Kraken-Backed Ink Announces Ethereum Layer 2 Token Launch

Kraken’s Ink Foundation is set to launch a new Ethereum Layer 2 network, introducing the $INK token with a mainnet and airdrop planned for the first quarter of 2025.

The launch of Ink’s Ethereum Layer 2 network could significantly influence DeFi activity, with potential impacts on Ethereum usage and developer engagement in the blockchain space.

Kraken Supports Ink’s Ethereum Layer 2 Debut

The Ink Foundation, backed by Kraken, is set to launch a new Ethereum Layer 2 network. This initiative aims to support DeFi and enhance the broader developer ecosystem through the introduction of a capped $INK token in Q1 2025.

Kraken’s involvement in Ink highlights a growing trend among centralized exchanges towards DeFi. The $INK token will have a fixed supply of 1 billion and will be introduced during the mainnet launch and public airdrop next year.

Ink Layer 2 Expected to Boost DeFi Adoption

The launch of Ink’s Layer 2 network is expected to boost DeFi adoption, potentially increasing Ethereum usage. Stakeholders are watching the launch, anticipating shifts in total value locked (TVL) and user participation as the mainnet goes live.

The introduction of Ink could influence financial trends in the blockchain sector, following a trend set by other exchanges like Binance and Coinbase. The $INK token’s fixed supply could drive demand as developers begin integrating Ink’s infrastructure within their projects.

“The $INK token will launch with a capped supply of 1 billion, permanently fixed and not subject to any increase or further emissions.” – Crypto Briefing

Comparing Ink to Binance and Coinbase Chains

Comparisons to Binance’s BNB Chain and Coinbase’s Base chain reflect a growing inclination among crypto exchanges to launch blockchain networks. These prior examples have positively impacted ecosystem TVL and token valuations.

Experts from Kanalcoin suggest that the launch of Ink may lead to similar economic benefits, with the fixed supply of $INK fostering market interest. Historical precedents highlight potential gains in both DeFi participation and innovative protocol development.