Kraken Debuts Layer-2 Blockchain Ink on Mainnet Ahead of Schedule

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As a seasoned researcher who has been closely following the crypto space for years, I find Kraken’s move to launch Ink on mainnet an exciting development. Having witnessed the evolution of decentralized finance (DeFi) and its potential to disrupt traditional financial systems, I am genuinely intrigued by Kraken’s ambition to lead this renaissance.

As a researcher delving into the realm of cryptocurrencies, I’m excited to share that Kraken, the renowned exchange, has taken another significant step in the rapidly evolving landscape. By launching its own independent blockchain, Kraken is venturing deeper into the decentralized finance (DeFi) ecosystem. In a recent announcement on Wednesday, the company unveiled that their layer-2 network, Ink, has made its official debut on mainnet, signaling a promising new chapter in their journey.

Initially, the company announced plans to release their blockchain in October, with a beta version expected this year and the full-scale launch set for early next year. However, today’s update from the exchange revealed that the launch is actually happening “well before schedule.

Kraken’s Ink Goes Live on Mainnet

Kraken credits its swift progress to robust developer interest and steadfast backing from the cryptocurrency community.

Why launch now?

Our drive from constructors and backing from our community has prompted us to accelerate our pace. With countless transactions on the testnet and numerous linked wallets, it’s evident that the time is ripe for a decentralized finance (DeFi) revival, and Ink is poised to take the helm.

— ink (@inkonchain) December 18, 2024

Throughout the testing phase, Ink handled over 8.17 million transactions and had over a million unique addresses interacting with its protocol. Furthermore, Kraken reported approximately 90,600 tokens being implemented within the protocol.

Previously, the platform announced in October that its blockchain would be accessible to both retail and institutional clients upon its debut. As stated by Andrew Koller, the founder of Ink, these users can interact with the applications within the protocol by utilizing Kraken’s Web3 wallet.

Using the wallet, users can seamlessly navigate between the centralized exchange and the protocol, providing them an access point to delve into both environments without needing to switch platforms.

Just the Beginning

Beginning January 2025, I will initiate the initial stage of Ink’s decentralized blueprint, moving steadily towards a more distributed infrastructure by implementing “permissionless fault proofs.” As per Kraken’s assessment, these fault proofs empower anyone to scrutinize and document system errors or inconsistencies, thereby enhancing transparency and responsibility.

Speaking about Ink’s debut, Koller expressed that this move underscores Kraken’s dedication to broadening the horizons of blockchain technology, thereby fostering a platform for creative apps and opening up fresh prospects for both programmers and end-users.

Today marks the start of an exciting journey for Ink, as we embark on our most daring project yet – expanding Ink. We’re venturing into uncharted territories of blockchain interactions to open up innovative applications and possibilities for developers and users, all while prioritizing privacy, security, and user experience. This growth is built upon a strong foundation of deep liquidity, as stated in an official announcement.

Kraken Receives $58 Million in Grant for Building on Optimism

Despite being an Ethereum-based project, Ink was developed utilizing the Optimistic Rollup (OP) Stack, a versatile toolkit that empowers software developers to construct their own rollups leveraging Optimism’s technology. The OP Stack offers a well-organized framework, enabling creators to customize their blockchain solutions efficiently according to their specific needs.

As reported by Coindesk, Kraken was awarded a substantial grant in the form of 25 million OP tokens (valued at around $58 million) for opting to develop on the Optimism platform. This grant underscores Optimism’s dedication to fostering strong projects within its “Superchain” ecosystem by means of strategic partnerships with builders.

Simultaneously, Optimism has also granted similar funds to other networks, including Coinbase’s Base, which was launched in 2023. A deal between Base and the Optimism Foundation means that Base will receive a total of 118 million OP tokens over a period of six years. In return for this, Base agrees to contribute either 2.5% of its sequencer earnings or 15% of its net profits to the Optimism Collective.

As a fellow crypto enthusiast, I’ve noticed that pioneers in the space like Uniswap, World Network, and Sony Blockchain Labs haven’t shared specifics about potential grants they might be receiving through their collaborations. It leaves us, the community, curious about what benefits these partnerships could bring for each project.

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2024-12-19 00:33