Lisk determined to leverage the Ethereum community after discovering out that extra 90% of consumer transaction charges on L1 platforms have been Ethereum-based.
Lisk (LISK), the open-source blockchain community and platform for decentralized purposes (dApp), has introduced it has determined to affix the Ethereum ecosystem as a layer 2 (L2) platform. In keeping with an official blog post, Lisk is constructing the upcoming ecosystem on Gelato’s Rollup, and powering it by way of Optimism’s OP Stack.
Why Lisk Is Integrating Ethereum
The transfer was born out of analysis carried out early this yr, whereas attempting to broaden its product roadmaps. The examine included deep perception into L1 and L2 landscapes. Lisk shared the analysis report, which discovered that greater than 90% of transaction charges customers spend on L1 chains are captured inside the Ethereum community. The report reads:
“This realization led the management staff, in Q2 of this yr, to start out actively trying into options to leverage Ethereum’s extraordinary market share with a purpose to improve Lisk’s ecosystem.”
The announcement states that The Lisk Basis will make the transfer subsequent yr. Explaining the choice, the weblog publish says that Lisk will collaborate with Base and Optimism as an early member of Optimism’s Superchain. The Superchain will permit Lisk to affix a consortium of chains that share a dedication to openness and decentralization, in assist of Optimism’s Law of Chains. Optimism, Lisk, Base, and different contributors hope to construct higher infrastructure to draw the “subsequent 1 billion customers” in Web3.
Lisk stated it can deploy the L2 testnet within the first quarter of 2024 and observe that with a developer launch within the second quarter. Lisk will then launch the mainnet someday after. The transfer comes with a number of advantages, together with 90% cheaper charges for builders than on the Ethereum mainnet. As well as, the Lisk L2 will get pleasure from the identical safety on Ethereum, and can profit from enhancements on the community as it’s also suitable with the Ethereum Digital Machine (EVM).
Advantages of the Ethereum Transfer
The EVM compatibility will open Lisk builders to a wider vary of instruments for dApp constructing. As well as, present EVM-based purposes may even be simply deployed on Lisk. Moreover, Lisk builders and customers may have entry to a lot increased liquidity throughout a number of 1000’s of tokens. Additionally, the transfer additionally permits customers to switch any ERC-20 token to and from Lisk’s L2.
Along with particular advantages, Lisk touts the benefits of utilizing the OP Stack and becoming a member of the Superchain. Considered one of them is tackling the fragmentation created by L1 and remoted L2 chains. Customers can simply work together with any purposes on Optimism, Lisk, Base, or some other L2 platform a part of the Superchain. There is also the advantage of becoming a member of an ecosystem with a number of totally different chains striving at a standard objective.
On what occurs to the Lisk L1, the challenge hopes to show it right into a community-driven challenge. The plan is for the Lisk neighborhood staff (Moosty) to take over and function underneath a brand new model and title. For the subsequent 2 years, the Lisk Basis will present monetary and technical assist for the L1.
“We wish to spotlight that we are going to proceed to take care of the Lisk L1 and all our merchandise till the LSK token is migrated as an ERC-20 token to Ethereum and the Moosty staff [takes] over the Lisk L1 improvement,” the staff wrote.
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