Next year, the wave of exchange IPOs will very likely make a comeback. Kraken is gearing up for it. Not long ago, they launched a new platform for token launches, deeply supporting the INK public chain—@inkonchain is ready. Recently, they even stepped in directly, pushing forward the first Perp DEX project on INK—Nado @nadoHQ. A few days ago, they even mentioned plans to advance their prediction market layout soon. From a logical perspective, whether it's from the angle of business synergy, ecosystem development, or capital market narratives, Kraken has strong incentives to fully drive ecosystem growth and will likely allocate top-tier resources to it. After all, once the scale is proven, INK can directly benchmark against Base. Nado, as a key entry point in the Perps sector, completes on-chain trading, capturing real trading volume and activity. The prediction market can directly benchmark against Polymarket. The combination of these three creates a very clear growth loop of CEX—public chain—on-chain derivatives. For Kraken, this is not just about ecosystem development but also a major value-add for their future IPO narrative. With a solid compliance foundation, on-chain growth stories, and quantifiable trading and user data, such fundamentals will clearly be more appealing to the capital market. karken ink