Kraken cryptocurrency exchange, has announced to start their blockchain known as Kraken’s Ink blockchain in starting of 2025. This blockchain mainly supports decentralized applications (diApps) through which users can trade, borrow and lend without any intermediator.
Kraken has created Ink, a Layer 2 blockchain based on Optimism’s Superchain. Its goal is to make it easier for users to interact with leading DeFi applications, protocols, and communities. Ink is based on Optimism’s open source, MIT-licensed OP Stack codebase and integrates into the Ethereum ecosystem, taking advantage of Ethereum’s security and joining the Superchain.
Key Features of Kraken’s Ink Blockchain:
Kaken’s Ink Blockchain uses the security features of Ethereum. Ink aims to make it easier for users to access decentralized finance (DeFi) services while benefiting from the robust security that Ethereum provides.
Upcoming Kraken’s Ink blockchain will be ready as an Ethereum Layer-2 rollup. It means that this will work to create an additional technology base layer on top of the Ethereum blockchain. This will allow transactions to be processed faster and at a lower cost.
How it Works?
Ink will help users by processing and validating transactions for Kraken. It will benefit from Ethereum’s strong security, keeping the network decentralized and safe from attacks.
Ink will help in crypto trading through:
Transaction Processing: When users make transactions, these transactions are first executed on Layer-2. After that, the data from these transactions is bundled together.
Batching: Multiple transactions are grouped in single batch. This batch then sent in Ethereum main net for the process of validation. In this way, only one transaction can be validated, which represent all the bundled transactions.
Congestion Reduction: This process reduces the load of Ethereum’s main network because it’s no longer has to individually validate thousands of transactions. This system improves overall speed.
Test net Launch: The test version of Kraken’s Ink Blockchain is likely to be released at the end of this year. This gives developers a chance to try out their application on their blockchain before the complete version is available.
This test net will let the developers see how their applications works and what the changes they have to do in it. By this test net developers get idea and feedback for their improvement before launching it. It also allows the kraken to collect the community opinion to upgrade the platform and make user-friendly platform. All of this will be available to both individual and institutional user in early 2025 when the full version is released.
User Handy: It aims to make interactions easier for blockchain users in decentralised finance (DeFi) through it is very cost-effective. In starting they supports decentralized exchanges (DEXs) and aggregators and with time it builds their own offerings.
Strategic Goals & Future Development
One of the main goals of Kraken’s Ink Blockchain is to make the complex decentralised finance (DeFi) process easier for users. Their platform will have user-friendly features, integrating Ink apps into the Kraken wallet. By creating their own blockchain, Kraken aims to provide its over 10 million users with more direct access to blockchain technology. This move could also help Kraken earn more money through transaction fees and other services.
The Kraken’s Ink blockchain will work well with the optimism super chain, which means it can easily connect and interact with other blockchains that use Optimism’s technology. This will make it simpler for users to move their assets between different blockchains.
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Kraken is set to launch its own blockchain, Kraken’s Ink Blockchain, in early 2025, aiming to enhance its services and revenue potential in the competitive crypto market. Ink will focus on decentralized applications, allowing users to trade, lend, and borrow cryptocurrencies without intermediaries.
As Ink aims to offer a user-friendly experience, it positions Kraken to better serve its over 10 million users while tapping into new revenue streams through transaction fees.
Also Read: Ripple CEO Predicts ‘More Pro Crypto’ U.S. After Election– Could XRP Reach $1,000?
