Surge in Activity on Kraken’s Ink Network Ahead of Token Airdrop

As Kraken prepares to release the INK token, activity on its namesake Layer 2 network has significantly increased.

Last week, the Ink Foundation announced the launch of a new crypto asset with a fixed supply of 1 billion, suggesting an airdrop and liquidity provision in collaboration with the Aave platform.

Subsequently, there was a surge in on-chain activity on the Ink network, with daily transaction volumes exceeding 500,000 and the number of active contracts doubling compared to May figures.

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

Kraken developers launched the Ink mainnet in December, although the release was initially scheduled for the first quarter of 2025.

The EVM-compatible blockchain is part of Optimism’s Superchain ecosystem, which also includes Base and L2 solutions from Sony, Uniswap, and World.

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

Earlier, Kraken launched Bitcoin staking in collaboration with leading BTCFi project Babylon.