Kraken’s Ink Network Experiences Significant Growth Amid Airdrop Hype

Kraken's Ink network, an Optimism-based Layer 2 solution, has seen a remarkable surge in activity, driven by speculation surrounding a potential airdrop. Daily transactions on the network have skyrocketed, reaching a peak of 563,677 on June 20, up significantly from pre-launch levels. The 30-day moving average for transactions now exceeds 490,000, indicating sustained growth. Additionally, smart contract deployment has mirrored this upward trend, with 5,693 active contracts recorded on the same day. This heightened activity underscores the growing interest and adoption of Kraken's Ink network within the cryptocurrency community.

Kraken's Ink Network Sees Surge in Activity Amid Airdrop Speculation

Kraken's Ink network, an Optimism-based LAYER 2 solution, has recorded a notable uptick in transaction volume and smart contract deployment. Daily transactions surpassed 550,000 this week, peaking at 563,677 on June 20—a sharp increase from pre-launch levels. The 30-day moving average now stands above 490,000 transactions.

Smart contract activity shows parallel growth, with 5,693 active contracts recorded on June 20. Yet the network faces challenges: daily active addresses have dwindled to 70,000 from 100,000, while DeFi TVL remains stagnant below $8 million despite $94 million in bridged assets.

Market observers attribute the activity surge to anticipation of a potential INK token airdrop. The network continues to trail established L2 competitors like Arbitrum and Base, but recent momentum suggests growing developer interest in its ecosystem.

Bitcoin Stages Relief Rally Amid Global Risk Reduction

Bitcoin surged past key resistance levels as geopolitical tensions eased, with prices climbing from $98,250 to test the $106,500 threshold. The recovery follows former President Trump's ceasefire announcement, triggering a 7.8% rebound that erased most losses from last week's sell-off.

The BTC/USD pair broke through a critical bearish trendline at $101,500 on Kraken's hourly chart, surpassing the 61.8% Fibonacci retracement level. Market technicians note the 100-hour moving average at $102,500 now serves as crucial support, with sustained trading above $104,000 suggesting bullish momentum.

Liquidity clusters NEAR $106,200 present the immediate resistance zone. A decisive close above $106,500 could catalyze another leg up, potentially retesting year-to-date highs. The rally coincides with improved risk appetite across traditional markets, though trading volumes remain below last month's averages.