Key Points:
- Kraken Layer 2 Ink, currently in Phase 1 of its Testnet, is set to launch its mainnet in Q1 2025.
- Built on Optimism’s OP Stack, Ink aims to improve DeFi efficiency with faster transactions, lower fees, and compatibility with Ethereum.
Kraken Layer 2 Ink has released a teaser on X to indicate that the full mainnet release is going to happen anytime soon.
Ink Testnet Phase Nearing Completion
Kraken Layer 2 Ink is nearing Phase One completion of its Testnet since November 7 and comes to the fore with several newer functionalities offering improvement from security and user experience areas.
The Ethereum scaling network of Kraken provides one of the basic functionalities-automatic asset withdrawal to Ethereum-along with an asset security mechanism involving a security committee in case of disputes. It allows users to check and vote against the inclusion of some roll-up transactions, thus boosting security and transparency even further.
Kraken Layer 2 Ink is built on the advanced technology developed by Optimism to offer better performance to the growing DeFi ecosystem: increased transaction speed, lower fees, and more flexibility. It will fully support DeFi applications such as trading, lending, and borrowing while being fully compatible with the Ethereum ecosystem.
Ink will also integrate into Optimism’s Superchain, a network of interoperable Layer 2 blockchains that share the same security system and development stack.
Kraken Layer 2 Ink Set for Mainnet Launch in Q1 2025
Scheduled to go live on the mainnet in Q1 2025, Kraken Layer 2 Ink is a major move by the exchange, continuing the trend of exchanges launching their own blockchains to improve scalability.
Similar moves by Binance and Coinbase have gained considerable traction, with Coinbase’s Layer 2 Base solution now holding the second-highest Total Value Locked among such projects, according to L2Beat. In recognition of its strategic alignment with the Optimism Foundation, Ink was awarded 25 million OP tokens in early 2024.
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