According to the ancient chronicles Lviv was founded in 1256 by the Prince of Qalicia and Volyn Danylo Romanovych, who named the town in honour of his son Lev. The centre of old Lviv was on the site of today's Old Rynok Square. Situated on the crossroads of trade routes, Lviv grew fast, and soon became an important centre of commerce and crafts. Its location in the middle of Galicia-Volyn principality gave the town a considerable strategic value. In 1272 Prince Lev transferred the capital of the principality from Qalych to Lviv.