Kraken’s Ink Chain Ramps Up Usage as Token Launch Approaches

Ink, the Layer-2 network incubated by Kraken and built on Optimism’s Superchain framework, is suddenly buzzing with on-chain activity.

Daily transactions have jumped beyond 500,000 and the number of active smart contracts has roughly doubled since May, hitting six-thousand on 18 June, according to Dune Analytics.

The spike follows last week’s announcement of INK, a one-billion-token supply slated for release via an Aave-based liquidity-pool airdrop. Despite the surge in users, Ink’s total value locked is still modest—under $8 million—leaving plenty of headroom for new capital once incentives kick in.

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Ink’s mainnet quietly went live in December 2024, several months ahead of schedule. Because the chain is fully EVM-compatible, Ethereum developers can port existing dApps at lower fees and faster speeds, putting it in the same Superchain club as Base, Sony’s forthcoming roll-up, and Uniswap’s L2 project.

The foundation behind Ink says the token won’t govern chain upgrades; instead, it will be used to deepen liquidity and reward application usage. That strategy could help the Kraken-affiliated network compete with Coinbase’s Base for retail and developer mindshare in the coming months.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.