Kraken Launches Ink Layer-2 on Ethereum with $58M Optimism Grant
Kraken has launched Ink, its Layer-2 blockchain network, on the Ethereum mainnet early. Ink was supposed to launch in 2025.
Built on Optimism’s OP Stack, Ink is meant to scale and interop with Ethereum. The project received a 25 million OP token grant (about $58 million) from the Optimism Foundation to support the broader Ethereum ecosystem and the Optimism “Superchain” initiative.
Andrew Koller, the founder of Ink, expressed his enthusiasm:
“Today is just the beginning for Ink. Our boldest work begins now as we grow Ink, pushing the boundaries of on-chain experiences to unlock new applications and opportunities for builders and users alike.”
Key Partnerships and Innovations
Ink Layer-2 debuted with strong support from notable decentralized applications:
- Curve: For decentralized exchange operations.
- Frax: Focused on stablecoin adoption and liquidity.
- LayerZero: Enhancing interoperability between blockchain networks.
- Gelato: Providing infrastructure for smart contract automation.
Kraken’s partnership strategy shows we’re committed to DeFi use cases. By January 2025, Ink will have permissionless fault proofs so users can challenge invalid transactions. That’s accountability and a solid operational framework.
Ethereum Scaling and Broader Trends
Kraken’s Ink is one of many Layer-2 scaling solutions on the OP Stack along with Base from Coinbase and Soneium from Sony. This is a general trend among the industry big players to upgrade Ethereum and drive DeFi innovation.
Ink’s launch coincides with the growing adoption of Layer-2 solutions like Germany’s Deutsche Bank integrating ZKsync through Project Dama 2. That’s to make Ethereum more efficient while being compliant with the global regulations.
In other news, Kraken is still fighting the SEC in court. The court just denied Kraken’s request for documents related to Bitcoin, Ether and SEC policies saying they are not relevant to the case. But Kraken is moving forward with the ecosystem growth through Ink.
Key Takeaways:
- Kraken’s Ink Layer-2 launches early, leveraging $58M Optimism grant.
- Partnerships with Curve, Frax, LayerZero, and Gelato support diverse DeFi use cases.
- Ink joins Ethereum scaling networks, reflecting a push for interoperability.
- Fault proofs arriving in 2025 will enhance security and transparency.
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