Kraken, one of the oldest cryptocurrency exchanges in the world, is preparing to launch its own blockchain called Ink on the Ethereum blockchain early next year. This is an important step in developing decentralized applications (dApps) that allow users to perform transactions, borrow and lend tokens without intermediaries.
Ink is built on the OP stack, a customizable toolkit that allows developers to create their own blockchains using Optimism technology; similar to Base of Coinbase, a platform that has quickly become one of the leading decentralized finance (DeFi) ecosystems since its launch more than a year ago. This similarity suggests that Kraken is aiming to provide a favorable environment for developers as well as users in the DeFi field.
Optimism has recently achieved significant success as many large companies, both within and outside the cryptocurrency industry, have chosen to use their blockchain as the foundation for their own networks. In addition to Coinbase, the largest cryptocurrency exchange in the United States, Sony and Uniswap have also announced plans to launch layer 2 networks based on the OP Stack.
While other layer 2 networks such as Polygon, zkSync, Starknet, and Arbitrum have also developed their own technologies, Kraken's choice reinforces the leading position of the OP Stack in providing technology for the Ethereum layer 2 network. Although Arbitrum is currently the largest layer 2 project with a Total Value Locked (TVL) of around $13.7 billion, Optimism is not far behind with $6.1 billion. Notably, the group of layer 2 projects using Optimism technology has created at least 43 rollups, with a total TVL of $18.1 billion, dubbed the "Superchain".
Source: L2beat
In an interview with Bloomberg, Andrew Koller, the founder of Ink, said that a testnet will be launched by the end of this year. This will be the platform for developers to test and develop applications for the Ink blockchain before its official launch. The blockchain is expected to be available for both retail and institutional users in the first quarter of next year.
With the launch of Ink, Kraken is not only expanding its product portfolio but also reaffirming its commitment to the development of blockchain technology and driving innovation in the cryptocurrency space. The launch of Ink promises to bring new opportunities for users and developers, while contributing to the sustainable development of the DeFi ecosystem.
This event also marks an important step in transforming the way cryptocurrency transactions are conducted, emphasizing the importance of decentralized applications in building a financial future without intermediaries. Kraken continues to demonstrate its position in the cryptocurrency industry with these ambitious innovations.
Previously, on October 17, Kraken launched its own wrapped Bitcoin, called kBTC, in the context of an increasingly competitive market with alternative solutions.
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