Kraken, a major US-based cryptocurrency exchange, commented in more details about its ambitious plans to launch its own Layer-2 blockchain.
This move follows in the footsteps of its rival, Coinbase, which launched its own Layer-2 blockchain called “Base” earlier this year.
To carry out its Layer-2 project, Kraken is considering collaborating with prominent blockchain technology companies, including Polygon, Matter Labs, and the Nil Foundation.
Although no official public disclosure has yet been made about these collaborations, anonymous sources familiar with the situation revealed the information to prominent media outlet, CoinDesk.
The adoption of Layer-2 blockchains has been growing steadily in recent years, indicating the growing demand for solutions that offer; greater scalability and efficiency in cryptoasset transactions.
A Layer-2, commonly known as Layer-2, is presented as an effective response to scalability challenges in the field of cryptocurrencies and blockchain technology.
This solution involves the creation of an additional layer that is overlaid on an already existing blockchain, such as Ethereum, with the purpose of optimizing the speed and efficiency of digital asset transfer operations.
By diverting transactions to this secondary layer, congestion on the main chain is alleviated, leading to a significant reduction in transaction fees. As a result, users can enjoy a more streamlined and economical experience.
Layer-2 networks play a crucial role in solving the scalability issues inherent to blockchains, ultimately promoting higher performance and broader adoption of cryptocurrencies.
KRAKEN FOLLOWS IN THE FOOTSTEPS OF COINBASE, WHICH HAS HAD NOTABLE SUCCESS WITH “BASE”
In just 11 days since its launch, Base attracted one million unique addresses, an impressive achievement that highlights the demand for Layer-2 solutions in the cryptocurrency industry.
Kraken’s interest in building its own Layer-2 blockchain is reflected in a recent job posting on its website, seeking to fill a position for a “Senior Cryptography Engineer” with experience in modern cryptography and proof of knowledge. zero.
This hiring, according to community theorists, suggests Kraken’s commitment to implementing Layer-2 solutions and exploring crypto-related technologies.
The move is part of the broader trend of major cryptocurrency companies looking to expand into blockchain construction as a potential source of new revenue and a natural extension of their current operations.
