New INK token from Kraken: DeFi ecosystem takes off!

New INK token from Kraken: DeFi ecosystem takes off!

The Ink Foundation today announced the launch of a new token, the INK token, designed to support Kraken's Ink Layer 2 blockchain. This was communicated via Platform X, where they made clear the interest and high expectations for the future development of the token. Details on the INK token are limited so far, but it is expected to play a utility-oriented role in the Ink ecosystem, which focuses on decentralized finance (DeFi) solutions.

A significant feature of the INK token is its fixed total supply of one billion tokens, which cannot be changed by any governance decisions. The Ink Foundation plans to have a structured distribution via an airdrop. Users of the Aave lending protocol can qualify, with measures to prevent airdrop farming to ensure real user participation.

Focus on economic utility

Introducing the $INK token aims to promote the growth of DeFi on the Kraken-backed Ink network. The Ink Foundation relies on a “single token model” that focuses on usage rather than speculation. The token will not be used for governance of the Ink Layer 2 network, which will remain under the Optimism Superchain. This decision highlights the intention to build a user-centric DeFi ecosystem.

Planned features include integrating the $INK token into a new liquidity protocol based on Aave technology. This protocol will make the token accessible to on-chain capital markets, thereby increasing economic utility in areas such as lending, trading and liquidity provision. Kraken remains of central importance as an original supporter and ecosystem promoter.

Position in the total value locked ranking

Ink is currently ranked 116th in the total value locked ranking of all blockchains with a value of seven million US dollars. However, this position highlights the challenges the Ink Foundation faces in continuing to expand the token-based DeFi market. Kraken has now decided to focus more on tokenization projects, especially against its own chain and for the L1 Solana.

With the launch of the INK token and integration into the Kraken Wallet app, the Ink Foundation continues its goal of increasing access to decentralized services for retail users. The basis of this initiative is to create a scalable infrastructure for on-chain financing that is tailored to the needs of users.

In summary, the INK token represents a crucial step in the development of the DeFi ecosystem at Kraken. By focusing on user needs and building a stable financing infrastructure, the token could help significantly increase the attractiveness and functionality of the Ink network.