US-based cryptocurrency exchange Kraken recently announced the launch of a layer-2 network called Ink, built on Optimism's OP Stack framework, joining the rapidly expanding 'Superchain' that includes layer-2 networks from major players such as Coinbase and Sony. However, it has been disclosed that this partnership came with a substantial grant of 25 million OP tokens from the Optimism Foundation, worth around $42.5 million at current prices.
This deal, finalized in January or February, enables Kraken to utilize Optimism's customizable toolkit for creating layer-2 rollups. The token allocation is set to be paid out in grants over time, with the value of OP tokens having fluctuated significantly since the deal was struck, from $3.99 on January 1 to a high of $4.06 on February 20, and now trading around $1.70.
The Optimism Foundation has confirmed the grant, while Kraken's founder, Andrew Koller, notes that the token allocation is comparable to other deals within the Superchain ecosystem. The growth of Optimism's layer-2 networks has been notable, with several major companies launching their own networks using OP Stack, including Coinbase's Base and Sony's Soneium.
The deal between Kraken and the Optimism Foundation is based on transaction milestones, with tranches of tokens unlocked as certain targets are met. This approach is similar to other partnerships within the Superchain, with the goal of driving activity and investment in the ecosystem.