Kraken’s Layer2 Blockchain Ink Launches Ahead Of Schedule

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As a seasoned researcher with years of experience in the cryptocurrency sector, I find Kraken’s early launch of their Layer2 blockchain Ink quite intriguing. The accelerated timeline is a testament to the intense developer enthusiasm and community support that this project has garnered. It’s not every day we see a major player like Kraken pushing the boundaries and delivering ahead of schedule!

The cryptocurrency platform Kraken unveiled its Layer 2 blockchain solution, Ink, earlier than anticipated. The launch took place on Wednesday, driven by a high level of developer excitement and strong backing from the community.

Initially planned for launch in early 2025, the Layer2 blockchain was designed utilizing Optimism’s OP Stack.

Kraken’s Layer2 Blockchain Goes Live Ahead Of Schedule 

Ink is based on the OP Stack, a highly customizable framework that allows developers to build their own rollups by leveraging Optimism’s technology. The Layer2 blockchain was initially set for launch in early 2025, putting its launch ahead of schedule. According to the announcement, Kraken fast-tracked the launch due to millions of testnet transactions and connected wallets, indicating strong demand. The Layer2 network will now progress towards Stage 1 decentralization, with permissionless fault proofs in January. Andrew Koller, the founder of Ink, stated, 

Today marks the start of a new chapter for Ink, and it’s now time for us to embark on our most daring project yet – expanding Ink. Our goal is to explore the frontiers of blockchain interactions to create innovative applications and possibilities for developers and users alike. A big thank you goes out to the early adopters of Ink, who have shown incredible enthusiasm. Together, we’re writing the future with Ink.

Ink also posted an announcement on their official X handle, stating, 

Thrilled to share that Ink has gone live on the main network! We’re debuting earlier than anticipated as part of the Optimism Superchain. This launch marks the start of our mission to connect users and developers in the Decentralized Finance (DeFi) realm.

In addition, Kraken consented to obtain approximately 25 million OP tokens valued at around $58 million under an agreement to develop on the OP Stack. Optimism stated that offering development grants to individuals constructing on the OP Stack is a part of their strategy and will aid in strengthening the broader Superchain ecosystem.

Unprecedented Demand 

Based on Kraken’s declarations, a surge in demand from constructors and backing by the cryptocurrency community accelerated the project launch. As for future plans, Ink intends to prioritize decentralization and compatibility. Originally designed as a Layer 2 on the Optimism Superchain, Ink has rapidly amassed over 100,000 users, with its testnet showing high activity levels. Ryan Wyatt, Optimism Unlimited’s Chief Growth Officer, reported this growth, stating that it had occurred.

The swift deployment of Ink’s mainnet demonstrates the team’s prowess, the resources committed to its achievement, and the developer community’s eagerness for this launch. Joining the Superchain, Ink will collaborate with Optimism. We eagerly anticipate our joint efforts in drawing developers and users towards Ink as we strive to make Ethereum more scalable.

Considerable Challenges 

As a crypto investor, I’ve noticed that both Kraken and Optimism have faced some tough times recently. Kraken is grappling with an $8 million fine in Australia and had to shut down its NFT marketplace due to a market slump, channeling resources instead towards fresh endeavors. Meanwhile, Optimism has been battling hurdles even before the mainnet launch. In October, their ecosystem experienced intense strain, causing the OP token to endure multiple price drops. Regrettably, even this bull run hasn’t boosted the OP token’s value significantly; instead, it’s struggled throughout the year.

Other Layer2 Networks 

Besides OP Stack, other platforms are utilizing this technology for constructing Layer2 networks. Notably, one of Kraken’s rivals, Coinbase, has declared their intention to build a Layer2 with OP Stack. As of August 2023, they have announced the creation of Base, which now ranks as the second most significant rollup network (according to L2beat data). In addition to Coinbase, other entities such as Uniswap, World Network, and Sony Blockchain Labs are also developing Layer2 networks using OP Stack. Optimism mentioned that the Base team may potentially receive up to 118 million OP tokens.

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2024-12-19 17:09