Kraken Launches Layer-2 Network Ink with $25 Million OP Token Grant from Optimism Foundation

In a significant move within the crypto landscape, Kraken announced the impending launch of its Layer-2 network named Ink. This network will utilize the OP Stack framework, which is a cornerstone of the Optimism blockchain ecosystem. This partnership signifies Kraken’s commitment to integrating with the expanding “super chain” initiative. However, this ambitious venture comes with financial implications. The Optimism Foundation disclosed a grant agreement with Kraken, amounting to 25 million OP tokens, which was initially valued at around $100 million. Presently, due to market fluctuations, this figure has decreased to approximately $42.5 million. The strategic partnership was solidified in early 2023, enabling Kraken’s deployment of Optimism’s advanced technology. Kraken clarified that the disbursement of tokens will occur in installments. Market data from CoinGecko shows a volatility trend, with OP token prices exhibiting significant fluctuation in recent months.