As Bitcoin rebounds after dipping to $65,260 and reclaims the $67,000 mark, crypto exchanges are exploring new ways to diversify their revenue streams. One emerging trend among exchanges is launching their own blockchain networks—a move that has proven successful for industry giants like Coinbase.
Crypto Exchanges Making Headlines with Their Networks
Coinbase made waves with its BASE network, even though the exchange opted not to issue a token. The network’s total locked value (TVL) has grown rapidly, and the amount of ETH bridged to BASE has reached significant levels. For years, Binance has demonstrated the power of its BNB Chain, and other exchanges like Crypto.com have followed suit, first launching tokens and then integrating them into their own networks.
Now, Kraken is preparing to launch its own network, according to a recent Bloomberg report. The network is expected to go live next year, with a two-year observation period to determine its approach. Kraken could either build a network similar to BNB Chain or follow in Coinbase’s footsteps with a low-fee network designed to attract investors without issuing a token, like BASE. Either way, the anticipation of potential airdrops is already generating significant excitement among airdrop hunters.
What’s Next for Kraken?
The specifics of Kraken’s new network, such as whether it will have a token, remain uncertain, but more details are expected soon. As the industry gears up for what many believe could be the next bull market, exchanges are working to fully prepare for the next growth phase. At the same time, they are also strategizing to remain resilient during the inevitable long, bearish seasons.
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