Kraken, an American crypto exchange, plans to launch its blockchain, Ink, in early 2025. According to a Bloomberg report, Ink will be not just a digital ledger but also an eco-friendly network supporting decentralized applications in its ecosystem.
Kraken to Launch Own Blockchain
Kraken’s new blockchain will be built as a layer-2 network on Ethereum and will utilize Optimism’s super chain technology, the same provider powering Coinbase’s Base network and Uniswap’s Unichain, launched recently.
According to Andrew Koller, Ink’s founder, the developer testnet is slated to launch later this year, with a full rollout to retail and institutional users expected in Q1 2025. Developers can build decentralized applications to trade, borrow, and lend tokens without intermediaries.
At launch, Ink will feature several apps, including decentralized exchanges and aggregators. Future plans include expanding to real-world assets and advanced lending applications.
Why Ink Blockchain?
Kraken claims it aims to democratize decentralized finance (DeFi) by making it more accessible and user-friendly. It noted that DeFi apps have been considered too complex for the average person despite being around for years. The exchange believes Ink will simplify the experience, reduce costs, and enhance intuitiveness.
Koller stated that Ink’s apps will be integrated into the Kraken Wallet app to enhance user experience. He further claimed the interface will resemble Apple’s sleek design, making it easy for users to navigate. The blockchain founder said the move will create a harmonious coexistence between centralized and decentralized ecosystems.
Overall, Kraken hopes this move will position it to have a share in the growing DeFi market, offering its users a comprehensive platform for earning yield and exploring other decentralized features.
Kraken’s Plans for Ink Blockchain
Kraken claims a dedicated team of approximately 40 professionals is developing Ink. To foster growth, the exchange is organizing developer events, including a presence at Devcon in Thailand this November.
Initially, Kraken will serve as Ink’s sequencer, generating revenue by organizing and managing network transactions. However, the company plans to decentralize this function in the future, distributing it among multiple parties.
Meanwhile, the trend of creating blockchains continues to gain momentum, with Uniswap and Coinbase joining the ranks. This trend was pioneered by Binance, the world’s largest exchange, which launched Binance Chain and its native token, BNB. This underscores the importance of decentralized infrastructure and its increasing interest among crypto users.
