Surge in Activity on Krakens Ink Layer 2 Network Ahead of Token Airdrop

In light of the preparations for the launch of the INK token, activity within the namesake Layer 2 network by Kraken has significantly increased.

Last week, the Ink Foundation announced the introduction of a new cryptocurrency asset with a capped supply of 1 billion, envisioning an airdrop and liquidity provision through interaction with the Aave platform.

Following this, there was a notable surge in on-chain activity within the Ink network—daily transaction volumes surpassed 500,000, and the number of active contracts doubled compared to figures from May.

However, the total value locked (TVL) still remains below $8 million, indicating growth potential for the ecosystem.

Kraken developers launched the Ink mainnet in December, even though the initial release was planned for the first quarter of 2025.

The EVM-compatible blockchain is a part of Optimism’s Superchain ecosystem, which also includes Base and Layer 2 solutions from Sony, Uniswap, and World.

The Ink Foundation has stated that holders of the upcoming token will not participate in protocol governance. The primary purpose of the asset is to aggregate liquidity and encourage the use of applications within the network.

It’s worth noting that Kraken launched Bitcoin staking in collaboration with leading BTCFi project Babylon.