Ink is a layer‑2 built on the OP Stack that Kraken launched in December 2024, intending to onboard exchange users into DeFi. The network started without a token while targeting 10 million Kraken users for migration to its ecosystem.

Network metrics

The chain reports a total value locked of $276 M, down slightly by 0.74% over 24 hours, and bridged TVL near $725 M.

Stablecoin liquidity on‑chain is about $264 M, while 24‑hour decentralized exchange volume stands at $2.47 M. Perpetuals trading reached $282 M in the same period.

Daily chain fees are minimal, roughly $470, with app revenue around $64K and app fees near $147K. Active addresses average about 36.3K per day, with inflows close to $88K.

Overview and growth

Perps volume of $282 M versus DEX volume of $2.47 M suggests trading activity concentrates in centralized‑style perpetuals rather than AMM liquidity. Ink’s TVL previously rose from approximately $7 M in October 2025 to about $450 M by early 2026.

Application revenues reportedly climbed from roughly $500K in October to $5.77M in January 2026, but TVL has since retraced to the current level near $276 M.

Key protocols

Nado is an internal central limit order book DEX associated with Kraken, with an annualized revenue figure cited at $48M. Nado moved from a private alpha that ended 16.01.2026 to an open beta on 30.01.2026, reporting cumulative perp volume of $21B.

Tydro is Ink’s native protocol and recorded bridged deposits that expanded from $30M to $144M in its first month. The service runs on Morpho under the hood, resembling lending integrations seen on other exchange‑backed L2s.

Token and funding

In June 2025 the Ink Foundation announced plans to mint 1B $INK tokens to finance liquidity, declaring a permanent supply cap; the mint date and contract will follow completion of audits.

Kraken also received a 25M OP grant from the Optimism Foundation, valued at roughly $58M at the time. The grant allocates 5M OP to OP Stack development, with remaining funds tied to volume KPIs and fee returns to the Optimism Collective.

Outlook

Kraken announced IPO preparations in 2025, signaling ambitions to mirror competitor trajectories in public markets. Market observers note TVL volatility and limited daily active addresses as constraints on rapid ecosystem maturation.

Ink positions itself as a similar but distinct option to other exchange‑launched L2s, leveraging the OP Stack and centralized distribution to encourage DeFi onboarding among Kraken customers.