Kraken Launches Ink as Its Own Layer 2 – Optimism Technology Is Used

The crypto exchange Kraken is about to launch its own Layer 2 solution with Ink. The model is Coinbase’s competitor Base. In terms of technology, Kraken and Ink are also using Optimism (OP) as a basis.

A good year ago, the US crypto exchange Coinbase started a success story with the launch of Base as its own blockchain. Layer 2 in the Ethereum ecosystem now brings Coinbase more than 50 million US dollars in revenue per quarter and Base has become a fixture with more than 1 million users. The crypto exchange Kraken, which is behind the Ink project, which is currently going public, is also hoping for such success.

According to Kraken, the Ink testnet will go live in 16 days and an advertising campaign is already underway via X

What is exciting is that Ink uses Optimism (OP) technology, just like Base did before. Optimism offers Layer 2 solutions under the title “Superchain” that are easy to connect to one another. The biggest competitor here is Arbitrum (ARB) , where a similar concept is running under the name “Orbit”. When it was announced last year that Kraken was considering its own network, Cardano (ADA) was put forward for consideration by founder Charles Hoskinson – but has now been rejected.

The rapid success of Base was closely linked to the hype surrounding the friend.tech app , which attracted tens of thousands of users. Kraken and Ink are probably already looking for such an innovative application in the background that would entice people to try it out. There are dozens of Layer 2s on Ethereum and newcomers only have a realistic chance if they score points with unique selling points. Low fees have become the norm for all Layer 2 solutions since the Dencun upgrade on Ethereum in March.

Conclusion: Ink from Kraken – can Coinbase’s success be repeated?

Coinbase wanted to make Base more independent in the future , but seems to be reconsidering this in light of the millions in revenue. Ink from Kraken is coming late, with the mainnet set to launch in early 2025.

According to information so far, Ink wants to score points in the decentralized finance (DeFi) sector, where the competition is tough. But Kraken has more than 10 million active customers who could potentially be sold on Ink. For Optimism and the OP Superchain, it is definitely a success to have now won two leading US crypto exchanges as in-depth cooperation partners.

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(Featured image by xresch via Pixabay)

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