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.

According to the announcement made on February 11, Unichain will have a block time of one second, provide swap liquidity, and offer users the ability to earn interest or borrow against collateral. The mainnet launch of Unichain follows millions of transactions and smart contract tests on the testnet, which began on October 10.

The new network is expected to generate approximately $500 million in annual revenue for Uniswap Labs and UNI token holders by redirecting fees to Ethereum validators.

Can Ethereum Maintain its DeFi Leadership?

Ethereum continues to hold its position as the leader in the decentralized finance (DeFi) ecosystem. According to DefiLlama data, Ethereum’s first-layer network has a total locked value (TVL) of $56.6 billion. Solana holds second place with a TVL of $9.1 billion, while the Bitcoin network is in third place with $6.6 billion.

TVL is considered one of the most accurate indicators for measuring DeFi activity, as it includes locked and staked assets.

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Unichain enters the rapidly growing Ethereum Layer 2 ecosystem and will compete directly with projects such as Arbitrum, Base, Blast, Mantle, and Polygon.

The Future of Unichain and Ethereum

While some Layer 2 projects operate as independent chains, many, including Unichain, are integrated into Optimism’s Superchain network. Superchain is emerging as an ecosystem of Layer 2 networks aimed at enhancing Ethereum’s scalability.

Layer 2 blockchain networks are secondary protocols built on top of existing networks like Ethereum, designed to increase scalability and efficiency.

According to CoinGecko data, the largest Ethereum Layer 2 blockchain networks by TVL are: Base – $3.1 billion, Arbitrum – $2.7 billion, Polygon – $769 million, Mantle – $357 million, and Gnosis Chain – $310 million.

Uniswap Labs, along with Across, is working on a new Ethereum Improvement Proposal (EIP-7683) to contribute to these changes. EIP-7683 aims to establish a new standard to streamline cross-chain swaps and trade operations. It is expected that around 50 projects and protocols will support this new standard, including Arbitrum, Base, Optimism, and Polygon.

The addition of Unichain to the Ethereum Layer 2 ecosystem is seen as a move to solidify Uniswap‘s dominance in the decentralized finance space.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post Uniswap Launches Its Official Layer-2 Unichain! appeared first on Coin Engineer.

Base Surpasses OP Mainnet to Become Largest OP Stack-Based Layer 2 Network

According to DeFiLlama data, the network’s total value locked (TVL) has increased by 20% since the beginning of May to $1.7 billion.

Launched to the public in early August 2023, Base’s mainnet positioned itself as the third most valuable Layer 2 blockchain in terms of TVL, trailing Arbitrum’s $3.81 billion and Blast’s $2.26 billion.

This significant milestone highlights Base’s rapid growth and increasing adoption among decentralized applications (dApps).

The network’s prominence has been largely fueled by the decentralized exchange Aerodrome, which has contributed $714 million in deposits. Uniswap follows as the second-largest contributor with $312 million.

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Base Places Itself at the Forefront of the Superchain Ecosystem

These developments place Base at the forefront of the Superchain ecosystem, an interconnected Layer 2 rollup network built using the OP Stack software suite.

This ecosystem aims to enhance Ethereum’s scalability and efficiency by executing transactions off-chain, thereby reducing the burden on the main Ethereum blockchain.

Base Utilizes an Optimistic Rollup Model

Base, along with other optimistic rollups like Arbitrum, Blast, and OP Mainnet, operates by assuming all transactions are valid by default and only verifying them when fraud proof is presented.

This approach contrasts with zero-knowledge rollups like zkSync, Loopring, and Scroll, which provide cryptographic proofs for transaction validity upfront.

What Base’s Growth Means for the Ethereum Ecosystem

Base’s impressive growth and strategic integration within Superchain underscore its potential to drive further innovation and scalability within the Ethereum ecosystem.

The post Coinbase-Developed Project Surpasses OP Mainnet to Become Largest Layer 2 Network! appeared first on Coin Engineer.