Kraken, the seventh-largest crypto exchange, has announced the launch of its layer-2 rollup network, called Ink, on the Ethereum blockchain. Ink is built on top of the OP stack, a customizable framework that allows developers to create their own rollups using Optimism’s technology. The team had originally planned for Ink to go live in early 2025, making this launch ahead of schedule.
We’re excited to announce Ink is live on mainnet!
Months ahead of schedule, we’re officially launching 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
As part of the deal to build on the OP Stack, Kraken agreed to receive 25 million OP tokens, valued at about $58 million. Optimism has a strategy of providing developer grants to those building on the stack, contributing to the wider “Superchain” ecosystem.
In a similar move, Kraken competitor Coinbase announced in August 2023 that it would be developing a layer-2 network with OP Stack, called Base. Base is now the second-largest rollup network according to L2beat. The Base team is set to receive up to 118 million OP tokens and will contribute a percentage of its revenue/profits to the Optimism Collective.
Other participants such as Uniswap, World Network, and Sony Blockchain Labs are also building layer 2 networks with the OP Stack, although they have not disclosed the number of OP tokens they expect to receive.
Andrew Koller, the founder of Ink, expressed his excitement for the future of the project, stating, “Today is just the beginning for Ink, and now our boldest work really begins – growing Ink. We’re pushing the boundaries of on-chain experiences to unlock new applications and opportunities for builders and users alike, layering privacy, security, and UX enhancements on a foundation of deep liquidity.”
Read more: Kraken Picked Optimism’s ‘Superchain’ After Getting a Pile of OP Tokens