- Lisk’s push to transition to an Ethereum Layer 2 is gaining momentum.
- Lisk token migration is now underway.
- Find out how you can migrate your tokens.
Beyond addressing scalability concerns for Ethereum, rollups have created an opportunity for smaller stand-alone Layer 1 chains to tap into the “DeFi King’s” deep liquidity. Among the blockchains looking to take advantage of this opportunity is Lisk.
First launched in 2016, Lisk had created a niche as the Web 2.0 developer’s gateway to Web3 by allowing them to build dApps in Javascript, eliminating the need to learn a new language like Ethereum’s Solidity.
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At the end of 2023, however, the project announced a significant pivot. In addition to transitioning to an Ethereum Layer 2, the project disclosed that it would now focus on real-world asset (RWA) tokenization and decentralized physical infrastructure networks (DePINs). As part of these transition efforts, the migration of Lisk’s native token, LSK, to Ethereum has begun in earnest.
How to Migrate Your LSK
At the end of May 2024, Lisk disclosed that users could now exchange their LSK tokens for the newer ERC-20 version, unlocking the door to new use cases and integrations for users within the Ethereum ecosystem.
However, this migration requires three different processes, each with multiple steps. See these processes and steps below:
Adding Lisk Network to Your Wallet: To add the Lisk network to your Ethereum-supported wallet, Lisk recommends using the DefiLlama-created Chainlist using the following steps:
- Open the Chainlist website.
- Click on “Connect Wallet” to connect your preferred wallet
- Search for Lisk
- Click on the “add chain” button.
- Confirm the chain addition by approving a prompt that will pop up in your wallet.
With the Lisk network successfully added to your wallet, we can move on to the next step.
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Bridging ETH: Crypto transactions have fees. This cost can be low or high depending on network conditions and the type of transaction.
Claiming your ERC-20 Lisk token is no different, so you need some ETH.
To bridge ETH for gas, follow the steps below to use the official Lisk bridge:
- Connect an Ethereum wallet where you have some ETH.
- Specify the amount of ETH you want to transfer to the Lisk network.
- Input the wallet address where you want to receive your Lisk.
- Cross-check your details.
- Confirm the transaction.
Now that you have some Lisk network added to your wallet and some ETH for gas, it’s time to claim your ERC-20 Lisk.
Claiming Your Lisk: To claim your ERC-20 Lisk, follow these simple steps:
- Open the Lisk Portal.
- Click on “Claim Tokens” on the left sidebar.
- Connect your wallet.
- Copy your Lisk wallet address.
- Take the copied address to the Lisk Wallet on desktop.
- Paste the copied address in the box that appears when you click on connect wallet.
- Choose the account you would like to connect to and click on connect. This step will redirect you to the Lisk Portal Claim Tokens page, where you will see the amount of tokens you can claim.
- Click on the green “Sign Message” button.
- Jump back to the Lisk Wallet platform to sign a raw message.
- Enter your password.
- Jump back to the Lisk Portal and click submit claim near the end of the page. This will lead to a prompt in your preferred wallet.
- Confirm the transaction.
The LSK token migration comes as the Lisk Layer 2 mainnet launch appears to be closer than ever.
Pieces Falling into Place?
On May 16, Lisk launched in mainnet for developers, allowing builders to deploy their applications and get a first-hand glimpse of what the network would look like at launch.
Beyond the developer mainnet launch, Lisk has announced a decentralized autonomous organization (DAO) to direct the network’s affairs, including allocating a 45 million LSK treasury through on-chain voting. LSK holders can gain voting power by staking their tokens on the Lisk Portal.
Lisk is being built with the OP Stack. At the time of writing, the network’s native token, LSK, is trading at $1.49, representing a nearly 3% decline in the past 24 hours, per CoinMarketCap data.
On the Flipside
- LSK holders have up to two years to migrate their tokens.
- Lisk is not abandoning its developer-focused Layer 1 but rebranding it as Klayr.
- LSK has failed to garner traction in recent years, ranking as the 322nd token by market cap by CoinMarketCap data at the time of writing.
Why This Matters
The Lisk token migration opens the door to new DeFi opportunities and integrations for LSK holders. It also suggests that the mainnet launch is closer than ever.
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