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In a significant move within the cryptocurrency sector, Kraken Exchange has announced plans to establish its own network in the coming year. This development follows a recent surge in Bitcoin prices, which rebounded over the $67,000 threshold after previously dipping below $65,260. As crypto exchanges look for innovative ways to augment their revenue streams, building proprietary networks has emerged as a viable strategy, a tactic successfully employed by Coinbase.
What is the BASE Network?
Coinbase’s BASE network, notable for launching without a dedicated token, has attracted considerable interest, with a growing total value locked and a significant amount of Ethereum on its bridge. Other platforms, such as Binance, have showcased their networks’ functionality through their BNB token, while exchanges like Cryptocom opted for an initial token release before integrating into their core networks.
How Will Kraken’s Network Compare?
Kraken’s proposed network could take inspiration from Binance’s BNB Chain and may appeal to users with low transaction fees similar to Coinbase’s BASE. The possibility of airdrops in the future could further stimulate user engagement and attract new participants in the market.
Key insights from this development include:
- Kraken’s network could potentially operate without its own token.
- Planned low transaction fees may attract users seeking economical options.
- The network’s launch could lead to increased market activity, particularly among airdrop hunters.
As details about Kraken’s network emerge, exchanges are strategically positioning themselves to navigate the expected market fluctuations, preparing for both bullish surges and the possibility of extended bearish phases.