Founded in 2016, the cryptocurrency platform Lisk is transforming into an Ethereum-based Layer 2 solution (L2) with support from Optimism and Gelato.
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
The new network will be based on the OP Stack framework. To enable the transformation, they will deploy Gelato’s Rollup-as-a-Service platform.
L2 solution from Lisk will focus on ‘real-world assets’ (RWA) and decentralized networks of physical infrastructure (DePIN).
“Integrating with the Ethereum ecosystem and meeting industry standards brings us closer to our goal — to make blockchain more accessible than ever before,” said Lisk co-founder Max Kordek.
In 2017, amid the bull market of the previous cycle, LSK entered the top-20 by market capitalization. However, as the industry matured, the platform lost much of its former popularity. As of writing, the asset sits at 250th place in CoinGecko’s ranking.
The developers said that the decision to transform into L2 is largely driven by the widespread adoption of the Ethereum Virtual Machine, the Ethereum VM (EVM). The testnet launch for the updated platform is planned for the first quarter of 2024.
Migration of the LSK token and airdrop
The project team also noted that the current reward-distribution mechanisms in LSK will remain in place. The token will be used for on-chain governance within the upcoming DAO.
The developers also plan to conduct an LSK token airdrop to incentivize activity on the new network. Detailed information about the distribution mechanism will be released ahead of the mainnet launch.
The Gelato team will help Lisk developers integrate the infrastructure and Web3-services, such as block explorers, cross-chain bridges and blockchain oracles.
«Using Gelato’s Rollup-as-a-Service platform allows the Lisk R&D team to focus first and foremost on creating additional products and tools that developers and end users like, and to direct resources toward developing the Superchain,» said Dominik Schwenter, head of the Lisk project.
Earlier, the Canto team focused on DeFi announced the transformation of an EVM-compatible blockchain into an Ethereum-based L2 solution.