Lisk Abandons Blockchain, Burns Tokens Amid Steep Price Decline

Lisk's blockchain is shutting down after nearly a decade in operation, marking a significant shift for the cryptocurrency project.

The move comes after Lisk's LSK token peaked at $4 billion in market value back in 2016 and has since plummeted to under $0.09 as of this writing.

Lisk plans to dissolve its DAO (Decentralized Autonomous Organization) and burn 100 million LSK tokens, reducing the total supply by 25%.

The project's team had previously abandoned its original Layer-1 blockchain in December 2023 and rebuilt it as an Ethereum Layer-2, but this shutdown marks a complete departure from its own chain.