- Kraken’s new layer-2 blockchain, Ink, will improve transaction speeds and add new tools for better asset management.
- Partnering with Optimism, Kraken will share revenue and governance, ensuring a strong and reliable network.
- Without launching a native token, Kraken aims to attract more users and stand out in the DeFi space.
One of the first crypto exchanges, Kraken just announced plans to launch its own layer-2 blockchain “Ink” early next year. The new platform will look to broaden Kraken’s dApps services, allowing the exchange to facilitate the trade, borrowing, and lending of services without the need for a “middleman” in these operations.
Another positive of the new Layer-2, Ink will improve Kraken’s transaction speeds. With a one-second block time speed, the blockchain will greatly increase efficiency and usability for its users.
This massive update is also set to introduce new management tools where investors can better oversee their assets. These innovative features aimed at improving user experience and exchange performance are expected to take place around the first quarter of 2025.
Optimism Shared Revenue
Kraken is partnering with Optimism to build the new blockchain. The exchange is using the OP Stack (a set of tools for building Layer 2 blockchains), and the future revenue generated by the blockchain will be shared between the exchange and Optimism.
The two companies will also share governance of the Layer-2, adding a level of cooperation that ensures the network remains strong and reliable.
Kraken Not Interested in Launching a New Native Token For Ink
Unlike competitors like Binance, Kraken is not interested in launching a native token to govern the blockchain. Instead, the company is focused on leveraging existing assets and infrastructure tools to provide the best possible experience for users.
The new project resembles Coinbase’s “Base” blockchain, which launched earlier this year. Base also does not have a native token and uses ETH to navigate gas fees instead. Coinbase’s blockchain’s performance since its launch has been remarkable. It recently surpassed $2 billion in total value locked (TVL), marking a 370% increase year-to-date.
Given the strong performance of similar projects like Base, Kraken’s new strategy with Ink could mean big growth.
