Ink Network Sees 500,000 Daily Transactions Ahead of INK Token Launch

Kraken’s Ethereum Layer 2 network, Ink, has witnessed a notable increase in activity in recent days, ahead of the launch of its INK token. The Ink Foundation recently unveiled the INK token, which will have a fixed supply of 1 billion units. Additionally, a community airdrop is planned, scheduled to be distributed through a liquidity pool on Aave.

Since the announcement, the network has recorded over 500,000 daily transactions. The number of active smart contracts on Ink has nearly doubled since May, reaching a peak of 6,000 on June 18. Despite this surge in usage, the total value locked on the chain remains relatively modest, still below $8 million.

Ink was launched on the mainnet in December 2024, slightly ahead of its originally scheduled Q1 2025 rollout. The network is built on Optimism’s Superchain, a shared Layer 2 framework designed to enhance Ethereum scalability. Other chains within the Optimism Superchain include Coinbase’s Base, as well as Layer 2 networks launched by Uniswap, Sony, and World App.

One of the key features of Ink is its compatibility with the Ethereum Virtual Machine (EVM), allowing developers to migrate their Ethereum applications without altering the code. This compatibility, along with the promise of faster transactions and lower fees, likely contributes to the recent uptick in activity.

A notable aspect of the INK token is that it will not confer any governance rights. Unlike many other Layer 2 tokens that come with voting privileges, the INK token is designed solely to drive liquidity and reward users of applications on the chain. This approach may attract developers and users who are primarily interested in the technical benefits and economic incentives offered by the network.

With the token launch on the horizon and increasing developer interest, Ink is positioning itself as a strong contender within the Optimism Superchain. This could potentially challenge Coinbase’s Base, which is also part of the same ecosystem. As more developers and users engage with Ink, the network’s growth and adoption are expected to continue, potentially solidifying its position in the Layer 2 landscape.