Kraken to Integrate INK Token and Ink Layer 2 Network into Core Offerings

Kraken's integration of INK token and Ink Layer 2 aims to enhance infrastructure and broaden application scenarios, with a notable increase in total value locked in the network.

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Summary

Kraken plans to integrate its INK token and Ink Layer 2 network into its core offerings, enhancing user infrastructure and unlocking new application scenarios. The INK tokens will be part of the Kraken Drops reward program, with airdrops for qualified users. The Ink Foundation emphasizes that INK aims to maximize network utility rather than speculation. Following the announcement, the total value locked in the Ink network surged from approximately $20 million in June to over $102 million in July.

Terms & Concepts
  • INK token: A digital asset associated with Kraken's Ink Layer 2 network, designed to enhance user experience and infrastructure.
  • Ink Layer 2 network: A secondary layer built on top of a blockchain to improve scalability and transaction speed.
  • total value locked (TVL): A metric that indicates the total capital held within a decentralized finance (DeFi) protocol.