Kraken Launches Layer 2 Blockchain: Ink

Kraken has launched its Layer 2 blockchain on mainnet, called Ink, according to an announcement. The move reportedly comes “months ahead of schedule,” as the company initially targeted early 2025 for a release.

Ink was built using Ethereum scaling solution Optimism’s Superchain technology stack, a customizable framework for building blockchain scaling layers. This means Ink will be interoperable with other networks built using the OP Stack.

Launch Partners

Launch partners include popular applications such as:
– Decentralized exchange Curve
– Stablecoin platform Frax
– L2 infrastructure provider Gelato
– Interoperability protocol LayerZero
– Others.

“Ink is also progressing toward Stage 1 decentralization with permissionless fault proofs to enhance accountability in January 2025,” the company wrote in a statement. “This will enable anyone to contest potentially invalid transactions and makes Ink more accountable to its community of users.”

Competitive Landscape

With this move, Kraken has become the latest company to launch a bespoke L2 following rival crypto trading platforms like Coinbase and Uniswap. For instance, Base, the Ethereum L2 built by Coinbase, has been a consistent revenue generator since launching earlier this year.

Kraken’s Ink joins a growing crowd of blockchains building on Optimism, including Coinbase’s Base, Sony’s Soneium, and World’s World Chain, among others. The exchange reportedly received a 25 million OP token grant from the Optimism Foundation to use the OP Stack.

Company Restructuring

In October, Kraken announced it was restructuring, which included layoffs, streamlining management, and hiring co-CEO Arjun Sethi.

“Ink echoes our unmatched commitment to making crypto accessible to everyone, aiming to eliminate the points of friction that have historically made moving between centralized and decentralized worlds challenging,” the company wrote.