The Optimism Foundation recently took a significant step by transferring 25 million OP tokens to Kraken as part of a strategic partnership. Initially valued around $100 million, the transaction is now worth approximately $42.5 million due to fluctuations in altcoin prices. Through this partnership, Kraken will develop its own layer-2 blockchain, called Ink, using Optimism’s OP Stack infrastructure.
Kraken and Optimism’s Altcoin Partnership Gains Attention
Kraken is set to launch Ink, a new layer-2 network built on Optimism’s OP Stack framework. This move is part of a broader “Superchain” ecosystem developed by Optimism to create scalable rollup networks. The Superchain ecosystem already includes notable players like Coinbase, Sony, and Uniswap, all of whom are focused on solving scalability issues within the blockchain space.
Ink founder Andrew Koller emphasized that this allocation of OP tokens aligns with other grants provided to Superchain projects. He also noted that the partnership was established when OP was trading between $3.99 and $4.06 earlier in the year, though the token’s price has since dropped to approximately $1.70. Kraken confirmed that the OP tokens would be distributed gradually, contingent on reaching specific transaction volume targets.
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Superchain Ecosystem Continues to Expand
In addition to Kraken, several other prominent projects have joined the Superchain ecosystem. In August 2023, Coinbase launched its layer-2 network, Base, on OP Stack, followed closely by Uniswap with Unichain. Tech giant Sony also announced plans to develop its own layer-2 network, Soneium, using Optimism’s technology.
August also saw the entry of World, a blockchain project from AI leader Sam Altman, which integrates iris scanning technology through its layer-2 network, Worldchain, also built on OP Stack. These developments underscore Optimism Foundation’s commitment to addressing growth and scalability challenges within the blockchain sector.
Optimism Foundation allocated 5 million OP tokens specifically for engineering efforts, with an additional 20 million OP tokens set aside for distribution based on transaction volume milestones. Ryan Wyatt, head of growth at Optimism Foundation, stated that these performance-based incentives aim to support the development of the Collective initiative and attract more developers to the OP Stack ecosystem. Wyatt highlighted that the foundation’s investments would continue to foster innovation within the ecosystem.
For more on the latest developments and insights into the Superchain ecosystem, visit The Bit Journal.
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