Author: James Smith, CoinTelegraph; Compiler: Deng Tong, Golden Finance
Ink is a second-layer bridge that Kraken is developing to improve the efficiency of decentralized finance (DeFi) by increasing transaction speed, reducing costs and increasing flexibility. The Ink testnet will be launched during DevCon in Bangkok from November 12 to 15, 2024, and the mainnet is scheduled to be released in the first quarter of 2025.
Kraken's Ink seamlessly integrates centralized and decentralized environments, providing users with all the necessary tools and services while alleviating the common challenges associated with these environments. The solution runs as a second-layer (L2) solution on Ethereum, alleviating the pressure on the first-layer (L1) chain.
The term "L2 solution" refers to a protocol built on top of a base blockchain (also known as an L1 blockchain) to improve its characteristics, such as scalability and privacy. These protocols take transaction processing from L1 blockchains and use them only for transaction settlement. Common L2 solutions include state channels, sidechains, optimistic rollups, and zero-knowledge rollups.
Ink is developed on Optimism's open source, MIT-licensed OP Stack codebase, integrated with the Ethereum ecosystem. Ink will be an integral part of the Optimism Superchain, a network of L2 blockchains that share a common development stack, security, bridging, and communication layers.
Ink will enable you to use Ethereum's proven security while participating in a system that actively supports Ethereum's scalability. The Optimism Superchain will promote interoperability across its ecosystem and beyond, enabling liquidity to move easily between the chains that make up the Superchain.
Ink will bridge the sometimes daunting world of DeFi and the familiar environment of centralized cryptocurrency exchanges. For beginners, it will make the process of "on-chain" easier. By making it easy for consumers to enter DeFi, it seeks to alleviate the uneasiness that DeFi often brings.
Ink is an exchange-supported blockchain designed specifically for DeFi, aiming to simplify the user experience and expand access to decentralized finance. By offloading transaction processing from the main blockchain, Ink seeks to improve efficiency and scalability within the DeFi ecosystem.
With Ink, Kraken hopes to bring institutional credibility to the decentralized space. This approach is not just another L2 solution; it combines the advantages and disadvantages of centralized and decentralized systems. By eliminating or reducing the friction points that make this transition challenging, Ink allows users to move between the two worlds easily.
Security is another parameter that distinguishes Ink from other L2 bridges. Ink's strong security standards are designed to reduce risks, which is crucial in the DeFi environment. As for the speed of forming blocks, Ink will provide a one-second block time from day one and is committed to reducing it to sub-second levels.
In the first quarter of 2024, Optimism's daily active addresses reached 89,000, an increase of 23% from the previous quarter. Optimism's daily transaction volume reached 470,000, an increase of 39% from the previous quarter.
Ink prioritizes cross-chain interoperability, enabling users to seamlessly transfer assets between different blockchains. This feature makes Ink a versatile platform in the DeFi ecosystem.
Built on OP Stack, Ink benefits from the security of Ethereum while adding value to Superchain's network of L2 solutions. Optimism Superchain, as a unified chain network, improves the performance of the entire Ethereum ecosystem and expands the scope for decentralized applications (DApps) to operate efficiently.
Ink will improve the performance of DApps and protocols on Superchain by automating processes and streamlining workflows, allowing for smoother on-chain operational transitions.
By facilitating cross-chain interoperability, Ink will provide users with access to a wider range of DApps and resources across multiple networks.
The Asia-Pacific region is witnessing the fastest growth in the blockchain interoperability market. This surge is driven by the widespread adoption of blockchain technology and strong government support in countries such as China, Japan, and South Korea. The region is experiencing a significant compound annual growth rate (CAGR) of more than 65%.
Ink is a platform with a well-thought-out economic model. According to Bloomberg, Kraken will launch it with a serialized revenue model, a strategy that has proven profitable in the case of Coinbase.
With Ink, Kraken has carefully created a long-term economic model to promote the expansion of the ecosystem. Kraken will act as a serializer for Ink, which means that Kraken will arrange transactions in an aggregated manner, then send them to Ethereum and earn revenue for the service. For example, Coinbase generated $53 million in serialized revenue through Base in the second quarter of 2024 alone.
In addition, Ink is not fighting alone; it is starting with more than a dozen DApps that are about to go live. These applications are developed for industries such as advanced financing platforms and real-world assets.
Ink will provide an environment with tools, technical support, and funding opportunities for developers. It will enable users to integrate their blockchain projects with Ink. By leveraging aggregation, automation, and abstraction technologies, Ink helps developers create user-centric experiences.
As an end-user, you can prepare for possible future airdrops if Ink's token is released.
With Ink, developers can create applications that help users access on-chain opportunities. They gain access to an ecosystem of other DeFi-focused builders, where they can leverage community and composability to bring their DeFi ideas to life.
If you are a developer, you can apply for the Ink Apprentice Dev role by demonstrating your experience. This can be done by verifying that you have deployed a smart contract on one of the following blockchains: Ethereum, Optimism, Base, Arbitrum, Polygon, or BNB Chain.
Alternatively, you can qualify by having a GitHub account for at least one year.
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