Cryptocurrency Exchange Kraken Launches New Layer 2 Blockchain Ink for DeFi Access

Kraken’s Introduction of Ink

Facilitating User Access to DeFi

Cryptocurrency exchange Kraken has recently unveiled a new Layer 2 (L2) blockchain called Ink, developed to offer users a smooth and easily accessible pathway to decentralized finance (DeFi). The Ink blockchain, built on Optimism’s Superchain, is aimed at simplifying the complexities often associated with interacting with decentralized applications (dApps) and protocols, as announced by Kraken on Thursday.

Expanding into DeFi Space

Dedicated L2 Platform for Enhanced Services

Kraken’s decision to launch Ink aligns with the industry trend of exchanges expanding their offerings into the DeFi sector. By providing a dedicated L2 platform, Kraken intends to offer its 10 million users a more extensive array of services, including access to a broader selection of dApps and protocols. The success of Ink will rely on attracting developers to build on the platform and delivering a compelling user experience.

Ink Testnet and Mainnet Launch

Upcoming Launch Events

Ink will introduce its testnet in November at Devcon 7 in Bangkok, hosting a developer-focused event and planning a Q1 2025 launch of its mainnet.

Unique Advantages of Ink

Utilizing Kraken’s Reputation and Superchain Ecosystem

Ink stands out in the competitive L2 landscape by leveraging Kraken’s established trust and reputation. Additionally, as part of the Superchain ecosystem, Ink benefits from the security and scalability of Ethereum while providing enhanced performance.

Increasing Competition and Innovation in L2 Space

Benefiting Users and Developers

As more exchanges and financial institutions enter the L2 space, increased competition and innovation are expected, driving down costs and enhancing the overall experience of interacting with decentralized applications. This development ultimately benefits users and developers alike, fostering a more dynamic and cost-effective DeFi ecosystem.