Kraken Plans to Launch Ink Blockchain for DeFi Applications
Date: 2024-10-25 Author: Oliver Abernathy Categories: BLOCKCHAIN
Kraken, one of the oldest and most established crypto exchanges in the world, has announced that its ecosystem will expand early next year with a new blockchain designed for decentralized applications (dApps). The platform will support token trading, borrowing, and lending services, allowing users to bypass traditional intermediaries. The new network, called Ink, is similar in functionality to competitor Coinbase’s recently launched Base network, which is aimed at similar goals in the DeFi sector.
Ink is scheduled to begin testing before the end of this year, with a view to successfully transitioning to a full network in the first quarter of 2025. By this time, Ink will host more than 10 major applications, including decentralized finance platforms and liquidity aggregators. It is important to note that at the initial stage, the network validators will be completely under Kraken's control, although in the future, the exchange aims to completely decentralize the governance system. The exchange also emphasized that its own blockchain token will not be issued in the early stages of work, but this decision may be revised in the future.
The introduction of the new Ink blockchain is another step by Kraken to deepen its presence in the DeFi ecosystem and to offer users more decentralized tools. Kraken's competitors, such as Coinbase and Binance, have already implemented their own networks and successfully expanded their platforms, attracting new users and increasing transaction volumes. Binance, for example, was able to significantly strengthen its position thanks to the popularity of the BNB Chain network.
The launch of the Ink blockchain will be a major milestone for Kraken, strengthening its market position and increasing the platform's appeal to users looking for decentralized solutions and financial management opportunities in the DeFi ecosystem.
