Polygon acquires Mir Protocol in $400 million deal to bolster ZK Rollup Tec
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On December 9, Polygon co-founder Myhailo Bilek announced that the project had brought on board Ethereum expansion startup Mir in a $400 million deal. Mir's team of cryptographers and engineers is joining forces with Polygon to create a “highly scalable, Ethereum-compatible ZK cluster” called Polygon Zero. Mihailo Bilek: “Polygon is focused on Zero-Knowledge cryptography as the final stage of blockchain scaling” Following Polygon’s acquisition of Hermez Network (now Polygon Hermez) for $250 million in August, the project announced that it had purchased startup Mir to scale Ethereum.
Polygon co-founder Mihailo Bjelic revealed the merger on Thursday and said the startup is “building ZK’s groundbreaking technology.” The $400 million deal will pave the way for Polygon's new project ZK Rollup. “The Mir team now joins Polygon in order to leverage this pioneering technology and build our new venture – Polygon Zero,” said Bielik.
Ethereum-compatible and highly scalable ZK Rollup.” Polygon is focusing on Zero-Knowledge (ZK) cryptography as the final stage of blockchain scaling. We have allocated $1 billion from Polygon’s treasury to this goal, and have outlined our plans in the ZK Thesis,” the co-founder added.
Over the past 30 days, the value of the Polygon Network's MATIC token has risen by 24%, and so far MATIC has jumped 11,750% in USD value. While Ethereum transfer costs $8.31 per transfer, making the same transfer using Polygon Hermez costs $0.25, according to l2fees.info. Polygon also announced several new collections before acquiring Mir.
Miden, Nightfall, Plonky2 The project recently unveiled Polygon Miden, a STARK-based update set compatible with Ethereum on November 16, and Polygon Nightfall, a privacy-focused update set. In addition to the Mir acquisition, the Polygon co-founder explained that the team plans to offer efficient iterative proofs.
“ZK Scale represents the future of Ethereum, but there are no scalable ZK Rollups compatible with EVM yet,” Bielik says. “What we lack is efficient recursive proofs, where repeatedly applying updates allows us to balance proof generation for much better performance. Unfortunately, the current recursive proof systems supported by Ethereum are inefficient and slow.”
Belek further added: And that day ended. We're announcing plonky2, an incredibly fast, Ethereum-friendly iterative proof system. We believe that this engineering breakthrough will be of huge added value to the community and will open new horizons for scaling Ethereum.
Belek further explains that plonky2 is “practical for use on Ethereum” and “plonky2 can generate duplicate proofs in 170 milliseconds on a laptop.” The Polygon co-founder explained that plonky2 will be officially announced in the next few weeks. In terms of total value locked (TVL) in DeFi (challenge), Polygon has $4.88 billion.
The 4.88 billion locked in Polygon Defi protocols equates to 1.96% of the $248 billion locked in the challenge across all blockchains, according to defillama.com statistics. Defi protocols that leverage Polygon include projects such as Aave, Quickswap, Sushiswap, Curve, and Balancer. Regarding the Mir acquisition announcement, Belek’s post notes that part of the $400 million deal was concluded using MATIC tokens.
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