TL;DR
- Kraken’s Ink blockchain has surpassed 500,000 daily transactions just days before the launch of its INK token.
- The number of active smart contracts on the network has doubled since May, reaching 6,000.
- Despite this surge in usage, the chain’s total value locked remains under $8 million.
Kraken’s Ethereum Layer 2 network, Ink, is gaining momentum ahead of the INK token release, with usage metrics reaching record highs. Over 500,000 daily transactions have been recorded, according to data from Dune Analytics, marking a significant rise in on-chain activity. Ink, launched in December 2024, operates within the Optimism Superchain and supports Ethereum-based applications through full EVM compatibility.
Unlike many Layer 2 solutions, Ink’s upcoming token will not be tied to governance. Instead, it will be used to increase liquidity and incentivize participation in decentralized applications hosted on the network. The INK token will have a fixed supply of 1 billion, with an airdrop structured via a liquidity pool on Aave. This model has sparked developer interest, contributing to the recent growth in smart contract deployments.
Ink Positioned as a Scalable and Developer-Friendly Option
One of Ink’s key strengths lies in its technical compatibility. Developers can migrate Ethereum applications to Ink without modifying the codebase, benefiting from faster execution times and significantly reduced fees. These performance advantages make Ink a viable alternative for developers looking to escape congestion and high gas fees on Ethereum’s mainnet.
Being part of Optimism’s Superchain—alongside Base, Uniswap’s L2, Sony’s blockchain efforts, and Worldcoin’s Layer 2—also provides added visibility and interoperability. As a result, Ink is not only experiencing a surge in activity but is positioning itself as a legitimate player within the broader Ethereum scaling ecosystem.
Kraken’s Strategic Bet on Layer 2 Infrastructure
Kraken’s role in incubating Ink signals a strategic push to deepen its infrastructure presence. While Coinbase’s Base has enjoyed early traction, Ink’s rising transaction volume and smart contract activity suggest it could become a competitive force. With the INK token set to launch soon and developer onboarding increasing, Kraken appears well-placed to strengthen its foothold in the Layer 2 space.
Though total value locked is still modest, the network’s rapid growth indicates significant untapped potential as token incentives roll out. If user traction continues, Ink could quickly become one of the most active Layer 2 chains on Ethereum and an increasingly important hub for Web3 innovation and decentralized growth.
