Crypto Exchange Kraken Remains Mum on Rumors of Layer-2 Solution
Crypto exchange Kraken has not confirmed or denied rumors about its potential plans to launch a layer-2 solution, similar to its competitor Coinbase’s Base network. These rumors were sparked by reports from anonymous sources and a job posting from Kraken, which stated that the company is seeking a senior cryptography engineer to develop cryptographic protocols and “layer-2 solutions.”
In the job post, Kraken expressed its interest in integrating more protocols and decentralized applications into its crypto ecosystem, specifically mentioning its enthusiasm for layer-2 protocols. However, the company stated, “We don’t have anything further to share at this time.”
Community Reactions Vary
The news has received mixed responses from the crypto community. Some individuals support Kraken’s entry into layer-2 solutions, while others oppose it. One Twitter user argued that with scalable layer-1 networks available, there is no need for layer-2 solutions. They also expressed concerns about the fragmentation of liquidity caused by numerous existing layer-2 networks.
Coinbase’s Base Network as a Precedent
Kraken’s competitor Coinbase previously launched its own layer-2 solution called the Base network earlier this year. After an initial phase exclusive to builders, the network opened up for general use on August 9.
Hot Take: Kraken’s Potential Entry into Layer-2 Solutions
As rumors circulate about Kraken’s potential venture into layer-2 solutions, it remains unclear whether the exchange will follow in Coinbase’s footsteps. While some support Kraken’s exploration of these solutions, others question their necessity given the availability of scalable layer-1 networks. The industry continues to debate the benefits and drawbacks of layer-2 protocols, and it remains to be seen how Kraken’s potential entry will impact the crypto landscape.
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