Kraken, the seventh-largest crypto exchange, said its Layer 2 rollup network, built on the Ethereum blockchain, is now operational.
The network, called Ink, is based on the OP stack, a customizable framework that allows developers to create their own rollups using Optimism technology. The team had originally planned for Ink to go live in early 2025, so its mainnet launch is ahead of schedule.
We’re excited to announce that Ink is available on mainnet!
Months ahead of schedule, we will officially launch it as part of the Optimism Superchain. This is just the beginning of our journey to bridge the gap between users and builders in DeFi.
Let’s ink the future together ✍️ pic.twitter.com/WmOKNiMO06
– ink (@inkonchain) December 18, 2024
Kraken agreed to receive 25 million OP tokens (worth around $58 million) as part of a deal to develop the OP Stack. Optimism has recognized that providing developer grants to participants building on top of the stack is part of its strategy, which in turn contributes to the broader “Superchain” ecosystem.
Kraken competitor Coinbase said in August 2023 that it would build a Layer 2 network with OP Stack. The product, called Base, is now the second largest cumulative network according to L2beat. At the time, Optimism said that the Base team would receive up to 118 million OP tokens and in return would contribute 2.5% of its sequencer revenue or 15% of its profits to the Optimism Collective, whichever is greater. .
Other participants building a layer 2 with the OP Stack, including Uniswap, World Network, and Sony Blockchain Labs, have not said how many OP tokens they expect to receive as part of their deals.
“Today is just the beginning for Ink, and now our boldest work truly begins: growing Ink,” Andrew Koller, founder of Ink, said in a press release. “We are pushing the boundaries of on-chain experiences to unlock new applications and opportunities for creators and users alike, layering privacy, security and UX improvements on a foundation of deep liquidity.”
Read More: Kraken Picked Optimism’s ‘Superchain’ After Getting Stack of OP Tokens
