Lisk has announced that it is integrating with the Ethereum ecosystem as a Layer 2, or L2, as it is often known. The objective is to carry forward the mission of democratizing blockchain accessibility. The development has been termed a strategic move with a core focus on solving the problems of decentralized physical infrastructure networks, off-chain assets, and real-world assets.
The testnet deployment is scheduled for the first quarter of 2024. After a developer launch in the second quarter, the mainnet launch will come after it by the end of the following year. Lisk has said that it marks a significant step towards an Ethereum rollup via the OP Stack.
Developers will be able to access the ecosystem with fees as economical as 90% of the total, along with the security of Ethereum. The L2 will be deployed in association with Gelato. It brings to the table the mechanism of end-to-end integrated infrastructure plus Web3 services. Some of the elements included are block explorers, native account abstraction, and bridges.
Lisk has decided to migrate to L2 in the Ethereum ecosystem in order to reap all of the benefits. With this connection, Lisk, for example, will inherit Ethereum’s security. Furthermore, Lisk will benefit from the Ethereum ecosystem’s advancements. White native account abstraction and other elements are projected to remain stable; Proto-Danksharding will define the economics of transaction costs.
Development resources will be accessible for dApps that are dedicated to running on the EVM. Accessibility to stablecoins and other tokens will be largely improved on top of the higher listing capacity for the LSK token.
This has fueled up the price of the token to exchange hands at $1.17. It is a drop of 4.34% in the last 24 hours, but it has been able to manage to keep up with a positive trajectory. The value reflects a rise of 7.98% in the last 7 days.
Moving forward, Lisk has expressed a commitment to maintain L1 for the next 2 years. Products on the network will also continue to receive support. The idea is to back the L1 mechanism until ERC-20 tokens have migrated to Ethereum and the Moosty team is ready to take over the Lisk L1 development.
Industries continue to aim to onboard the next billion users to Web3 for true adoption across the world. Lisk has a similar mission while making the infrastructure accessible and strengthening the tools it offers. Leveraging the capabilities of Ethereum is a start wherein users are provided with services at a lower transaction price and better security.
The improvements that Ethereum will pass on to Lisk in the process are making it stronger. Proto-Danksharding is expected to go live in 2024, making the Ethereum Mainnet more desirable for such developments.