Kraken unveils Ethereum scaling layer Ink months ahead of schedule

Kraken has launched its Layer 2 blockchain on mainnet, called Ink, according to an announcement. The move reportedly comes “months ahead of schedule,” according to the company, which initially targeted early 2025 for a release. 

Ink was built using Ethereum scaling solution Optimism’s Superchain technology stack, a customizable framework for building blockchain scaling layers. This means Ink will be interoperable with other networks built using the OP Stack. 

Launch partners include popular applications such as decentralized exchange Curve, stablecoin platform Frax, L2 infrastructure provider Gelato, interoperability protocol LayerZero and others. 

“Ink is also progressing toward Stage 1 decentralization with permissionless fault proofs to enhance accountability in January, 2025,” the company wrote in a statement. “This will enable anyone to contest potentially invalid transactions and makes Ink more accountable to its community of users.”

With this move, Kraken has become the latest company to launch a bespoke L2 following the development of rival crypto trading platforms like Coinbase and Uniswap. Base, the Ethereum L2 built by Coinbase, for instance, has been a consistent revenue generator since launching earlier this year. 

Kraken’s Ink joins a growing crowd of blockchains building on Optimism, including Coinbase’s Base, Sony’s Soneium and World’s World Chain, among others. The exchange reportedly received a 25 million OP token grant from the Optimism Foundation to use the OP Stack. 

In October, Kraken announced it was restructuring, a move that included layoffs, streamlining management and hiring co-CEO Arjun Sethi.

“Ink echoes our unmatched commitment to making crypto accessible to everyone, aiming to eliminate the points of friction that have historically made moving between centralized and decentralized worlds challenging,” the company wrote.