Kraken, the seventh-largest cryptocurrency exchange, announced that its Layer-2 rollup network, built atop the Ethereum blockchain, has officially launched.
The new network, named Ink, is developed using the OP Stack, a customizable framework that allows developers to create their own rollups with Optimism’s technology. Originally scheduled for launch in early 2025, the main network of Ink has launched ahead of expectations. As part of the deal to develop on the OP Stack, Kraken has received 25 million OP tokens (roughly valued at $58 million). Optimism has acknowledged that providing developer grants to participants building on the OP Stack is a key strategy that contributes to the broader “Superchain” ecosystem.
In a move similar to Kraken, Kraken’s rival Coinbase revealed in August 2023 that it would create a Layer-2 network using the OP Stack. The product, called Base, has already become the second-largest rollup network, according to L2beat. At the time of Base’s announcement, Optimism stated that 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 projects building Layer-2 solutions with the OP Stack — including Uniswap, World Network, and Sony Blockchain Labs — have not disclosed the amount of OP tokens they will receive as part of their respective agreements.
“Today marks the beginning of Ink’s journey, and now our most exciting work begins—growing Ink,” said Andrew Koller, the founder of Ink, in a press release. “We are pushing the limits of on-chain experiences to create new opportunities and applications for both builders and users, with a focus on privacy, security, and UX enhancements, all built on a foundation of deep liquidity.”
Will Canny is an experienced market reporter with a demonstrated history of working in the financial services industry. He’s now covering the crypto beat as a finance reporter