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January 20, 2022
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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 challenge has acquired the Ethereum scaling startup Mir in a $400 million deal. The Mir crew 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 Focused on Zero-Knowledge Cryptography as the End Game for Blockchain Scaling’

Following Polygon’s acquisition of the Hermez Network (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 “building groundbreaking ZK tech.” The $400 million deal will pave the way in which for Polygon’s new ZK Rollup challenge.

“The Mir team is now joining Polygon in order to utilize this groundbreaking technology and build our new project – Polygon Zero, a highly-scalable, Ethereum-compatible ZK Rollup,” Bjelic mentioned. “Polygon is focused on Zero-Knowledge (ZK) cryptography as the end game for blockchain scaling. We have committed $1B from the Polygon treasury to this effort, and we outlined our plans in our ZK Thesis,” the co-founder added.

During the final 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. Furthermore, whereas the price to switch ether is $8.31 per switch, the price to do the identical switch utilizing Polygon Hermez is $0.25, in accordance to l2fees.info. Polygon has additionally introduced a number of new rollups earlier than the acquisition of Mir.

Miden, Nightfall, Plonky2

The challenge not too long ago revealed Polygon Miden, a STARK-based, Ethereum-compatible rollup on November 16, and Polygon Nightfall, a privacy-focused rollup. In addition to the Mir acquisition, Polygon’s co-founder particulars that the crew plans to introduce environment friendly recursive proofs.

“ZK scaling represents the future of Ethereum, but scalable, EVM-compatible ZK Rollups don’t exist yet,” Bjelic says. “The missing piece is efficient recursive proofs, as recursion allows us to parallelize proof generation for much better performance. Unfortunately, the existing recursive proof systems supported by Ethereum are inefficient and slow.” Bjelic additional added:

This ends at present. We are asserting plonky2, a recursive proof system that’s extremely quick, and Ethereum-friendly. We imagine this engineering breakthrough will probably be an enormous value-add to the neighborhood and can open new frontiers of Ethereum scaling.

Bjelic additional explains that plonky2 is “practical to use on Ethereum” and “plonky2 can generate recursive proofs in an incredible 170 milliseconds on a laptop.” The Polygon co-founder detailed that plonky2 will probably be formally introduced in the subsequent few weeks. In phrases of whole 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 accordance to defillama.com stats. Defi protocols leveraging Polygon embrace initiatives like Aave, Quickswap, Sushiswap, Curve, and Balancer. In regard to the Mir acquisition announcement, Bjelic publish notes that a part of the $400 million deal was made with MATIC tokens.

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

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