Kraken's Ink Layer 2 Activity Surges Before Token Launch

Kraken has developed the Ink blockchain as a Layer 2 on Optimism's Superchain. Recently, there's been a notable increase in activity ahead of the launch of the INK token, which has a fixed supply of 1 billion tokens. The Ink Foundation has organized a community airdrop through a liquidity pool on Aave, contributing to this rise. Last week, daily transactions on Ink exceeded 500,000, and active contracts nearly doubled since May, reaching 6,000, as reported by Dune Analytics. Despite the surge in activity, the total value locked in the blockchain is still below $8 million, suggesting significant growth potential. Ink launched its mainnet in December 2024, ahead of schedule. It is compatible with Ethereum Virtual Machine (EVM) applications, providing developers with lower costs and faster transactions for deploying existing Ethereum-based applications. The network is integrated into Optimism's Superchain, which includes other Layer 2s like Base and projects by Sony and Uniswap. Ink's interoperability allows for seamless asset movement across these networks. The upcoming INK token will not influence governance decisions for Ink Layer-2. Instead, it will focus on liquidity aggregation and incentivizing usage of the network's applications. This strategy aims to position Ink as a competitor to Base, launched by Coinbase. Disclaimer: The Block, an independent media outlet, provides news and research. Since November 2023, Foresight Ventures has been a major investor in The Block, with no influence on its editorial direction.