As a seasoned researcher with a keen eye for emerging trends in the blockchain and cryptocurrency space, I find Kraken’s decision to launch its own blockchain, Ink, in 2025, both intriguing and promising. Having closely followed the journey of Binance’s BNB Smart Chain and Coinbase’s Base blockchain, I can see the potential for Ink to carve out a significant niche in the DeFi market.
Kraken, a major player in the crypto exchange market (Centralized Cryptocurrency Exchange), intends to debut its self-developed blockchain platform called “Ink” around 2025, with an emphasis on applications related to decentralized finance (Decentralized Finance).
As a forward-thinking crypto investor, I’m excited about Ink’s mission to empower users by providing a platform for direct token trading, borrowing, and lending—stepping beyond the traditional roles of centralized exchanges (CEX) in the crypto and Web3 space.
The upcoming release of Kraken’s blockchain is designed to streamline Decentralized Finance (DeFi) procedures, making them more user-friendly and economical for a wider group of people.
Release the…Ink
Kraken, much like Binance with its BNB Smart Chain and Coinbase with its Base blockchain, is moving forward with developing their own blockchain, inspired by the achievements in this area.
While Kraken currently doesn’t intend to launch its own token associated with Ink, they do aim to incorporate Decentralized Finance (DeFi) features such as decentralized exchanges (DEXs) and income-producing platforms into the Kraken Wallet application.
In a conversation with Bloomberg, the creator of Ink, Andrew Koller, expressed that this decision would enable users to transition seamlessly from centralized to decentralized platforms as time goes by.
As a forward-thinking crypto investor, I’m eagerly anticipating the opportunity to dive into Ink’s developer testnet slated for late 2024. This exciting development will provide me with an early chance to tinker with decentralized applications (DApps) before the blockchain officially goes live.
User experience and revenue generation
Kraken’s placement of Ink is strategically aimed at capitalizing on the rising need for Decentralized Finance (DeFi) solutions. Initially, it will serve as a transaction organizer for Ink, generating income by overseeing and coordinating network transactions.
Based on Bloomberg’s report, this model operates in a manner similar to Coinbase and Binance, and it has been demonstrated as financially beneficial, given that Coinbase earned approximately $53 million from sequencer revenue during the second quarter.
For an enhanced user experience, Ink is planning to debut with more than a dozen Decentralized Applications (DApps), aiming to provide access to real-world assets and foster advancements in lending systems in the future.
Kraken product offerings expansion
As a researcher, I find myself writing about an event that transpired on October 3rd. That day, Kraken, a renowned entity in the digital asset space, inaugurated their derivatives trading platform in Bermuda. This significant step was made possible following the granting of a Class F Digital Business License by the Bermuda Monetary Authority (BMA) on July 30th.
Under the terms of the agreement, Kraken is authorized to offer wallet services, serve as a platform for digital asset lending or digital asset resale transactions, and function as a digital asset derivative trading provider.
As a dedicated researcher exploring the derivatives market, I eagerly anticipated the launch of our platform’s inaugural offerings, which comprised both perpetual and fixed-maturity futures contracts. The rational behind this decision was rooted in my optimistic outlook for the growth in derivative volumes and open interest that we were poised to experience.
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2024-10-24 16:59