Kraken, the world's sixth-largest cryptocurrency exchange, has announced the launch of its own layer-2 network on the Ethereum blockchain, leveraging technology from Optimism, the same provider powering rival Coinbase's layer-2 network, Base. The new network, dubbed Ink, is built on the OP stack, a customizable toolkit that enables developers to create their own blockchains using Optimism's technology, with an expected launch in early 2025. Optimism has recently seen significant success, with major crypto firms, including Coinbase, and non-crypto firms like electronics giant Sony and decentralized exchange Uniswap, opting to use its blockchain as a blueprint for their own networks.
Kraken's choice may solidify OP Stack's position as a leading technology provider for new Ethereum layer-2 networks, amidst a landscape where other layer-2 networks like Polygon, zkSync, Starknet, and Arbitrum have introduced their own stacks. According to Andrew Koller, the founder of Ink, 'A thriving ecosystem of developers is crucial for an L2's success, and as part of the Superchain, Ink is laying the groundwork for an interoperable and pluralistic on-chain ecosystem that will attract developers and make Ink the ideal platform for the next generation of DeFi applications and protocols.'