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Ink, the Ethereum Layer 2 network powered by Kraken, has officially announced its long-awaited INK token launch and airdrop plans. According to a statement by the Ink Foundation, the move aims to increase competition against the Base network developed by rival US-based exchange Coinbase.
Coinbase has previously stated that it has no plans to issue any native tokens for the Base network. Base officials have stated that the network will only use ETH as gas fees.
According to the information shared in the Ink Foundation's announcement, the INK token is designed to be focused on usage rather than speculation. In the statement shared on Ink's official X (formerly Twitter) account, it was stated that INK will be the only token model for usage purposes only, with the expressions “No frills. No fake management theater. Aligned incentives from day one.”
The Ink Foundation also stated that they aim for INK to take on a fundamental role in decentralized finance (DeFi) applications. “For lending, trading, and beyond, INK will fuel a strong DeFi ecosystem that is driven by users and aligned with their success,” the statement said.
The total supply of INK tokens will be limited to 1 billion, and a “permanent supply cap” will be introduced for the token, which cannot be changed by any governance mechanism. According to the Ink Foundation, the INK token will not be used in governance decisions; it will mainly be used to increase liquidity and encourage the use of applications on the network.
The first use case for INK will be a dedicated liquidity pool on Aave, providing a concentrated source of liquidity to both developers and on-chain users.
An airdrop is planned for those who participate in this liquidity pool on Aave. The Foundation hinted that multiple INK airdrops may be made in the future, but did not share specific details. The token launch will be conducted by the foundation subsidiary in order to reduce legal liability.
The Ink network is being developed as part of Optimism’s “Superchain” ecosystem. Working alongside L2 networks from projects like Base, Sony, Uniswap, and World, it provides a technological framework that facilitates the sharing of security, communication, and governance across Ethereum Layer 2s.
*This is not investment advice.