Ink opens prospects for Layer2

Kraken surprised the market by announcing the early launch of Ink, its Ethereum-based Layer2 blockchain. Thanks to strategic collaborations and innovative technologies, Ink promises scalability and decentralization for the entire crypto ecosystem.

Let’s see all the details in this article.

Ink: the new Layer2 blockchain by Kraken based on Ethereum, launched months ahead of schedule

Kraken, one of the leading cryptocurrency exchanges in the world, has announced the early launch of Ink, its Layer 2 blockchain built on Ethereum technology.

This development arrives months ahead of schedule, positioning Kraken as a pioneer in the adoption of scalability solutions for the blockchain sector.

Ink was designed using the Superchain Stack di Optimism, a modular platform that allows the creation of interoperable networks. 

This means that Ink will be able to communicate and integrate with other OP Stack-based blockchains, offering greater flexibility to developers and users.

According to Kraken, the main goal of Ink is to improve the user experience by reducing transaction costs and increasing speed, two of the major obstacles to the widespread adoption of cryptocurrencies.

The launch of Ink was made possible thanks to the support of high-profile partners, including Curve, a decentralized exchange known for its efficiency in stablecoin transactions.

Furthermore, there are also Frax, an innovative stablecoin platform, and Gelato, a Layer 2 infrastructure provider that enhances transaction automation.

Finally, we have LayerZero, an interoperability protocol that enables communication between different blockchains.

These collaborations position Ink as one of the most promising platforms in the landscape of Layer 2 solutions.

Decentralization and responsibility

Ink represents an important step towards decentralization. Kraken has announced that by January 2025 it will introduce permissionless fault proofs, a feature that will allow any user to challenge potentially invalid transactions. 

This mechanism aims to make the blockchain more transparent and accountable to the community. Kraken, in a statement, declared: 

“Ink reflects our commitment to making cryptocurrencies accessible to everyone. Our goal is to eliminate the barriers between the centralized and decentralized worlds.”

The launch of Ink marks a new chapter in the competition among the main cryptocurrency platforms. Kraken joins other companies like Coinbase and Uniswap, which have already developed Layer 2 solutions to enhance their offerings.

For example, Base, the Layer 2 blockchain of Coinbase, has generated significant revenue since its launch, demonstrating that the adoption of these technologies can offer concrete benefits to users and developers.

Grants and Future Vision

To accelerate the development of Ink, Kraken received a grant of 25 million OP tokens from the Optimism Foundation. This resource will allow the exchange to further expand the platform’s features and attract new users and partners.

In the context of an increasingly competitive market, Kraken is also facing internal challenges. In October, the company announced a significant restructuring, including the hiring of a new co-CEO, Arjun Sethi, and the cutting of some job positions.

In other words, with the launch of Ink, Kraken demonstrates being at the forefront of the cryptocurrency landscape, offering an innovative solution that combines scalability, interoperability, and decentralization. 

The success of this initiative could influence the entire crypto ecosystem, prompting other platforms to follow suit.