Cardano Founder Seeks Collaboration With Kraken To Develop The L2 Network
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Cardano Founder Seeks Collaboration With Kraken To Develop The L2 Network

  • Cardano founder, Charles Hoskinson, shows interest in forming a partnership with Kraken to develop a Layer-2 network.
  • This potential collaboration, discussed on November 12, aims to advance blockchain technology significantly.
  • Kraken’s ongoing search for L2 network partners marks a competitive landscape among blockchain developers.

Cardano’s founder, Charles Hoskinson, has indicated interest in collaborating with Kraken, a large U.S. cryptocurrency exchange, to establish a Layer-2 (L2) network, in a strategic move that might redefine the landscape of blockchain networks. This prospective collaboration surfaced on November 12 during a debate on the X app, during which Hoskinson emphasized the benefits such a collaboration may offer to furthering blockchain technology.

Kraken, which is presently looking for partners for its L2 network, has already worked with blockchain startups such as Polygon and Matter Labs. Hoskinson’s direct method, on the other hand, marks a crucial turning point in this pursuit. The rivalry among blockchain developers is heating up, with each wanting to be Kraken’s preferred provider of the L2 network. This network intends to address emerging cryptocurrency difficulties while capitalizing on new opportunities.

Furthermore, the trend of established crypto firms venturing into L2 networks is gaining traction. These companies are expanding their operations to promote the growth of blockchain technology beyond financial gains. It also assists these businesses in solidifying their positions in the fast growing digital asset ecosystem.

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Coinbase, another key player in the crypto exchange space, has established a standard in the L2 space. With the debut of its L2 network, Base, built on the Optimism (OP) Stack, Ethereum-based decentralized apps (DApps) have greatly improved in terms of performance and user experience. 

Base has acquired a Total Value Locked (TVL) of over $300 million since its establishment, establishing it as the tenth most popular chain. This accomplishment has raised Coinbase’s market share and visibility in the cryptocurrency world. Base’s growth possibilities have been helped further by social protocols such as Friend Tech.

As a result, a prospective agreement between Cardano and Kraken could take a similar path. This agreement could pave the path for Kraken to replicate Coinbase’s success in the L2 network area. It would also be a huge step forward for Cardano, which is known for its forward-thinking approach to blockchain technology and digital finance.

Collaborations between established organizations are becoming increasingly important as the bitcoin sector evolves. They drive technological progress and help to shape the future of digital banking. The Cardano-Kraken collaboration could be evidence of the developing synergy between various entities in the blockchain realm, supporting a more linked and resilient digital asset ecosystem.

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