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Kraken-Backed Layer 2 Ink to Launch $INK Token
In a significant development, the Ink Foundation, an independent entity that manages the layer 2 blockchain originally developed and launched by Kraken, has announced plans to debut the $INK token. The token is designed to support on-chain capital markets and DeFi ecosystem development on the Optimism Superchain.
The newly minted token will be integrated with a new liquidity protocol powered by Aave technology, aiming to provide a robust DeFi ecosystem governed by users and aligned with their success. According to the Ink Foundation’s statement, the $INK token will have a fixed supply of 1 billion tokens, permanently fixed and not subject to governance changes.
Notably, the $INK token will play no role in governing the Ink layer 2 network, which remains under the Optimism Superchain structure. Instead, it will focus on fostering a thriving DeFi ecosystem through its unique token distribution model.
The foundation plans to distribute INK tokens through an airdrop to early users of the liquidity protocol, with measures in place to prevent airdrop farming. Token distribution is expected to be handled by a subsidiary of the Ink Foundation.
Ink’s vision for a future where $INK powers on-chain capital markets and DeFi trading has been ongoing since its launch in December last year. The layer 2 network adopts OP Stack technology and is integrated into the Kraken Wallet app to enhance user-friendliness and accessibility.
The Ink Foundation aims to revolutionize on-chain capital markets with an innovative token distribution model, focusing on utility rather than speculation.
Source: cryptobriefing.com
