Kraken, the seventh-largest crypto exchange, said its layer-2 rollup 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 lets developers build their own rollups using Optimism’s technology. The team had originally planned for Ink to go live in early 2025, so the launch of its main network is ahead of schedule.
Kraken agreed to receive 25 million OP tokens (worth about $58 million) as part of a deal to build on the OP Stack. Optimism has acknowledged that handing out developer grants for participants building on the stack is part of its strategy, which in turn contributes back to the wider “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 rollup network according to L2beat. At the time, Optimism said the Base team would receive up to 118 million OP tokens and, in return, would contribute the higher of 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 boldest work really begins – growing Ink,” said Andrew Koller, the founder of Ink, in a press release. “We’re pushing the boundaries of on-chain experiences to unlock new applications and opportunities for builders and users alike, layering privacy, security and UX enhancements on a foundation of deep liquidity.”
Russian President Vladimir Putin has signed a landmark cryptocy law establishing the country's first comprehensive regulatory…
Coinbase has launched 24-hour, five-day-a-week trading for nearly 4,000 U.S. stocks for eligible customers in the United Kingdom, marking another major…
Shaw Walters, founder of Eliza Labs, has declared the project's native ELIZA token "dead" and confirmed that the Eliza…
The Web3 fitness platform Step App has announced it will permanently shut down after four years in…
The Digital Asset Market CLARITY Act is running out of time in the U.S. Senate as lawmakers scramble to…
Cloudflare has unveiled Cloudflare Wallets, a new programmable stablecoin wallet system that allows AI agents to independently pay for…