After the US-listed exchange Coinbase officially launched its Layer2 network Base Chain last August, Kraken, another US cryptocurrency exchange, also announced yesterday (24th) that it will collaborate with Zora to launch its own Layer 2 network called Ink in Q1 2025.
In fact, as early as last November, Kraken had reported that it was considering collaborating with several blockchain technology companies to launch its own Ethereum L2 network, and after nearly a year of preparation, the official announcement has finally been made.
Ink No Token Issuance Plan
According to the announcement, Ink will be built using the OP Stack technology of the Ethereum L2 network Optimism, becoming a member of the Superchain ecosystem, and will be launched on its testnet later this year, during which users can mint limited edition Non-Fungible Tokens.
According to a Bloomberg report, like Base Chain, Ink currently has no plans to issue its own cryptocurrency, and Kraken will initially serve as the transaction orderer for Ink, managing transactions and earning revenue, gradually moving towards decentralization as the project develops.
Ink Will Focus on DeFi
In addition, Kraken specifically emphasized in the announcement that Ink will focus on DeFi (Decentralized Finance), claiming that it will make it easier for users to discover and access new on-chain opportunities:
Ink will focus on building the best DeFi experience, our goal is to create a highly capital-efficient ecosystem that benefits everyone:
. Many cryptocurrency opportunities are on-chain, Ink will strive to improve the way everyone experiences DeFi;
. We will be user-centric, providing users with a complete on-chain solution to make interactions simpler.
Base Chain Has Become the Strongest L2
According to a report by Blocktime last week, thanks to Coinbase's support, the capture of the meme coin craze, and the project team's continued construction, Base Chain's TVL broke through $2.4 billion last week, surpassing the long-term leader Arbitrum to become the Ethereum L2 network with the highest TVL.
At the same time, in terms of stablecoin market capitalization, on-chain transaction volume, and the number of daily active addresses, Base Chain is also far ahead, undisputedly the strongest L2.
However, we know that the L2 market is already dazzlingly crowded, and if Ink itself does not have very strong appeal, when Ink's mainnet is launched, how it can stand out in the fierce competition and whether it can replicate or surpass the achievements of Base Chain remains to be observed.
