Kraken Announces Ink: New Ethereum L2 Blockchain for 2025 Launch

TLDR:

• Kraken plans to launch Ink blockchain in early 2025 as an Ethereum Layer 2 rollup
• Built on Optimism’s Superchain technology, similar to Coinbase’s Base
• No native token planned, but will integrate DeFi tools within Kraken Wallet app
• Developer testnet launching in late 2024
• Aims to simplify DeFi access for Kraken’s 10+ million users

Kraken, one of the largest cryptocurrency exchanges in the United States, has announced plans to launch its own blockchain called Ink in early 2025. The new platform will be built as an Ethereum Layer 2 rollup using Optimism’s technology, following a similar path to Coinbase’s successful Base blockchain.

The development of Ink represents Kraken’s strategic move to bridge the gap between centralized and decentralized finance. While the exchange currently serves over 10 million users worldwide through its centralized platform, Ink aims to simplify access to decentralized finance (DeFi) applications and services.

Unlike some blockchain launches, Kraken has confirmed it will not issue a native token for Ink. Instead, the platform will focus on integrating various DeFi tools, including decentralized exchanges and yield-generating platforms, directly within the Kraken Wallet app.

Andrew Koller, Ink’s founder, emphasized the platform’s goal of enabling users to move seamlessly between centralized and decentralized services. This integration is designed to make DeFi more accessible to mainstream users who might find current systems complicated or intimidating.

The technical infrastructure of Ink will be built on Optimism’s open-source OP Stack codebase, making it part of the broader Ethereum ecosystem. This choice ensures Ink will benefit from Ethereum’s security while participating in the Optimism Superchain, a network of interconnected blockchains.

Kraken plans to serve as Ink’s sequencer, managing and organizing network transactions. This role could prove financially beneficial, as demonstrated by Coinbase’s experience with Base, which generated $53 million in sequencer revenue in the second quarter alone.

To ensure a robust ecosystem at launch, Ink will debut with more than a dozen decentralized applications. The platform also has plans to expand into real-world assets and advanced lending platforms in the future.

Developers will have early access to Ink through a testnet launching in late 2024. This will allow them to experiment with building decentralized applications before the main network launch in 2025. Kraken is providing comprehensive support for developers, including documentation, tutorials, and technical guidance.

The launch of Ink follows Kraken’s recent expansion into other crypto services. In October, the exchange opened a derivatives trading platform in Bermuda after receiving regulatory approval from the Bermuda Monetary Authority.

Ink will join a growing network of Optimism-based blockchains, including projects from major companies like Sony, Uniswap, and World. This alignment with Optimism’s technology will enable Ink to participate in planned interoperability improvements scheduled for 2025.

When launched, Ink will support SuperchainERC20, a new token standard that will facilitate easier movement of assets between different Optimism-based blockchains. This feature aims to address current challenges with liquidity fragmentation in the Ethereum ecosystem.

Kraken is positioning Ink as the only major Western exchange-backed blockchain specifically focused on DeFi user experience. The platform emphasizes capital efficiency and community-driven innovation as key priorities.

To support early adoption, Kraken has announced several initiatives, including a limited-edition NFT release in partnership with Optimism and developer events planned around major industry conferences.

The development team has established multiple community channels, including Discord for developers and Telegram for users, to facilitate engagement and provide updates as the project progresses toward its 2025 launch.