But is this just another token, or a serious challenge to existing networks like Base?

INK Token: Utility First, Governance Last

According to the Ink Foundation, INK will have a fixed supply of 1 billion tokens and will not be used for governance purposes. This decision stands in contrast to most token models that rely heavily on community voting and governance dynamics. Instead, INK is being pitched as a “single-token model designed for usage, not speculation.”

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The token’s first use case will be a DeFi liquidity pool built on Aave. Users participating in this pool will likely be eligible for an airdrop, with more drops potentially planned. INK aims to provide a foundational liquidity layer for DeFi activity on the Ink network.

Part of the Optimism Mainnet Superchain Vision

Ink is part of the Optimism Mainnet Superchain initiative, which allows different Layer 2s to interoperate, share governance infrastructure, and utilize the OP Stack. Notably, Kraken’s Ink network is the first outside of Optimism itself to implement permissionless fault proofs.

Meanwhile, Base, the L2 developed by Coinbase, remains the most active with over 10 million daily transactions. However, with a unique token model and deep DeFi integration, INK could be a serious contender.

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The post Kraken-Backed Ethereum Layer 2 Launches INK Token to Rival Base appeared first on Coin Engineer.

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It had previously been announced that the Dencun upgrade had goals such as reducing transaction costs on layer-2 networks, preventing self-destruct transactions, and bringing various features such as new bridges and staking pools.

The necessary preparations had been completed for the upgrade to go live, and the upgrade was about to go live. However, a chain split occurred due to the operation being unable to be completed. This delayed the upgrade from going live by four hours.

The goerli fork finalized! https://t.co/LIa3d4Ml5H

After the fix was patched in, the validators came back online and the chain started finalizing again. The MEV circuitbreaker automatically disables and mev-blocks have started flowing through as well.

Yay client diversity! https://t.co/cLz3ZRxnXq

— parithosh | (@parithosh_j) January 17, 2024

Parithosh Jayanthi emphasized that the quick implementation of the solution once again showed the strength of the team’s debugging systems. The developer underlined that the entire process of Fork -> problem -> prioritization -> correction -> termination took four hours and stated that the new debugging system was great.

It is expected that the problem will be fixed and the version will be implemented by the end of the month.

The next stage of Dencun’s test program will be the upgrade that will be carried out on the Sepolia testnet on January 30. The next test will be seen on the Holesky network on February 7. The Ethereum developer team has not yet announced when Dencun will go live on the main network.

The post What Caused the Problem That Emerged in Ethereum? appeared first on Coin Engineer.