Kraken plans to integrate INK Token and the Ink Layer 2 network into its main product system, expanding applications and increasing utility for global users.
By applying INK in the Kraken Drops program and airdrop mechanism, Kraken expects to increase liquidation and promote the Ink network application without relying on speculative or governance factors.
- Kraken integrates INK Token and Ink Layer 2 network to serve global customers.
- INK focuses on increasing network utility, not participating in Ink Layer 2 governance.
- Ink network locked value increased from $20 million to over $102 million after the airdrop announcement.
What is Kraken and what is its new plan to integrate INK Token?
Kraken is one of the world's leading cryptocurrency exchanges, specializing in providing secure trading services and diverse digital financial products. Recently, Kraken announced plans to integrate INK Token and Ink Layer 2 network into its product ecosystem to enhance global user experience.
This integration not only expands on-chain protocol-based application scenarios but also creates a seamless connection platform between on-chain and off-chain systems. Kraken's co-founding CEO, Arjun Sethi, emphasized this as an important step to standardize value flow and the DeFi ecosystem.
What is INK Token and its role in Ink Layer 2?
INK is a utility Token of the Ink Layer 2 network, not intended for speculation but focused on maximizing network usage efficiency. Ink Foundation confirms that INK does not participate in governance or policy decisions of the Ink Layer 2 network, but is primarily used for liquidity aggregation and application usage encouragement.
With this characteristic, INK is expected to become a bridge between systems, promoting liquidation and enriching the application marketplace in the DeFi ecosystem. This approach helps maintain network stability and sustainability in the long term.
INK will help unify infrastructure between on-chain and off-chain users, while promoting the standardization of value flow in the cryptocurrency ecosystem.
Arjun Sethi, Kraken Co-CEO, July 2024
What is the effect of INK integration with Kraken and how did the Ink network value increase?
Since Kraken announced the airdrop of INK Token in the Kraken Drops program, the Ink network's locked value has dramatically increased from $20 million in June to over $102 million in July 2024. This is a clear testament to the cryptocurrency community's trust and significant interest in this Layer 2 solution.
The increase in locked value demonstrates the strong appeal of the Ink ecosystem and expectations about smooth operation and increased productivity for decentralized applications. Simultaneously, token reward and distribution programs through airdrop have created an attractive incentive for long-term user participation.
The Ink network value increasing 5-fold in just one month clearly reflects the application potential and expansion capabilities of the INK Token system in the cryptocurrency field.
On-chain Analysis Report, July 2024
Benefits and impact of INK Token integration for Kraken users?
The integration of INK Token helps Kraken users experience more diverse DeFi applications through a convenient, seamless ecosystem. Kraken Drops and INK airdrop are opportunities for users to receive direct rewards, increasing access to new technology products.
Additionally, Kraken is helping to promote standardization of value flow between different trading environments while consolidating its role in the global blockchain network. This also helps enhance trust and diversify products for customers.
Frequently Asked Questions
What is INK Token?
INK is a utility Token of the Ink Layer 2 network, supporting network liquidity and applications, not participating in governance or speculation.
What is the relationship between Kraken Drops and INK Token?
Kraken Drops is a reward program integrating INK, supporting airdrop for eligible users to promote Token application.
Why did the Ink network's locked value increase?
Due to Kraken's INK integration and airdrop announcement, the Ink network's locked value increased from $20 million to over $102 million in July 2024.
What did Arjun Sethi say about INK Token?
He said INK helps connect on-chain and off-chain users, promoting value flow standardization across the entire ecosystem.
What is the main role of INK in the Ink Layer 2 ecosystem?
INK is used to aggregate liquidity and encourage network applications, not participating in governance decisions of Ink Layer 2.
