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Per Fraenkel, from the same root as léisti(“to allow”). The verbal form is attested with a now-rare meaning of "to create", which Fraenkel uses to bolster his argument.
Per Smoczynski, from a secondary o-grade of lémti(“to determine”).
It is worth noting that the root underlying this word also serves as the namesake of Laima, the Baltic goddess of fate and pregnancy.
