Lisk decided to leverage the ethereum network after discovering that more than 90% of user transaction fees on L1 platforms were based on ethereum.
Lisk (LISK), the open source blockchain network and platform for decentralized applications (dApp), has announced that it has decided to join the ethereum ecosystem as a Layer 2 (L2) platform. According to an official ethereum-ecosystem” target=”_blank” rel=”nofollow noopener”>blog postLisk is building the next ecosystem in Gelato's Rollup and driving it through Optimism's OP Stack.
Why Lisk is integrating ethereum
The move was born from research conducted earlier this year, as it sought to expand its product roadmaps. The study included in-depth knowledge of the L1 and L2 landscapes. lisk shared research report, which found that more than 90% of the transaction fees that users spend on L1 chains are captured within the ethereum network. The report says:
“This realization led the leadership team, in the second quarter of this year, to begin actively seeking solutions to leverage ethereum's extraordinary market share in order to improve the Lisk ecosystem.”
The announcement indicates that the Lisk Foundation will make the decision next year. Explaining the decision, the blog post says Lisk will collaborate with Base and Optimism as one of the first members of Optimism's Superchain. The Superchain will allow Lisk to join a consortium of chains that share a commitment to openness and decentralization, in support of Optimism. Law of Chains. Optimism, Lisk, Base and other contributors hope to build better infrastructure to attract the “next billion users” on Web3.
Lisk said it will deploy the L2 testnet in the first quarter of 2024 and will follow up with a developer launch in the second quarter. Lisk will then start the mainnet some time later. The move comes with several benefits, including 90% cheaper fees for developers than on the ethereum mainnet. Additionally, Lisk L2 will enjoy the same security on ethereum and benefit from network improvements as it also supports the ethereum Virtual Machine (EVM).
Benefits of the ethereum movement
EVM support will open Lisk developers to a wider range of tools for building dApps. Additionally, existing EVM-based applications will also be easily deployed on Lisk. Additionally, Lisk developers and users will have access to much greater liquidity in several thousand tokens. Additionally, the move also allows users to transfer any ERC-20 tokens to and from Lisk's L2.
In addition to specific benefits, Lisk touts the advantages of using OP Stack and joining Superchain. One of them is to address the fragmentation created by isolated L1 and L2 chains. Users can easily interact with any application on Optimism, Lisk, Base or any other L2 platform that is part of Superchain. There is also the benefit of joining an ecosystem with several different chains fighting for a common goal.
As for what happens with Lisk L1, the project hopes to make it a community-driven project. The plan is for the Lisk community team (Moosty) to take over and operate under a new brand and name. Over the next 2 years, the Lisk Foundation will provide financial and technical support to the L1.
“We want to highlight that we will continue to maintain Lisk L1 and all of our products until the LSK token is migrated as an ERC-20 token to ethereum and the Moosty team (takes over) the development of Lisk L1,” the team wrote.
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