Lumoz introduces StableNet, ZK-Rollup powered by Polygon CDK and Celestia DA

abdelaziz Fathi

Lumoz, a platform previously known as Opside, has unveiled its new ZK-Rollup technology named StableNet, slated for a December release. This development was shared during RaaS Day, an event co-hosted with Polygon.

StableNet, designed as a zkEVM on Ethereum, introduces innovative features to the blockchain space. It will use the USDC stablecoin for transaction fees, a move that prices gas fees in a stable currency, aiming to provide consistency in transaction costs.

The platform is built on the Polygon CDK (Consensus Development Kit) and incorporates Celestia’s Data Availability (DA) solutions, positioning itself as a pioneer in the mainnet zkEVM arena. Lumoz’s integration with these technologies is a crucial step in ZK-Rollup development.

In addition to these features, StableNet will facilitate cross-rollup communications, allowing Layer 2 addresses to interact with contracts on Ethereum’s main layer, including popular protocols like AAVE and Uniswap. This could help improve interoperability within the DeFi ecosystem.

A notable aspect of StableNet is the introduction of a decentralized prover network, which aims to provide stable and reliable zero-knowledge proof (ZKP) computations—a key component of ZK-Rollup technology.

Moreover, StableNet will adopt an optimized gas economic model where all gas fee income is reinvested into the platform’s community, benefiting developers, liquidity providers, and users.

Alvaro Fernandez, COO of Lumoz, highlighted the platform’s achievement as the first to utilize Polygon CDK and Celestia’s support, with ambitions for Lumoz to expand its services to developers and other projects.

“This is a significant milestone for Lumoz, being the first rollup to utilize Polygon CDK and go live, while also receiving official certification and support from Polygon and Celestia. We aspire to offer more RaaS-related services to developers and projects in the future” he added.

Lumoz is recognized for its ZK-RaaS (Zero-Knowledge Rollup as a Service) capabilities, enabling the creation of ZK-Rollup app-chains without coding. Its decentralized prover network is powered by a ZK-PoW (Proof of Work) mining mechanism to support ZK-Rollup arithmetic. The company’s latest move with StableNet could reshape ZK-Rollup technology’s future.

Read this next

Digital Assets

JPMorgan’s stablecoin ventures into interbank transactions

JPMorgan Chase & Co.’s proprietary digital token, JPM Coin, is set to expand its use case by facilitating interbank transactions on Partior, a blockchain ledger developed in collaboration with DBS Bank, Temasek, and Standard Chartered.

Retail FX

Interactive Brokers’ client base surges past 2.5 million

Interactive Brokers LLC (NASDAQ:IBKR) saw 1.89 million daily average revenue trades, or DARTS, in November 2023 compared to 1.93 million transactions in the prior month. The figure is three percent lower on a yearly basis, and also dropped slightly from a month earlier.

Executive Moves

Andrew Gibson launches TimberFX brokerage brand in Cyprus

After nearly two years at Tavira Securities as Head of Product Development, industry veteran Andrew Gibson is launching a new FX brokerage business based out of Cyprus.

Market News

US Dollar’s Trajectory Amidst Seasonal Trends and Economic Indicators in December 2023

As we traverse the final stretch of 2023, the noteworthy depreciation of the US dollar dominates the financial landscape

Inside View

Unlocking the Financial Potential of SMEs: Is FinTech the Key?

The rise of the gig economy for early-stage startups and freelancers has highlighted the increasing importance of small-scale business transactions and banking requirements. Unfortunately, this has also exposed a significant gap in the SME banking landscape.

Digital Assets

South Africa’s FSCA receives 138 crypto license applications

The Financial Sector Conduct Authority (FSCA) of South Africa is currently processing a slew of applications from cryptocurrency companies seeking operational licenses.


Exclusive Interview with Greg Rubin, Head of Axi Select: Unveiling the Future of Capital Allocation in the Financial World

Today, we are thrilled to kickstart another series of exclusive interviews with top executives in the financial services industry, hosted by our FinanceFeeds Editor-in-Chief, Nikolai Isayev. Our next guest is none other than Greg Rubin, the mastermind behind Axi Select.

Digital Assets receives UK’s EMI license, paving way for regulated expansion

Cryptocurrency exchange has been authorized as an Electronic Money Institution by the United Kingdom’s Financial Conduct Authority (FCA).

Digital Assets

Ripple’s Metaco joins Zodia Custody’s network for connectivity with Layers 0 and 1

“As the industry undergoes a pivotal transformation, our networked infrastructure is dedicated to standardise, govern and connect institutional digital asset flows — an essential step in forging use cases that transcend individual companies.”