Global crypto exchange OKX has announced its partnership
The Next Big L2?
Will Kraken Follow Footsteps?
In great efforts to address Ethereum’s shortcomings in scaling, blockchain projects tend to diverge into two main approaches: either directly competing with Ethereum, as exemplified by Solana and Cardano, or developing layer-2 solutions.
Layer-2 solutions play a crucial role in addressing Ethereum’s scalability and cost issues, while maintaining security, privacy, and interoperability. They provide a promising path towards achieving broader adoption of Ethereum and enabling a wider range of applications to run on the blockchain.
Over the past few months, layer-2 solutions have generated significant buzz within the crypto sector, with dominant players such as Arbitrum, Optimism, and Scroll. has intensified rapidly, with established names like Coinbase, OKX, and Kraken showing their interest in entering the fray.
OKX’s tesnet launch of layer-2 scaling solution was made following the footsteps of its major rival, Coinbase Global Inc which launched Base in August. Built on OP Stack, Base is designed to address the scalability and cost issues of Ethereum by processing transactions off of the main Ethereum blockchain.
Kraken may soon introduce its own layer-2 blockchain. The firm is reportedly considering several industry players, including Polygon Labs, Nil Foundation, and Matter Labs for its potential network.
The idea also received support from Cardano’s founder Charles Hoskinson. Hoskinson proposed to support Kraken’s layer-2 scaling platform.
Whether or not Kraken will actually build a layer-2 network is still up in the air, but it is definitely a possibility.
The company has not made any announcements about it yet, but they are always looking for new ways to improve their products and services. A layer-2 network would be a great way to do that and it would be a good move for the company.
