unified experience across Ethereum’s L2 landscape.
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 says that “Ink is the only blockchain backed by a major Western exchange focused on building the best DeFi experience”, but this statement seems to be somewhat exaggerated given the existence of Coinbase’s Base blockchain.
Featured Image via Pixabay
