Ink

A letter from Perianne Bolling, Founder and CEO of the Chamber, to Senator Sherrod Brown on February 20, 2024, reflects the industry's concerns. I am writing to you today after several attempts to secure the opportunity to meet in person to discuss pressing topics affecting the U.S. blockchain community, which represents more than 50 million American voters, including 2 million Ohioans."

In the letter, Bolling paints a frightening picture of the bill's potential impact, arguing that it could "destroy hundreds of billions of dollars worth of U. S. startups and wipe out the savings of countless Americans who have legally invested in this asset class.
The Chamber also criticizes the bill's unrealistic requirements, comparing them to an impossible scenario for #ink manufacturers.
The Chamber argues that the legislation has not only economic but also strategic implications. Emphasizing the geopolitical implications, Bolling says, "This bill will result in leadership in the digital economy being ceded to China, Russia, North Korea, and Iran.
The House letter also emphasizes the disconnect between the bill's intentions and its potential impact, accusing some committee members of not understanding the scope and implications of the bill. "It is deeply troubling that committee members have intentionally misled the public about the impact and purpose of S. 2669," Bolling argues in the letter.
This legislative battle is unfolding against a backdrop of rapid technological advances and an evolving digital economy. The U. S. is at a crossroads, and the course of this debate could have a major impact on the country's position as a leader in the global digital marketplace. " The Digital Chamber of Commerce's campaign, backed by a call to action to the public through a petition, represents a turning point in the ongoing dialog between regulation and innovation.
At the time of publishing this article, the #cryptocurrency market totaled $1,882 billion and is currently testing the Fibonacci retracement level of 0.5 ($1,879 billion).
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Not only was Kraken's Layer 2 launched early, but it is also supported by numerous DeFi projects and Optimism from the outset.

Crypto exchange Kraken has officially launched its Layer 2 (L2) blockchain, Ink. This event occurred several months ahead of the original plan, as Kraken had initially scheduled the release for early 2025. The early launch highlights Kraken’s push to expand its ecosystem amid other exchanges developing their own custom Layer 2 solutions.

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Ink is built using Optimism's OP Stack technology, a scalability solution for the Ethereum blockchain. The OP Stack is a customizable toolkit that enables the creation of interoperable Layer 2 solutions. This means that Ink can interact with other blockchains using OP Stack, such as Coinbase’s Base.
Prior to its official launch, Ink underwent a successful testnet phase, recording impressive numbers, including:
Over 8.17 million transactions processed.More than 1.22 million wallet addresses engaged.Over 90,600 tokens deployed on the network.
Ink’s ecosystem is also supported by strategic partners, including DeFi applications like Curve, Frax, Gelato, and LayerZero. The participation of these applications aims to enhance liquidity and encourage both users and developers to engage with Ink’s ecosystem.
Curve is a popular decentralized exchange (DEX) in DeFi, Frax is a stablecoin platform, Gelato provides Layer 2 infrastructure, and LayerZero facilitates cross-chain interoperability.

Kraken has announced that Ink will reach its Decentralization Stage (Stage 1) in January 2025. At this stage, the "permissionless fault proofs" mechanism will be activated. This mechanism allows anyone to audit and dispute potentially invalid transactions, thereby enhancing accountability and transparency within the network.
With the launch of Ink, Kraken is joining the trend of developing custom Layer 2 solutions, similar to other major exchanges. Coinbase's Base is a prominent example of the success of this model, with steady revenue since its launch. Additionally, Ink is among the blockchains built on Optimism's OP Stack, alongside notable projects like Sony's Soneium and World Chain.
After updating to the new token standard introduced by Optimism, users can now interact with and trade Superchain ERC20 tokens. This not only expands connectivity with other chains in the Superchain ecosystem but also provides access to popular DeFi products such as decentralized exchanges (DEX), lending platforms, cross-chain bridges, and liquid staking.

Before launching Ink, Kraken made several strategic changes. In October, Kraken announced a restructuring plan that included staff cuts, streamlining the management structure, and appointing Arjun Sethi as Co-CEO. This move helps Kraken optimize its operations and focus resources on long-term strategic projects, including the development of Ink.

Ink represents Kraken's commitment to making crypto more accessible to everyone. We want to eliminate the barriers that once existed between the centralized (CEX) and decentralized (DEX) worlds.
-- Kraken --
Additionally, Kraken has received a grant of 25 million OP tokens from the Optimism Fund to support the development of Ink. This funding enables Kraken to implement OP Stack technology and accelerate the launch of Ink. The support from the Optimism Fund also reflects the community's confidence in the project.

#Layer2Coin #NewsAboutCrypto #MarketNewHype #INK #kraken
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