Daily Fact:
It's actually Iifa Tree, not Lifa tree. This saddens me.
Iifa is pronounced the same as Aoife, an Irish word which means "beauty", but as a name, it is used more symbolically as an adaptation of the Latin Eva, which comes from Biblical Hebrew חוה Ḥawwā and means "living". (The common English form of this name is Eve.) Emphasizing the tree's association with life, the circle-and-cross pattern on the front of the tree resembles the Ankh, an Ancient Egyptian symbol for life.
The "world tree" is a motif in several religions and mythologies, represented as a colossal tree which supports the heavens, the world, and, through its roots, the underworld. This is similar to how the Iifa Tree connects Terra to Gaia and the "afterlife" it governs via the soul cycle, and how the Iifa roots encircle the planet in their grasp.
The tree is also connected to the motif of the tree of life, a mystical concept alluding to the interconnection of all life on the planet.