Kraken exchange unveils new L2 solution called Ink

On December 18, 2024, Kraken Exchange officially launched the mainnet of its Layer-2 solution Ink, designed to work with the Ethereum blockchain. Interestingly, the release happened much earlier than expected — the project was initially planned to be introduced in the first quarter of 2025.

Launch partners

An important aspect of the launch is the support from major players in the DeFi space. Among Kraken's partners are the decentralized exchange Curve, the stablecoin platform Frax, as well as L2 infrastructure providers Gelato and the LayerZero protocol. Through the combined efforts of these companies, a solution was created that aims to improve accessibility and accelerate asset migration within Ethereum.

Ink leverages the advancements of already known L2 solutions, such as Optimism, enabling the project to offer fast transactions and low fees. Interestingly, the new network will be compatible with any applications using the OP Stack, which opens the door for broad integration with existing ecosystems.

Competition in the Layer-2 market

Ink is not the only project in its category. Among Kraken's competitors are Base from Coinbase and Unichain from Uniswap, which are also developing their own L2 solutions based on OP. This confirms the growing interest in Ethereum and DeFi, making the Layer-2 solutions market even more competitive.

Moreover, on December 18, it was announced that Deutsche Bank is also planning to launch a Layer-2 solution on Ethereum using ZKsync technology, which could impact current developments.

What’s in store for users?

Kraken's new initiative, along with its partners, will enhance DeFi applications and significantly reduce transaction costs, making Ethereum more accessible and scalable. Accelerating asset migration and lowering barriers for participants is the main goal of Ink, and with such partners, the project stands a strong chance of success.