Kraken Layer 2 'Ink' surpasses $500 million in TVL… Tydro effect and token anticipation drive growth

Source: TokenPost Original Title: Kraken Layer 2 ‘Ink’ Surpasses $500 Million in TVL…Growth Accelerated by Tydro Focus and Token Expectations Original Link:

Ink’s TVL Surpasses $500 Million and Rapidly Grows

Kraken’s Ethereum-based Layer 2( scaling network) ‘Ink’ has surpassed a total value locked (TVL) of $500 million, showing rapid growth. Since launching the lending protocol ‘Tydro’ in October last year, inflow of funds has exploded, and expectations for the INK token launch have further fueled growth.

According to data from a crypto analytics platform, Ink’s TVL is recorded at approximately $503 million, making it one of the top new Ethereum-based Layer 2 solutions. Although Ink launched its mainnet in December 2024, initial TVL remained below $10 million.

‘Tydro’ Protocol as a Major Growth Catalyst

The main driver behind the surge in TVL is the emergence of the decentralized finance(DeFi) protocol ‘Tydro.’ This protocol is a custom-designed lending service based on open-source blockchain projects. Since launching on Ink, it has recorded a TVL of $446.6 million, accounting for most of the network’s liquidity.

Tydro’s total market size is $737.5 million, of which $443.8 million are available for lending, with $293.7 million already lent out. Other protocols based on Ink, such as ‘Nado’ and ‘Velodrome,’ hold TVLs of approximately $40.8 million and $14 million, respectively.

ETH Price Rise and Token Launch Expectations Also Contribute

Recently, the rebound in Ethereum(ETH) prices has also supported the increase in TVL. Since most assets deposited in the protocol are ETH-based, price appreciation directly leads to TVL expansion.

Additionally, Kraken’s upcoming INK token launch has attracted market attention. Kraken plans to integrate the INK token into its key products and conduct airdrops. Although specific distribution plans and timing have not been disclosed, the token launch and reward expectations are seen as catalysts for the rise in TVL.

Notable Point: User Numbers Decline Despite TVL Surge

An important observation is that while TVL is rapidly increasing, the number of daily active users is decreasing. This indicates that Ink’s growth is driven more by asset inflows and liquidity movement rather than active user engagement. Larger investors’ participation is increasing, but widespread adoption among regular users has yet to be achieved.

Market Analysis

The rapid growth in Ink’s TVL is primarily driven by liquidity movement rather than usage, with the DeFi protocol Tydro playing an absolute dominant role. The structure where user numbers decline while assets increase poses challenges for long-term trust. Attention should be paid to exchange benefits and ecosystem expansion around the INK token launch, and detailed policies such as airdrop criteria may become pivotal points in the future.