Kraken, Coinbase and Uniswap launch new Layer‑2 chains

Kraken, Coinbase and Uniswap announced the launch of three new Layer‑2 (L2) chains—Ink, Base and Unichain—each built on Optimism’s OP Stack, aiming to capture their combined 18.8 million exchange users and compete in a market now hosting over 115 L2 networks【1】.

Leveraging exchange user bases

Kraken and Coinbase are turning their Tier‑1 exchange platforms into L2 ecosystems, a strategy that lets them “tap into millions of already onboarded users” and provides built‑in marketing muscle【1】. By deploying on the OP Stack, both Ink and Base can launch optimistic rollups quickly while sharing security and interoperability with other OP‑based rollups. This mirrors Uniswap’s own Unichain, which follows the same technical blueprint. The OP Stack’s open‑source nature has already attracted 46 of the 115 listed L2s, underscoring its appeal for rapid deployment and cross‑rollup connectivity【1】.

Competitive landscape and scaling pressures

The surge in L2 solutions follows Ethereum’s Dencun upgrade, which slashed on‑chain fees and forced L2s to differentiate beyond pure cost savings【1】. Base’s performance illustrates the upside of this race: its total value locked (TVL) reached $8.2 billion, surpassing Optimism’s $5.8 billion TVL despite being built on the same stack【1】. Meanwhile, the broader market now hosts more than a hundred L2 networks at various development stages, raising concerns about liquidity fragmentation and the risk of “ghost chains” without clear business focus【1】.

Tokenomics and on‑chain considerations

While the announcements focus on technical rollout, the underlying token economics remain opaque. No specific supply figures, unlock schedules, or holder counts were disclosed for Ink, Base or Unichain in the available sources. Consequently, investors and analysts must monitor future disclosures for token distribution details that could affect network security and incentive alignment.

What to watch

• User onboarding milestones – Track the number of active wallets migrating to Ink and Base versus their exchange‑native totals (10 M Kraken, 8.8 M Coinbase).
• OP Stack adoption growth – Watch for new L2s joining the OP Stack, which could shift competitive dynamics and liquidity distribution.
• TVL trends – Compare Base’s TVL trajectory against Optimism’s $5.8 B benchmark to gauge market acceptance of exchange‑backed L2s.

The three launches highlight a strategic shift: major exchanges are no longer just on‑ramps but are becoming infrastructure providers, betting that integrated L2s will lock in users and capture scaling value in an increasingly crowded ecosystem. Whether this model sustains long‑term depends on the ability of Ink, Base and Unichain to deliver distinct user experiences and robust tokenomics amid the proliferating L2 landscape.