Kraken Ink Layer-2 Goes Live On Ethereum Mainnet

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As a seasoned crypto investor and tech enthusiast with over a decade of experience in the digital asset space, this news about Kraken launching its Ink Layer-2 network ahead of schedule has me quite excited! I remember when Kraken was just a small player back in 2013, now it’s making waves by pushing boundaries and enhancing the Ethereum ecosystem.

Kraken’s cryptocurrency platform has prematurely launched its Layer-2 blockchain network, named Ink, on the Ethereum mainnet. Instead of waiting until early 2025 as initially planned, they have brought it forward. The construction of Ink leverages Optimism’s OP Stack, with the aim of delivering increased scalability and compatibility within the Ethereum community.

Kraken Launches Ink Layer-2 Network Ahead of Schedule on Ethereum Mainnet

Based on an article, Kraken unveiled their Ink Layer-2 network on Wednesday, accelerating their timeline for introducing the blockchain by several months. This network operates using Optimism’s OP Stack, a flexible system engineered to improve Ethereum’s scalability and compatibility.

During the progression of their operations, the cryptocurrency trading platform received a grant worth 25 million OP tokens (approximately $58 million) from the Optimism Foundation. This grant helps advance and increase the use of Ink, allowing the platform to participate in the expansion of Optimism’s larger “Superchain” network.

Andrew Koller, the founder of Ink expressed enthusiasm stating, 

Today marks only the start of Ink’s journey, and now we embark on our most daring projects. Our aim is to expand Ink, and in doing so, we will pioneer advancements in on-chain experiences. This will pave the way for novel applications and possibilities for developers and users alike. We are committed to adding layers of privacy, security, and user experience upgrades on a solid foundation of ample liquidity.

Currently, there’s a growing trend towards adopting Layer 2 solutions, such as the integration of ZKsync technology by Germany’s Deutsche Bank via Project Dama 2. This step is aimed at boosting Ethereum’s performance and maintaining alignment with regulatory requirements.

Key Partnerships and Features

The Layer-2 platform debuted with backing from multiple decentralized applications. Notable allies include the decentralized exchange Curve, the stablecoin platform Frax, LayerZero for seamless interoperability, and Gelato for essential infrastructure assistance. These partnerships underscore the ecosystem’s commitment to fostering a wide array of applications within Decentralized Finance (DeFi).

By January 2025, Kraken intends to introduce a mechanism for fault-proofs that doesn’t require permission on its Ink Layer-2. This function empowers everyone to scrutinize suspect transactions, thereby enhancing the platform’s transparency and trustworthiness.

Kraken’s Ink Layer-2 represents a new scalability option for Ethereum, derived from the Optimistic Rollup (OP) Stack, alongside platforms such as Coinbase Base and Sony Soneium. This indicates a significant movement among key players towards broadening the Ethereum network’s capabilities.

In the Kraken vs. SEC legal case, the court has declined Kraken’s petition to access documents pertaining to Bitcoin, Ether, and the SEC’s digital asset policies. The judge stated that these requests are not relevant to the SEC’s accusations regarding particular cryptocurrency tokens. Additionally, the court dismissed Kraken’s request for evidence related to public statements and internal policies, pointing out insufficient justification for such disclosures.

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2024-12-18 23:24