Lizmin created it three years ago in 2017. At first it was hosted on a same server along with several other chans but eventually Lizmin bought his own server for Lizchan. Lizmin then went on to do military service and the vice-admin took over at least until Lizmin returns, but he never did, and in March 2020 nobody could agree on who is going to pay for renewal so it was shut down.
After a couple of months though, one of the the admins of those other chans 'Ihato' found a dusty old backup of Lizchan from 2017 and revived Lizhan and was subsequently contacted by a vice-admin to obtain a full backup. Unfortunately a substantial amount of userbase is gone since that shutdown and there is only like 3 of us left. It now also looks like Ihato is out of money too so Lizhan could become Tor-only soon, at least for a while, although nothing is really known about that yet.
As you can probably tell by looking though it used to be a pretty /comfy/ place.