Lisk Axes Its Own Blockchain After 10-Year Run
Lisk, once one of the most promising blockchain projects in the crypto space, is shutting down its own chain after 10 years. The project's LSK token reached a market cap of nearly $4 billion back in 2016 during its crowd-funded campaign.
The decision to abandon its original Layer-1 (L1) and rebuild on top of Ethereum as a Layer-2 blockchain in December 2023 has ultimately failed, with the team now proposing to dissolve itself. The proposal includes burning 100 million LSK tokens from the DAO treasury, reducing the total supply by 25%, and changing staking rules.
The token's price performance is staggering, having dropped over 99% since its peak at $34.92 in January 2018. Binance has flagged LSK for delisting risk due to its declining market value.