Through a rather intriguing message on their platform, the company introduced a purple, spiky, cartoon monster that is set to represent the Optimism-based chain that Kraken is actively developing. The message read, “He’s lost his way, faced too much limelight, and now he’s spiraling down, all because he lacks a name… You can give him one!”

Jokerace was founded in 2022 by David Phelps and Siobhán McCaffery as a platform to host no-code, onchain contests across more than 90 EVM-compatible blockchains. It allows users to vote on a variety of matters, including governance decisions, hackathon results, grant funding, and other community events.

Notably, the platform boasts a sybil-resistant voting mechanism that requires users to pay per vote to avoid spam. It also has the ability to initiate onchain actions through smart contracts, such as token transfers or DAO proposals, depending on contest results. Jokerace is a trusted platform used by Polygon, Farcaster, and The Block.

David Phelps told The Block, “We offer two types of contests: enter-and-earn, where you profit from a successful entry, and vote-and-earn, where you earn by voting on the winners. This creates a persuasion market or vibe market where you get rewarded for curating the internet.”

Back in July 2024, Maven 11 led a $3 million funding round for Jokerace, which was aimed at expanding the startup’s marketing and business development operations. Jokerace has over 100 angel investors backing it currently.

Ink is a Layer 2 network developed by Kraken using the OP Stack. The recently formed Ink Foundation plans to launch a native INK token in 2025 to incentivize ecosystem growth and liquidity. The supply of INK tokens has been capped at 1 billion.

Disclaimer: The Block is an independent media outlet providing news, research, and data. It operates independently to deliver objective, impactful, and timely information about the crypto industry. The details of its financial disclosures can be found on its official website.

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The memecoin sector witnessed another unexpected development as X decided to suspend the accounts of pump.fun, its founder Alon Cohen, and other associated projects like GMGN and BullX. This action has led to widespread speculation about a potential wider regulatory clampdown.

Kraken’s Layer 2 Ink Plans for Token Launch and Airdrop

The Ink Foundation has unveiled plans to launch and airdrop its INK token. This move signifies a significant stride for Kraken’s Ethereum Layer 2 project, setting sights on rivalling Coinbase’s Base network which operates without a token.

INK is set to launch with a capped supply of 1 billion tokens and will not function as a governance token on the Ink network. INK is being positioned as a utility token focused on promoting usage and liquidity, as opposed to speculation or governance dynamics.

The token’s first use case will be centered around a liquidity pool powered by Aave. The aim is to anchor Ink’s DeFi stack and incentivize early adopters through airdrops. The launch will be overseen by a subsidiary of the foundation, with suggestions of more airdrops in the pipeline. Ink is part of the interoperable Optimism Superchain ecosystem, which includes Base, OP Mainnet, Soneium, Unichain, World Chain, and others.

Coinbase Seeks SEC Approval for Tokenized Stocks

Coinbase is courting the Securities and Exchange Commission (SEC) for approval to offer tokenized stocks in the U.S. The leading exchange hopes to challenge brokerage powerhouses such as Robinhood and Charles Schwab.

According to Coinbase’s Chief Legal Officer Paul Grewal, the exchange is seeking a no-action letter or exemptive relief to roll out blockchain-based equities without triggering regulatory enforcement. The introduction of tokenized stocks could enable 24/7 trading, quicker settlement, and lower costs, but remains inaccessible to U.S. investors under existing rules.

The development comes hot on the heels of the unveiling of xStocks by Kraken, a rival crypto exchange. xStocks offers tokenized versions of over 50 stocks and ETFs to users in Europe, Latin America, Africa, and Asia. Grewal did not disclose whether Coinbase has officially submitted a request to the SEC or set a launch timeline.

South Korean Crypto CEO Acquitted of Fraud Charges Following Stabbing Incident

Haru Invest CEO Lee Hyung-soo was cleared of fraud charges, with a South Korean court ruling that he did not intentionally mislead investors. The case was triggered by Haru’s unexpected freeze of withdrawals in June 2023. The prosecutors alleged that this action defrauded around 6,000 investors of $650 million by promising them a total return of principal and an impressive annual interest of up to 25%.

Lee survived a knife attack during a court trial last August by a man who reportedly lost 100 BTC. Although Lee did not suffer life-threatening injuries, the man was sentenced to five years in prison this April. The court attributed Haru’s downfall to the FTX-triggered liquidity crisis and also exonerated the company’s other executives of fraud, albeit civil liability still hangs in the balance.

The post Daily Crypto Roundup: Kraken’s Layer 2 Ink Prepares for Token Launch, Coinbase Courts SEC for Tokenized Stocks, and More appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.