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Polygon Acquires Mir Protocol in $400M Deal in Order to Bolster 'Groundbreaking ZK Rollup Tech'

Cryptocurrency

By Yes Mobile

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Polygon Acquires Mir Protocol in $400M Deal in Order to Bolster 'Groundbreaking ZK Rollup Tech'

Polygon Acquires Mir Protocol in $400M Deal in Order to Bolster 'Groundbreaking ZK Rollup Tech'

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

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

Following Polygon’s acquisition of the Hermez Community (now Polygon Hermez) for $250 million in August, the challenge 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 best way for Polygon’s new ZK Rollup challenge.

“The Mir staff is now becoming a member of Polygon in order to make the most of this groundbreaking expertise and construct our new challenge – Polygon Zero, a highly-scalable, Ethereum-compatible ZK Rollup,” Bjelic mentioned. “Polygon is concentrated on Zero-Data (ZK) cryptography as the tip sport for blockchain scaling. We’ve got 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 associated fee to switch ether is $8.31 per switch, the associated fee to do the identical switch utilizing Polygon Hermez is $0.25, in response to l2fees.data. Polygon has additionally introduced a number of new rollups earlier than the acquisition of Mir.

Miden, Dusk, Plonky2

The challenge just lately revealed Polygon Miden, a STARK-based, Ethereum-compatible rollup on November 16, and Polygon Dusk, a privacy-focused rollup. Along with the Mir acquisition, Polygon’s co-founder particulars that the staff 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 technology for a lot better efficiency. Sadly, the prevailing recursive proof methods supported by Ethereum are inefficient and sluggish.” Bjelic additional added:

This ends in the present day. We’re saying plonky2, a recursive proof system that’s extremely quick, and Ethereum-friendly. We consider this engineering breakthrough will likely be an enormous value-add to the neighborhood 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 will likely be formally introduced in 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 response to defillama.com stats. Defi protocols leveraging Polygon embody initiatives like Aave, Quickswap, Sushiswap, Curve, and Balancer. In regard to the Mir acquisition announcement, Bjelic put up notes that a part of the $400 million deal was made with MATIC tokens.

What do you consider Polygon buying Mir in a $400 million deal? Tell us what you consider this topic in the feedback part under.

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