Altcoins

India-based Polygon acquires ZK-rollups startup Mir, for $400 million

India-based crypto platform Polygon has acquired zero-knowledge know-how developer Mir for US$400 million. Polygon announced in a put up, 

“The Mir group is now becoming a member of Polygon as a way to make the most of this groundbreaking know-how and construct our new undertaking – Polygon Zero, a highly-scalable, Ethereum-compatible ZK Rollup.”

The utmost quantity committed for this deal stands at $100M and 190M $MATIC tokens, which on the date of deal closure is near $400M primarily based.

Polygon has been specializing in scaling Zero-Data (ZK) cryptography, ear-marking $1 billion to the hassle. Polygon Co-Founder Sandeep Nailwal told Bloomberg, 

“The addition of Mir allows Polygon to realize entry to the world’s quickest and most effective ZK scaling know-how.”

Beforehand, Polygon had introduced a merger with Hermez Community, and tasks below Polygon Miden and Polygon Dusk.

Nailwal added

“Polygon desires to supply a variety of safe, quick, reasonably priced, and energy-efficient Ethereum scaling options for web3 builders.” 

Beneath Polygon Studios the platform can be catering to sport corporations, and specializing in gaming with internet 2.0 and internet 3.0 decentralized know-how. With the present acquisition, Polygon will introduce EVM-compatible ZK Rollups that don’t exist in the intervening time, as claimed by the platform. 

With the deal, Polygon additionally introduced plonky2, “a recursive proof system that’s extremely quick, and Ethereum-friendly.”A sector the place Mir has been working alongside Polygon with extra particulars anticipated quickly below Polygon Zero.

Polygon co-founder Mihailo Bjelic told a media home that “Plonky2 can generate recursive proofs in an unbelievable 170 milliseconds on a laptop computer.” Including that plonky2 is “sensible to make use of on Ethereum, with 45kb proofs in size-optimized mode.”

“It’s a nice piece of engineering.”

The corporate mentioned that Polygon Zero might be an important a part of its ecosystem, with options like Polygon PoS, Polygon Hermez, Polygon Miden, Polygon SDK, Polygon Dusk, and Polygon Avail. The ecosystem goals to change into a number one blockchain platform whereas onboarding the “first billion customers to Ethereum.” On this context, Nailwal additionally said,

“Zero-knowledge is the last word frontier for internet-level scale for blockchains.”

In the meantime, Polygon stays a serious chain in focus for traders with $4.88 billion DeFi TVL and 129 protocols on-chain. Nonetheless,  MATIC’s value motion has been fairly weak. At press time, the token is priced down 8.9% within the final sooner or later on CoinGecko. 

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Source: Defillama

 



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