Lisk Migrates to Ethereum as Layer 2 Solution
Lisk, a Layer 1 blockchain launched in 2016, is making the transition to the Ethereum ecosystem as a Layer 2 solution. The new Lisk network will be powered by OP Stack, an open-source framework by Optimism, and built using Gelato’s rollup-as-a-service platform. Lisk’s Layer 2 will focus on real-world assets and decentralized physical infrastructure networks (DePINs).
“Integrating with the Ethereum ecosystem and aligning with industry standards brings us closer to our goal of making blockchain accessible than ever before,” said Lisk co-founder Max Kordek.
Lisk’s Decline and Migration to Ethereum
Once a top 20 cryptocurrency during the 2017 bull market, Lisk has fallen out of favor and now ranks at 272 with a significantly reduced market cap. With the adoption of the Ethereum Virtual Machine, Lisk sees an opportunity to expedite its mission by migrating to become an Ethereum Layer 2.
The testnet deployment of Lisk’s Layer 2 network is scheduled for Q1 2024, offering developers up to 90% cheaper fees than the Ethereum mainnet.
LSK Token Migration and Airdrop
The transition also involves migrating the LSK token to Ethereum, improving its usability across various dApps and DeFi protocols. Existing reward-sharing mechanisms for LSK will continue, and the token will also be used for on-chain governance in an upcoming Lisk DAO. Additionally, an initial airdrop of LSK tokens is planned to incentivize activity on the new chain.
Joining the Optimism Superchain via Gelato
Lisk joins Optimism and Layer 2 Base in utilizing the OP Stack, contributing to the development of the Optimism Superchain network. The collaboration includes working with Gelato to build the Layer 2 and integrating infrastructure and web3 services. Gelato’s Rollup-as-a-Service platform allows Lisk to focus on building additional products while committing resources to the Superchain’s development.
Gelato’s platform now supports OP Stack in addition to Polygon CDK, making it easier for developers to onboard new users into the Superchain ecosystem.
Hot Take: Lisk Embraces Ethereum’s Ecosystem for Scalability
Lisk’s migration to Ethereum as a Layer 2 solution demonstrates its commitment to scalability and accessibility. By leveraging OP Stack and Gelato’s platform, Lisk aims to tap into Ethereum’s extensive ecosystem, benefiting from liquidity, developers, and sequencing fee revenue generated from its Layer 2 blockchain. This strategic move positions Lisk for growth and positions the project at the forefront of web3 scalability.
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