- Kraken ventures into the development of its layer 2 (L2) blockchain in confidence.
- Coinbase’s successful Base testnet, built on Ethereum, sets a standard.
The well-known American cryptocurrency exchange, Kraken, is in the process of developing its own layer 2 (L2) blockchain confidentially.
Kraken aims to compete with Coinbase
Even though Kraken has kept the precise details of its Layer 2 blockchain project under lock and key, sources close to the project have confirmed its authenticity.
By partnering with leading companies in the blockchain technology space, such as Polygon, Nil Foundation and Matter Labs, Kraken demonstrates its commitment to competing in an ever-changing market.
Coinbase’s success with Base
Coinbase has demonstrated the potential of Layer 2 blockchains with the success of Base, a Layer 2 network built on Ethereum that attracted one million unique addresses in its first 11 days of launch.
This achievement highlights the growing adoption and rapid expansion rate of Layer 2 networks. In contrast, early Layer 2 networks, such as Arbitrum and Optimism, took much longer to achieve this goal.
Kraken’s announcement promises to inject more excitement and competition into the layer 2 blockchain space.
Future of L2 Blockchains
As Kraken prepares to challenge Coinbase and increase its influence in the cryptocurrency world, investors and enthusiasts are looking forward to how this story will unfold.
The future of layer 2 blockchains is glimpsed with the main companies competing to lead this technological revolution in continuous expansion. Stay tuned for new updates as this intriguing crypto tale unfolds.