Lisk Shifts to Ethereum Ecosystem, Embracing Layer-2 Framework

Dec. 21, 2023
Lisk Shifts to Ethereum Ecosystem, Embracing Layer-2 Framework

Lisk (LISK), the open-source blockchain network and platform for decentralized applications (dApp), noted its decision to join the Ethereum ecosystem as its layer 2 (L2) platform. In an official blog post, he said it is building the upcoming ecosystem on Gelato’s Rollup and powering it via Optimism OP Stack.

Lisk’s Leap to L2: Pioneering Web3 Advancements

The move was born from L1 and L2 landscape studies early this year while trying to expand its product roadmaps. He shared the findings from the research report that over 90% of transaction fees users spend on L1 chains get captured within the Ethereum network. 

“This is when reality of Ethereum’s extraordinary value proposition had started to settle in Lisk’s leadership team, leading them to start looking actively into the solutions on how Lisk can utilize Ethereum’s extraordinary market share to upgrade Lisk’s ecosystem in Q2 this year.”

According to the announcement, the Lisk Foundation will move in 2022. According to the blog post explaining the decision, he will be working with Base and Optimism as one of the early members of Optimism’s Superchain. The Law of COptimism’sce supports open, decentralized principles, and this alliance will integrate Lisk into a group of chains aligned with these principles. Optimism, Lisk, Base, and others want to build better infrastructure to attract the “next 1 billion use”s” in Web3.

Lisk said it will deploy the L2 testnet in the first quarter of 2024 and follow that with a developer launch in the second quarter. He will then launch the mainnet sometime after. The move has several benefits, including 90% cheaper developer fees than on the Ethereum mainnet. The Lisk L2 will enjoy the same security on Ethereum. It will also benefit from network improvements compatible with the Ethereum Virtual Machine (EVM). 

Lisk’s EVM Compatibility and Superchain Integration

The EVM compatibility will open Lisk developers to a wider range of tools for dApp building. Moreover, one more killer application case – the ability to easily deploy existing applications based on EVM on Lisk itself. Lisk developers and users will also get massive liquidity across a few thousand tokens. Also, it will allow attachments of any ERC-20 token to transfer between exchanges and Lisk’s L2.

However, the Superchain delivers general benefits to The OP Stack apart from the specific benefits. An example of this is in helping to solve fragmentation caused by L1 and isolated L2 chains. Extractor’s loaded Extractor’suns on any L2 platform you choose without complicated configuration. Users can easily interact with any applications on Optimism, LIsk, Base, or any other L2 platform part of the Superchain. One may also consider the benefit of joining an ecosystem with several chains striving toward a common goal.

The project hopes that whatever happens to the Lisk L1 will become a community project. In that case, the plan will be like Moosty, where Lisk’s community teLisk’ses over and works under a new brand and name. For the next 2 years, the Lisk Foundation will provide financial and technical support for the L1.

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Rida Fatima

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An ardent wordsmith with a rich five-year background in delving into the realms of finance and cryptocurrencies. Alongside curating captivating blogs, Unique's talents extend to crafting imaginative and engaging content.