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Layer 1 Lisk redirects to layer-2
Lisk is a layer-1 blockchain platform launched in 2016 that is planning to transition to a layer-2 on the Ethereum ecosystem.
According to a statement released on February 19, Lisk announced a plan to cooperate using Optimism’s OP Stack toolkit and Gelato’s rollup-as-a-service platform to build a layer-based development infrastructure. 2 on its own. Lisk’s L2 solution will focus on the real-world assets (RWA) and decentralized physical infrastructure network (DePIN) segments.
Today, we are excited to announce that Lisk will integrate with the Ethereum ecosystem as a Layer 2 (L2) in collaboration with @Optimism & @gelatonetwork!
🏗️ Focused on solving local problems in Emerging Markets by bringing solutions around real-world assets (RWA), off-chain… pic.twitter.com/a05p5ldwEm
— Lisk (@LiskHQ) December 19, 2023
With the popularity of the Ethereum virtual machine (EVM), Lisk believes this is the ideal time to innovate and become a layer-2 on Ethereum.
Lisk planned to launch its testnet in the first quarter of 2024, pledging to bring transaction fees 90% cheaper than the Ethereum mainnet.
In the transition to layer-2, converting the LSK token to Ethereum is a story that needs to be carefully calculated, mainly to enhance the utility of this token on the dApp and DeFi systems of the entire ecosystem.
Lisk will continue to maintain the current reward sharing mechanism and use LSK for DAO governance on the new chain. Additionally, Lisk is building a token airdrop program for early support users, with details to be announced once the mainnet is deployed.
https://lisk.com/
Not only Lisk, many other projects are also pursuing layer-2 development such as Coti, Celo, Kraken.
Back at its peak in 2017, Lisk was one of the 20 cryptocurrencies with the largest capitalization in the crypto market. However, by 2023, Lisk has dropped to 272nd place on the capitalization rankings, from 919 million USD to only 152 million USD.
This represents a significant decrease in Lisk’s market value in recent times. The project is trying to re-establish and improve its position through the application of new layer-2 technology, especially using Optimism and Gelato technologies to optimize its performance and functionality.
Related: Coti Deploys Layer-2 Solution on Ethereum
Chart of Lisk(LSK)
Chart of the LSK/USDT price pair at 2:56 am on December 21, 2023 (UTC) frame 1W
