Long-standing blockchain project Lisk has officially ended its blockchain operations after 10 years of existence, moving on to a new financial platform for businesses.
Lisk announced on Nov. 2 the official shutdown of its blockchain after 10 years of existence. This marks the end of one of the longest-lived blockchains in the crypto world.
“Today, the Lisk Chain has officially shut down,” the project said in an X post.
With the blockchain shutdown, Lisk has ended its Portal and Bridge services. The rest of the blockchain’s infrastructure is also being powered down.
The blockchain shutdown marks a significant milestone in the evolution of the Lisk project, which was launched in 2016 and has seen several changes over the years.
The Lisk team, however, has noted that the shutdown of the blockchain does not spell the end of the Lisk project.
The company is transforming into a new financial platform, one that enables businesses to manage both traditional currencies and stablecoins in one place.
“For 10 years, Lisk built onchain with developers, stakers and holders that made Lisk what it is,” Lisk said.
Lisk to burn 5.23 million LSK tokens
The Lisk project has made it clear that its native token, LSK, will continue to exist even as the blockchain closes shop.
According to the team, LSK will still exist on Ethereum as the loyalty token for its new business financial platform.
In addition, the project announced plans to burn approximately 5.23 million LSK tokens left in its staking rewards pool.
The total figure includes unallocated rewards to users as well as unclaimed earned rewards.
The LSK tokens are set to be burned, permanently removing them from circulation. This will also lower the overall supply of the cryptocurrency.
This comes after a large burn of LSK tokens in September. At the time, Lisk burned 100 million LSK tokens after making the decision to wind down its decentralized autonomous organization (DAO) through a governance vote.
The burn event reduced the LSK token’s supply from 400 million to 300 million LSK.
Lisk intends to introduce new use cases for LSK in 2027. This will allow businesses to earn rewards in the token and use LSK for platform fees.
