Activity on Kraken’s Ethereum Layer 2 network, Ink, has picked up sharply in the last few days, right before its token launch. The jump comes after the Ink Foundation announced the INK token, which will have a fixed supply of 1 billion. There’s also a community airdrop planned, set to go live through a liquidity pool on Aave.
Since the announcement, the network has recorded more than 500,000 daily transactions. The number of active smart contracts on Ink has nearly doubled since May, hitting a high of 6,000 on June 18, according to Dune Analytics.
Despite the rise in usage, the total value locked on the chain remains modest, still below $8 million.
Ink went live on the mainnet in December 2024, slightly ahead of its originally scheduled Q1 2025 rollout. The network is built on Optimism’s Superchain, a shared Layer 2 framework designed for Ethereum scalability.
Other chains built within the Optimism Superchain include Coinbase’s Base, along with Layer 2 networks launched by Uniswap, Sony, and World App.
Since Ink is compatible with the Ethereum Virtual Machine (EVM), developers can move their Ethereum apps over without needing to change the code. The network promises faster transactions and lower fees, which probably explains why activity has picked up recently.
What stands out is that the INK token won’t have any say in governance. Unlike most Layer 2 tokens that come with voting rights, INK is purely meant to drive liquidity and reward people using apps on the chain.
With more developers showing interest, the token launch around the corner, and Ink gaining ground inside the Superchain, Kraken might finally have something strong enough to go head-to-head with Coinbase’s Base.
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