Fabian Vogelsteller, the creator of the ERC-20 token standard, left Ethereum in 2018 to develop his own blockchain called Lukso. The motivation behind Lukso was to create a blockchain focused on mainstream use cases such as lifestyle, fashion, social media, and content creators. Vogelsteller proposed the ERC-20 standard based on a concept from Vitalik Buterin, and it became the industry gold standard for issuing tokens on the Ethereum blockchain. Lukso launched its mainnet in May 2023 and has seen traction with over 23,000 validators. Vogelsteller chose to create his own blockchain instead of launching it as a layer-1 or layer-2 on Ethereum to attract a new crowd and get people to adopt new building blocks. He also wanted to solve the problem of paying for deployment and gas fees for users. Vogelsteller views Bitcoin as limited and outdated compared to programmable blockchains like Ethereum. Lukso conducted an ICO in 2019-2020 and holds about 26% of the LYX tokens in circulation.
