Kraken Dives Into DeFi: Set to Launch ‘Ink’ Layer 2 Blockchain
Kraken is set to launch its own Layer 2 blockchain, Ink, in early 2025 to simplify decentralized finance (DeFi) by providing a platform for trading, lending, and borrowing without intermediaries.
What’s the significance: The upcoming Ink blockchain offers web3 builders more platform options to develop DeFi applications.
Key details:
- Kraken plans to launch “Ink,” its own Layer 2 blockchain, in early 2025 to expand access to decentralized finance (DeFi).
- Kraken will initially act as Ink’s sequencer, generating revenue by managing transactions.
- Built on Optimism’s OP Stack, Ink will be part of the Optimism Superchain network, aiming to bridge centralized exchanges (CeFi) and DeFi.
- A developer testnet will roll out in late 2024, with a full mainnet launch expected in early 2025.
How it works: The blockchain will allow users to trade, lend, and borrow tokens without intermediaries, aiming to make DeFi more accessible and affordable.
Kraken noted that it will not issue a native token for Ink but will integrate DeFi tools like decentralized exchanges and yield-generating platforms in its wallet app.
Devcon Debut: The upcoming Testnet will be released during DevCon in Bangkok, on November 11 at Ink DevJam: Building the Future of DeFi.
Key quote:
“Ink is the new home for builders turning code into financial revolutions. We’re creating an ecosystem with everything you need to build the future – from an engaged user base to world class tools and support… Unleashed by Kraken, Ink isn’t just another chain. It’s been carefully planned and created by one of the most trusted, experienced and innovative teams in the game. People who have worked with builders and know what it means to succeed.”
Ink via X
What’s next: It was noted that Ink will launch with a dozen DeFi applications, focusing on real-world assets and advanced lending platforms.
What is Kraken: It is a U.S.-based cryptocurrency exchange founded in 2011, known for its extensive range of services including spot and margin trading, futures trading, staking, and lending.
- It supports over 240 cryptocurrencies for trading, including popular crypto like Bitcoin (BTC), Ethereum (ETH), and various altcoins.
Worth reading: In 2023, the Indian government issued show cause notices to Kraken and other offshore cryptocurrency exchanges for failing to comply with KYC and registration requirements under the Prevention of Money Laundering Act (PMLA).
This article is published on BitPinas: Kraken Dives Into DeFi: Set to Launch ‘Ink’ Layer 2 Blockchain
What else is happening in Crypto Philippines and beyond?
