The Layer 1 (L1) of the Lisk (LSK) blockchain introduced its migration project as a second layer of the Ethereum (ETH) network.
Technologies from Optimism (OP) and Gelato will be used in this transformation.
While at least two layers 1 blockchain have this year announced their desire to become layer 2 of Ethereum (ETH), a new network has, in turn, revealed its migration: Lisk (LSK).
After Celo and Canto, the Lisk blockchain launched in 2016 also aims to radically change its direction.
Lisk will transition from a layer 1 blockchain to a layer 2 blockchain for Ethereum
Thus, the second layer of Lisk will be built on the “Rollup as a Service” platform powered by Gelato, using Optimism (OP) technology.
The network will thus join the Superchain ecosystem, based on the OP Stack.
It will also cooperate in particular with Base Blockchain and Optimism to develop so-called horizontal scalability solutions.
Originally, Lisk competed with Ethereum, with the value proposition of programming its smart contracts in JavaScript.
Since this language is more widespread than the hardness of the Ethereum Virtual Machine (EVM), this bias was intended to make developers’ work easier.
However, years have passed, and history, for the time being, seems to validate the model proposed by Ethereum.
Today by far the main smart contract of the blockchain. The Lisk teams also realized this situation, which motivated their decision:
One of the key findings of the report reveals that more than 90% of transaction fees spent by users on Layer 1 (L1) protocols are captured within the Ethereum network. This realization led the management team, in the second quarter of this year, to actively begin looking for solutions to leverage Ethereum’s extraordinary market share to upgrade the Lisk ecosystem.
Now that the decision to move to the OP Stack has been made, a testnet is scheduled to be established in Q1 2024.
Additionally, Lisk intends to focus these developments on popular narratives in recent months:
As a second layer, Lisk will remain open to a global audience of builders. We will focus the majority of our efforts on solving local problems in emerging markets by bringing together applications around Real World Assets (RWA), Off-Chain Assets (OCA), and decentralized on-chain physical infrastructure networks ( DePIN).
As for the current Layer 1, the latter must be returned to the hands of the community. While LSK codes will be migrated to L2 Layer 2.
While RWA and Layer 2 tokenization have been on the rise for some time, it will be a matter of monitoring whether Lisk will be able to achieve its ambitions in the future. Or whether this change in direction is merely seeking to capitalize on trends.
Regarding the governance token on the platform. If LSK hit an all-time high of $34.92 in January 2018, it is now trading at just $1.15.
