Pontem's L2, Lumio, can effectively increase transaction bandwidth, uniting the advantages of high TPS chains like Aptos with the security and liquidity of Ethereum.
SINGAPORE, Dec. 19, 2023 /PRNewswire-PRWeb/ -- Pontem, a product development studio building Move and EVM-compatible products to enable a safer, more performant and developer-friendly Web3, announces the launch of Lumio, its L2 to solve Ethereum's scalability challenges and usher in a Web2-like experience on Web3 for millions of users. By leveraging high throughput chains like Aptos to sequence transactions, Lumio enhances transaction bandwidth while retaining the security and liquidity of Ethereum.
Lumio is a novel optimistic rollup based on the open source OP stack, which stands out in three significant ways. Firstly, it will settle with Ethereum and leverage alt L1s, specifically Aptos, to process transactions, providing high throughput, low latency, redundancy in uptime, and direct connections for liquidity to flow. Secondly, it features a Move & EVM compatible runtime that allows developers to leverage the benefits of the Move language on Ethereum while still supporting the Solidity ecosystem. Thirdly, it incorporates an app-centric economic model for gas, enabling application builders to benefit from network usage.
Alejo Pinto, Co-founder of Pontem, said "The promise of a Web2-like experience on Web3 is becoming closer to reality thanks to the launch of Pontem's L2, Lumio. Most of the Web3 value is locked up in Ethereum as ETH and ERC20 tokens. Aptos, having better performance and lower costs than existing L2s, can be combined with the reliability of Ethereum settlement to bootstrap scalability with existing L1s that are production ready. Pontem is executing on the vision of interconnected L2s scaling Ethereum horizontally to meet the needs of millions and eventually billions of users concurrently."
The Move Virtual Machine (VM) represents a significant advancement in the development of secure and high-performance decentralized applications (dApps). By incorporating parallelized execution, the Move VM achieves remarkable scalability, processing transactions on a high performance blockchain like Aptos, it can theoretically reach 100,000 transactions per second (TPS), greatly enhancing user experience. From a security perspective, the Move VM introduces innovative features like an atomic resources model, native prover, and formal verification. Originally introduced by Meta, one of the world's largest technology companies, the Move VM built on Rust was purpose-built for smart contract development.
The Lumio L2 will initially be part of the Optimism Superchain ecosystem in order to make use of the liquidity and user network effect of other L2s there like Base and Mantle. As the interconnected L2 architecture develops on other ecosystems like Arbitrum and ZkSync, Pontem will look to expand their reach there as well. The Lumio testnet is now live, to learn more, visit lumio.io.
For media inquiries, please contact Phil LeRoy at (310) 260-7901 or phil(at)melrosepr(dot)com.
About Pontem
Pontem is a product development studio building Move and EVM-compatible products to enable a safer, more performant and developer-friendly Web3. Pontem's Move VM platform empowers developers with the ability to build high performance Move and EVM-based projects without reliance on Ethereum's complex programming language Solidity. Pontem's products include Pontem Wallet for the Aptos ecosystem, and Liquidswap AMM DEX, among others. Backed by Lightspeed, Pantera, Animoca, and other well-known VCs, Pontem is building foundational decentralized applications (dApps) and infrastructure to accelerate adoption and promote global financial inclusion powered by blockchains.
Pull Quote
The promise of a Web2-like experience on Web3 is becoming closer to reality thanks to the launch of Pontem's L2, Lumio.
Media Contact
Phil LeRoy, Melrose PR, (310) 260-7901, [email protected], https://www.melrosepr.com/
SOURCE Pontem
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