Kraken to Launch New Ethereum Layer 2 Network Ink on Superchain
If you believe the Ethereum L2 space is crowded, consider this: over 100 satellite blockchains now orbit Ethereum mainnet, according to L2Beat.
Kraken plans to launch Ink on Optimism’s Superchain, marking it as the 24th fully participating network. L2s process transactions offchain for lower costs and periodically settle them on Ethereum.
Current gas fees on Ethereum average $5.48, while OP mainnet charges only $0.18, enabling developers to create more efficient applications.
The Superchain aims to unify the Ethereum ecosystem, providing a standardized tech stack for developers to build customizable networks. Participating networks share generated fees, either 2.5% of chain revenue or 15% of onchain profit, whichever is higher.
If Kraken successfully launches Ink, it could benefit the other networks on Superchain. Users have spent $180 million in ETH since OP mainnet's launch in July 2021. Despite a significant reduction in L2 fees due to Ethereum’s blobs update in March, nearly 38% of Superchain’s total fees were collected post-Dencun.
Base, Coinbase’s layer-2, currently generates over 80% of all OP Superchain fees, amounting to between $620,000 and $1.23 million weekly in October, with peak transaction counts and profitability. Major contributors include Uniswap, memecoin launchers, and trading bots like Banana Gun, per Blockworks Research.
Whether Kraken aims to challenge Base's dominance in the memecoin sector remains uncertain, especially with Uniswap Labs set to launch its own Superchain network, Unichain, next month. This indicates a trend towards creating tailored blockchains for various companies, applications, games, and communities.