- It won’t be long until the Lisk community must make its first significant vote for a newly established decentralized organization—burning 100 million LSK tokens.
Starting on September 27, the Lisk community will cast votes for seven days to decide whether to burn 100 million LSK tokens, or 25% of the total LSK supply, or to keep the tokens for community awards until 2033.
The Lisk team announced in a press release obtained by crypto.news that this will be the first significant vote of the recently established decentralized autonomous organization Lisk DAO. Lisk DAO moved to the Optimism Superchain in order to restrict access to the network’s products throughout the Ethereum ecosystem.
The current 400 million LSK supply will drop to 300 million tokens if the community decides to burn the tokens. On the other hand, the news release states that in the event that the community decides to distribute the tokens, they will be invested in the Lisk DAO Fund between 2027 and 2033, allowing the community to lead campaigns, encourage expansion, and fund creative projects for the ensuing ten years.
Dominic Schwenter, chief project officer at Lisk, stressed that in order to guarantee an impartial and community-focused decision-making process, the Onchain Foundation (previously Lisk Foundation) will not take part in the voting.
Lisk, which was founded in 2016, initially revealed its migration strategies in late 2023. In a blog post at the time, the team stated that the decision was made because of the need to modernize the Lisk ecosystem and make the network—which was once intended to be a layer-1 chain—more affordable for developers and consumers.
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