Kraken eyes DeFi expansion with launch of Ink, its new Ethereum layer-2 network

Crypto trade Kraken introduced in an October 24 assertion the upcoming launch of Ink, an Ethereum layer-2 community primarily based on the Optimism Superchain.

Ink goals to allow customers to commerce, borrow and lend tokens with out the necessity for intermediaries, marking a big shift from Kraken’s present centralized trade mannequin.

Ink founder Andrew Koller mentioned:

“Ink will work intently with builders and the neighborhood to create a fascinating ecosystem for everybody. We’re excited to speed up the on-chain transfer with an interoperable L2 that makes it much more seamless for crypto customers to entry DeFi. Draw the longer term.”

The community plans to launch its testnet for builders later this yr, with a full rollout for residential and institutional customers within the first quarter of 2025.

Why Optimism Superchain?

Kraken acknowledged that selecting the Optimism Superchain would enable the corporate to benefit from Ethereum’s strong safety. This could additionally place Ink as a part of the Superchain – a unified community of blockchains that share safety, governance, and values ​​designed to enhance Ethereum’s scalability.

In the meantime, the trade’s resolution joins the rising development amongst main crypto firms, together with Coinbase, Uniswap and World, utilizing this expertise for his or her layer 2 networks.

Optimism Limitless Chief Progress Officer Ryan Wyatt commented:

“Optimism’s expertise powers the Superchain, and practically 50% of all Ethereum L2 transactions. As a part of this Superchain ecosystem, Ink will contribute to Optimism administration and convey income again to the Optimism Collective as we work collectively to scale Ethereum.”

Regardless of this important adoption of Optimism expertise, Arbitrum stays the dominant layer 2 community, in accordance with DeFillama knowledge.

Kraken’s rising product portfolio

The launch of Ink enhances Kraken’s rising product vary aimed toward strengthening its trade place.

This month, the trade launched kBTC, a newly packaged Bitcoin product designed to enhance best-in-class crypto availability in DeFi operations. The corporate acknowledged that every kBTC is securely backed 1:1 by an equal quantity of Bitcoin held in escrow.

Moreover, Kraken additionally introduced the mixing of EigenLayer, permitting customers to reuse their ETH immediately from the platform.

Moreover, Kraken has launched a derivatives buying and selling platform in Bermuda following the acquisition of a Class F Digital Enterprise License from the Bermuda Financial Authority (BMA).

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