Kraken, the seventh largest crypto exchange, said its layer 2 roll-up network, built on top of the Ethereum blockchain, has gone live.
The network, called Ink, is based on the OP stack, a customizable framework that allows developers to build their own rollups using Optimism’s technology. The team originally planned for Ink to go live in early 2025, so the main network launch is ahead of schedule.
We’re excited to announce that Ink is live on Mainnet!
We are officially launching as part of the Optimism Superchain months ahead of schedule. This is just the beginning of our journey to bridge the gap between users and builders in DeFi.
Let’s shape the future together ✍️ pic.twitter.com/WmOKNiMO06
– ink (@inkonchain) December 18, 2024
Kraken agreed to receive 25 million OP tokens (worth approximately $58 million) as part of a deal to build on the OP Stack. Optimism has recognized that handing out developer subsidies to participants who build on the stack is part of the 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 aggregation network according to L2beat. At the time, Optimism said the Base team would receive up to 118 million OP tokens and in return contribute 2.5% of its sequencer revenue or 15% of its profits to the Optimism Collective.
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 most daring work begins in earnest: growing Ink,” said Andrew Koller, Ink’s founder, in a press release. “We are pushing the boundaries of on-chain experiences to unlock new applications and opportunities for builders and users alike, layering privacy, security and UX improvements on a foundation of deep liquidity.”
Read more: Kraken chose Optimism’s ‘Superchain’ after getting a stack of OP tokens
