INK Foundation Launches Native Token for Kraken’s Ethereum Layer-2 Blockchain
U.S. crypto exchange Kraken’s Ethereum layer-2 blockchain, Ink, is set to launch its own native token, the INK token. Developed by The Ink Foundation, a separate entity, the token aims to fuel DeFi applications on the Ink Network.
- The Ink Network, a layer-2 solution built using Optimism’s OP Stack and part of the Optimism Superchain, was launched by Kraken last October.
- An initial token distribution will target early users of the upcoming Aave-powered liquidity protocol on Ink.
- The INK token has a fixed supply capped at 1 billion.
The Ink Foundation envisions the INK token as a key component for building a robust DeFi ecosystem on the blockchain, encompassing various financial services beyond just lending.
Unlike governance tokens typically associated with layer-2 networks, INK lacks governance rights. Instead, it aligns with the Optimism Collective’s model, focusing on revenue sharing rather than direct protocol governance.
Details regarding the token’s specific distribution plan beyond the initial airdrop remain limited, and the exact timeline for the token launch is yet to be confirmed. While The Ink Foundation is tasked with stewarding the network and token, Kraken originally developed the Ink blockchain.
— “INK isn’t just another L2. It’s the foundation for a full-stack DeFi ecosystem built to coordinate capital onchain, at scale.” – Ink Foundation (@inkfndhq)
