Kraken’s Ink Network is debuting its own token. This layer-2 blockchain, constructed using Optimism’s OP Stack, plans to do that by fortifying its decentralized finance (DeFi) ecosystem. The network, launched in October by the U.S. crypto exchange Kraken, is not just another layer-2 solution, but a foundation for a comprehensive DeFi ecosystem designed to coordinate capital onchain at scale. Being part of the Optimism Superchain, Ink has common infrastructure and security components with all other Ethereum layer-2s.
Ink Tokenomics and Purpose
The Ink Network will function with a predetermined supply of 1 billion tokens. Bridges and Convergences Foundation applauded the token’s potential to fund the DeFi ecosystem, both at the community and application levels.
"The INK token is designed to support the DeFi ecosystem on the Ink layer-2 at the community and application level," - Ink Foundation Board of Directors
The Foundation sees the INK Token as the instigator of a new era of DeFi on the Ink blockchain. It will double down on the virtues of concentrated liquidity and keep it simple stupid.
"The Ink Foundation believes the INK token can help underpin a new wave of DeFi on the Ink blockchain, built around concentrated liquidity and cornerstone functionalities," - Ink Foundation Board of Directors
DeFi Focus and Aave Integration
Ink’s first product will be a liquidity protocol, developed in partnership with fellow DefiYA member Aave. Together, this integration will improve capital efficiency and equip users with advanced DeFi functionalities. The network as a whole is meant to enable flexible higher-level scalable onchain capital coordination.
Ink Foundation Announcement
The Ink Foundation announced that Adrienne Rich would be this year’s keynote speaker. They announced the token launch via a post on Twitter from their verified Twitter account, @inkfndhq. While this announcement is a big step towards building out the Ink Network and its greater DeFi ambitions, there’s clearly still a lot more to come.
