Kraken plans 'Ink' Ethereum Layer 2 launch in 2025 built using the OP Stack

Kraken is planning to launch its own Ethereum Layer 2 blockchain called "Ink" early next year, following the lead of rival crypto exchange Coinbase.

Confirming initial reports from November 2023, Ink is expected to debut its testnet later this year, with a full mainnet launch anticipated in the first quarter of 2025. It is designed to offer permissionless access to DeFi applications, including trading, lending and borrowing services, according to a statement on Thursday.

Ink will join the broader Ethereum ecosystem as part of the Superchain—a network of interoperable Layer 2 blockchains built using Optimism's OP Stack, which enables seamless communication and scalability across networks. Projects including OP Mainnet itself, Base, Zora and Worldcoin have already deployed Layer 2s on the Superchain, with the decentralized exchange Uniswap unveiling its own Unichain optimistic rollup plans earlier this month.

"We’re excited to welcome Ink to Optimism, as they join other industry leaders building on the OP Stack,” Optimism Unlimited Chief Growth Officer Ryan Wyatt said. “Optimism’s technology powers the Superchain, and nearly 50% of all Ethereum L2 transactions. As part of this Superchain ecosystem, Ink will contribute to Optimism governance and drive revenue back to the Optimism Collective as we work together to scale Ethereum.”

Over a dozen decentralized apps, including exchanges and aggregators, will be available at Ink's launch, with potential future expansion into real-world assets and advanced lending.

No Ink token planned

Unlike some of its Superchain counterparts, Kraken does not intend to issue a token for the Layer 2, Ink founder Andrew Koller told Bloomberg. Kraken will initially act as the sole sequencer for Ink, managing transactions and earning revenue, but plans to decentralize this function over time. Coinbase was also Base's sole sequencer at launch.

Kraken may be hoping to emulate the success of Base, which became the largest Ethereum Layer 2 by total value locked last week with $2.5 billion in deposits, surpassing Arbitrum—just over a year since its launch in August 2023.

Kraken has continued to explore new markets and products in recent months, including a wrapped bitcoin alternative called kBTC on Ethereum and OP Mainnet and a potential IPO while navigating ongoing U.S. regulatory challenges with the Securities and Exchange Commission.