Kraken, a trailblazer in the cryptocurrency exchange arena for over 14 years, is set to delve deeper into blockchain technology. This move mirrors strategic initiatives by key players like Coinbase and Binance. On October 24, 2024, Kraken announced its ambitious plan to launch its own blockchain, named “Ink,” catering to both retail and institutional users.
Introducing Kraken’s Ink Blockchain
In an enlightening report, Andrew Koller, the visionary behind Ink, shared that Kraken plans to unveil the blockchain in the first quarter of 2025. This platform is poised to support decentralized applications, enabling users to engage in trading, borrowing, and lending of tokens, alongside a myriad of other use cases, sans intermediaries.
Kraken’s Ink is crafted in a vein similar to Coinbase’s Base and Binance’s BNB Chain. The report highlights that Kraken aims to demystify and streamline DeFi apps, which have traditionally been perceived as complex. By making these apps more intuitive and cost-effective, Kraken hopes to enhance user experience, particularly in earning yield and other functionalities.
Kraken’s Objective of Launching Ink
One of the driving forces behind launching Ink is revenue augmentation. Kraken has observed that competitor blockchains are reaping substantial profits. Specifically, following the rollout of Coinbase’s Base, there was a remarkable 300% surge in transactions during the second quarter, likely fueled by the advent of new apps and meme coins.
Interestingly, Kraken has opted not to introduce its own token akin to BNB or USDC with this blockchain launch. Andrew Koller emphasized, “It’s a very easy-to-use, Apple-esque experience. Over time, our users will have these two centralized and decentralized ecosystems playing with each other. We want you to feel that you are doing something familiar.”
During Ink’s initial phase, a plethora of decentralized exchanges and aggregators will be made available. There is also a speculation that a substantial influx of meme coins might occur, echoing the phenomena witnessed with Base post its launch.
Development and Future Prospects
Currently, a team of 40 experts is dedicated to the development of the Ink blockchain. To foster collaboration and innovation, Kraken has organized a series of events for Ink developers, including a significant gathering at Devcon in Thailand scheduled for November 2024.
With these strategic developments, Kraken is poised to fortify its position in the evolving digital finance landscape, offering users a seamless integration of traditional and decentralized financial ecosystems. As the blockchain space continues to grow and innovate, Kraken’s Ink could play a pivotal role in shaping the future of decentralized applications.
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