When I received my LT1 lantern I immediately started making some lanyards from paracord.
The lanyard provides a very good handle and allows you to hang the lantern and makes it easy to carry around, especially when you have other things in your hands.
Here is my latest version of the lanyard made from 550 paracord.
I did not bother putting a carabiner on the lanyard. If I want to attach the lantern over a branch, I remove the metal bale and make a loop and then replace the bale (see photos for the two types of hanging the lantern).
You will need to start with about a 28 inch length of paracord and follow the instructions on the video to learn how to make a snake knot. It’s one of the most simple knots.
Video