Kraken unveils Ethereum Layer-2 network Ink, with public launch set for 2025
The post Kraken unveils Ethereum Layer-2 network Ink, with public launch set for 2025 appeared on BitcoinEthereumNews.com.
US-based crypto exchange Kraken has launched its own blockchain network, Ink. According to the official announcement, the network, which would be an Ethereum Layer-2 network, would be built using Optimism OP Stack and open to the public by 2025. With the move, Kraken joins other crypto exchanges that have launched their blockchain networks for decentralized applications. Binance was one of the first to have a network with BNB Smart Chain, a Layer-1 network. However, most exchanges, including Coinbase and OKX, have opted for L2 networks. According to the announcement, Ink testnet, a beta version of the network available to only developers, will launch this year. However, retail and institutional users will only be able to use by 2025 Q1. Kraken described Ink as an example of its commitment to crypto-ethos, as the network will increase crypto adoption by making decentralized finance (DeFi) more accessible. Kraken said: “This enables users to effortlessly engage with top-tier DeFi applications, protocols, and communities in a single, integrated ecosystem that they can access wealth-building opportunities onchain.” Meanwhile, the exchange reportedly has a team of around 40 people working on Ink and plans to encourage developers to build and move to its ecosystem. Part of its plan includes attending the Devcon event in Thailand. Ink is Kraken’s answer to Coinbase Base With Ink, Kraken appears to be responding to Coinbase’s success with Base. This is not totally surprising given the competition between the two US-based exchanges, as they account for most of the US crypto volume. Coinbase ranks second on the list of largest crypto exchanges globally, while Kraken ranks sixth. Meanwhile, Kraken has also said it will not issue a native token for its network. Ink creator Andrew Koller has said the network is an easy-to-use platform with an Apple-like experience. He noted that several…
Filed under: News - @ October 24, 2024 5:24 pm