Polygon Acquires Mir Protocol in $400M Deal in Order to Bolster ‘Groundbreaking ZK Rollup Tech’ – Defi Bitcoin News

On December 9, Polygon co-founder Mihailo Bjelic introduced that the venture has acquired the Ethereum scaling startup Mir in a $400 million deal. The Mir group of cryptographers and engineers are becoming a member of Polygon with the intention to create a “highly-scalable, Ethereum-compatible ZK rollup” known as Polygon Zero.

Mihailo Bjelic: ‘Polygon Is Centered on Zero-Information Cryptography because the Finish Sport for Blockchain Scaling’

Following Polygon’s acquisition of the Hermez Network (now Polygon Hermez) for $250 million in August, the venture has introduced it has bought the Ethereum scaling startup Mir. Polygon co-founder Mihailo Bjelic revealed the acquisition on Thursday and mentioned the startup is “constructing groundbreaking ZK tech.” The $400 million deal will pave the way in which for Polygon’s new ZK Rollup venture.

“The Mir group is now becoming a member of Polygon with the intention to make the most of this groundbreaking expertise and construct our new venture – Polygon Zero, a highly-scalable, Ethereum-compatible ZK Rollup,” Bjelic mentioned. “Polygon is targeted on Zero-Information (ZK) cryptography as the top recreation for blockchain scaling. We now have dedicated $1B from the Polygon treasury to this effort, and we outlined our plans in our ZK Thesis,” the co-founder added.

Over the last 30 days, the Polygon community’s native token MATIC climbed 24% in worth, and year-to-date, MATIC has jumped 11,750% in USD worth. Moreover, whereas the fee to switch ether is $8.31 per switch, the fee to do the identical switch utilizing Polygon Hermez is $0.25, in keeping with Polygon has additionally introduced a number of new rollups earlier than the acquisition of Mir.

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Miden, Dusk, Plonky2

The venture just lately revealed Polygon Miden, a STARK-based, Ethereum-compatible rollup on November 16, and Polygon Nightfall, a privacy-focused rollup. Along with the Mir acquisition, Polygon’s co-founder particulars that the group plans to introduce environment friendly recursive proofs.

“ZK scaling represents the way forward for Ethereum, however scalable, EVM-compatible ZK Rollups don’t exist but,” Bjelic says. “The lacking piece is environment friendly recursive proofs, as recursion permits us to parallelize proof era for significantly better efficiency. Sadly, the prevailing recursive proof methods supported by Ethereum are inefficient and gradual.” Bjelic additional added:

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This ends right this moment. We’re asserting plonky2, a recursive proof system that’s extremely quick, and Ethereum-friendly. We imagine this engineering breakthrough might be an enormous value-add to the group and can open new frontiers of Ethereum scaling.

Bjelic additional explains that plonky2 is “sensible to make use of on Ethereum” and “plonky2 can generate recursive proofs in an unbelievable 170 milliseconds on a laptop computer.” The Polygon co-founder detailed that plonky2 might be formally introduced within the subsequent few weeks. By way of complete worth locked (TVL) in decentralized finance (defi), Polygon has $4.88 billion.

The 4.88 billion locked in Polygon defi protocols equates to 1.96% of the $248 billion locked in defi throughout all blockchains, in keeping with stats. Defi protocols leveraging Polygon embody tasks like Aave, Quickswap, Sushiswap, Curve, and Balancer. In regard to the Mir acquisition announcement, Bjelic submit notes that a part of the $400 million deal was made with MATIC tokens.

Tags on this story
400 million, blockchain scalability, DeFi, Defi protocols,, ETH, Ethereum, Ethereum (ETH), matic, Mihailo Bjelic, Mir, Mir Protocol, plonky2, Polygon, Polygon (MATIC), Polygon Miden, Polygon Dusk, recursive proofs, rollups, Scaling, ZK tech

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