Kraken, the 6th largest cryptocurrency exchange globally, announced its plans to launch a new layer-2 network on the Ethereum blockchain called Ink. This network is built on the OP stack, a toolkit that allows developers to create their own blockchains using Optimism’s technology. Ink is expected to go live in early 2025.
This move by Kraken comes after the success of Coinbase’s layer-2 network, Base, which also utilizes technology from Optimism. In recent times, Optimism has been gaining popularity among major crypto firms and non-crypto firms alike, with companies like Sony and Uniswap planning to launch their own layer-2 networks based on the OP Stack. Coinbase’s Base network was launched in August 2023.
While there are other layer-2 networks like Polygon, zkSync, Starknet, and Arbitrum in the market, Kraken’s decision to join forces with Optimism could solidify OP Stack as the go-to technology provider for new Ethereum layer-2 networks. Arbitrum currently has the largest total collateral value locked (TVL) at around $13.6 billion, ahead of Optimism’s flagship network at $6.1 billion. However, when considering the entire family of layer-2 projects using Optimism’s technology, there are at least 43 rollups with a TVL of $18.1 billion, collectively referred to as the “Superchain.”
Andrew Koller, the founder of Ink, emphasized the importance of creating value for users through a thriving ecosystem of developers. He believes that Ink, as part of the Superchain, is paving the way for an interoperable and diverse on-chain ecosystem that will attract developers and position Ink as the ideal platform for the next generation of decentralized finance (DeFi) applications and protocols.
It is evident that the cryptocurrency industry is evolving rapidly, with various players exploring new technologies and solutions to improve the scalability and efficiency of blockchain networks. As Kraken ventures into the world of layer-2 networks with Ink, it will be interesting to see how this move impacts the broader crypto ecosystem and whether OP Stack will indeed emerge as the leader among technology providers for Ethereum layer-2 solutions.
