On October 24, Kraken announced the launch of Ink, a new Layer 2 (L2) blockchain platform designed to streamline access to decentralized finance (DeFi). Built on Optimism's OP Stack and set to be part of the wider Ethereum Superchain, Ink aims to remove traditional barriers that often make navigating DeFi challenging. By combining the security and reliability of Ethereum with Kraken's mission to make crypto accessible, Ink is poised to broaden DeFi's appeal to a wider audience.
Ink reflects Kraken's ongoing commitment to make crypto and DeFi accessible to a broader user base. By eliminating points of friction between centralized and decentralized ecosystems, Kraken hopes that Ink will allow users to engage with top-tier DeFi applications, protocols, and communities in a single, integrated environment. This means that users would be able to explore and take advantage of wealth-building opportunities with greater ease, whether they are seasoned crypto enthusiasts or newcomers.
Andrew Koller, Ink's founder, emphasized that the platform will work closely with developers and the broader community to create a robust ecosystem. He highlighted the vision of making on-chain experiences more seamless and user-friendly, accelerating the transition to DeFi for a diverse range of crypto users.
Ink leverages the OP Stack, an open-source codebase licensed by MIT, that is part of Optimism's push to scale Ethereum. This allows Ink to inherit the security of Ethereum while contributing to the Superchain -- a network of interconnected Layer 2 solutions that share security, governance, and operational standards. Ink's integration with the Superchain will enable seamless interactions between Ink and other OP-based L2 platforms.
According to Kraken's press release, Ryan Wyatt, Chief Growth Officer at Optimism Unlimited, expressed enthusiasm over Ink's addition to the Superchain ecosystem, noting that nearly 50% of all Ethereum L2 transactions are already powered by Optimism's technology. Ink's role will be to support Ethereum's scalability while contributing to Optimism's governance, reinforcing the collaboration between various L2s in the network.
One of Ink's primary goals is to simplify the complexities associated with accessing DeFi. Kraken's decision to launch an L2 solution highlights a push towards a more user-friendly DeFi ecosystem. Ink will launch on testnet later this year, allowing developers and users to explore its features before a broader release. At launch, Ink will support SuperchainERC20, facilitating smoother movement of assets across the Superchain ecosystem. This will enable users to interact with other OP-based chains more effortlessly, fostering a unified experience across Ethereum's L2 landscape.
Furthermore, to celebrate the launch, Kraken has invited its users to mint a unique NFT through Zora, a partner within the Superchain ecosystem.
As Margaux Nijkerk pointed out in her report for CoinDesk earlier today, Optimism's technology has been gaining momentum, with major players like Sony and decentralized exchange Uniswap recently announcing plans to develop their own Layer 2 networks using the OP Stack. Coinbase, a key figure in the ecosystem, launched its Layer 2 network, Base, in 2023, and Kraken's Ink is now following a similar path by joining the Superchain. According to L2Beat, the combined projects using Optimism's technology have amassed a TVL of $18.1 billion across 43 rollups, surpassing the total held in projects utilizing Arbitrum's technology.
Kraken says that "Ink is the only blockchain backed by a major Western exchange focused on building the best DeFi experience", but this statement seems to be somewhat exaggerated given the existence of Coinbase's Base blockchain.
Coinbase's Base is also a Layer 2 (L2) solution built on Optimism's OP Stack, and it is backed by Coinbase, an even larger Western crypto exchange. Base has a clear focus on supporting DeFi by providing a secure and scalable environment for DeFi applications. Furthermore, Coinbase has been actively promoting Base as a foundation for the DeFi ecosystem, similar to Kraken's goals with Ink.