Polygon Announces Nearly $500,000,000 Deal in Effort To Lead Ethereum-Scaling Solution Race

0 129

Ethereum layer 2 solution Polygon is unveiling a massive acquisition worth hundreds of millions of dollars to expand its repertoire of scaling technologies.

In a new blog post, Polygon (MATIC) announces the acquisition of Mir, a startup focused on developing zero-knowledge (ZK) technology.

ZK-rollups are layer 2 solutions that bundle hundreds of transactions off-chain and produce cryptographic proof that is instantly verified by the mainchain, resulting in a faster finality time.

With the acquisition of Mir and its recursive proof system Plonky2, MATIC hopes not only to improve the current ZK rollups compatible with ETH but also create ones that work with the Ethereum Virtual Machine (EVM).

“ZK scaling represents the future of Ethereum, but scalable, EVM-compatible ZK Rollups don’t exist yet. 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.

This ends today. We are announcing Plonky2, a recursive proof system that is incredibly fast, and Ethereum-friendly. We believe this engineering breakthrough will be a huge value-add to the community and will open new frontiers of Ethereum scaling.”

Polygon says that Mir has been working on recursive proofs for over two years and that Plonky2 has been shown to generate recursive proofs in 170 milliseconds on a laptop computer, which makes it ideal for building a ZK rollup compatible with EVM.

According to the statement, the maximum amount committed to the deal is $100 million and 190 million MATIC tokens. With MATIC is exchanging hands at $2.07, the deal could be worth as much as $493 million.

Check Price Action

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix


Check Latest News Headlines
 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Nithid/Vladimir Sazonov

Leave A Reply

Your email address will not be published.

bitcoin
Bitcoin (BTC) $ 26,171.01
ethereum
Ethereum (ETH) $ 1,585.84
tether
Tether (USDT) $ 0.999657
bnb
BNB (BNB) $ 211.79
xrp
XRP (XRP) $ 0.504611
usd-coin
USDC (USDC) $ 1.00
staked-ether
Lido Staked Ether (STETH) $ 1,584.76
cardano
Cardano (ADA) $ 0.244689
dogecoin
Dogecoin (DOGE) $ 0.060296
solana
Solana (SOL) $ 19.19
tron
TRON (TRX) $ 0.084529
the-open-network
Toncoin (TON) $ 2.14
polkadot
Polkadot (DOT) $ 4.01
matic-network
Polygon (MATIC) $ 0.516021
litecoin
Litecoin (LTC) $ 63.86
shiba-inu
Shiba Inu (SHIB) $ 0.000007
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 26,152.01
bitcoin-cash
Bitcoin Cash (BCH) $ 213.65
chainlink
Chainlink (LINK) $ 7.28
dai
Dai (DAI) $ 0.999842
true-usd
TrueUSD (TUSD) $ 0.998579
leo-token
LEO Token (LEO) $ 3.65
uniswap
Uniswap (UNI) $ 4.24
avalanche-2
Avalanche (AVAX) $ 8.94
stellar
Stellar (XLM) $ 0.111816
monero
Monero (XMR) $ 143.98
okb
OKB (OKB) $ 43.00
binance-usd
BUSD (BUSD) $ 0.999977
ethereum-classic
Ethereum Classic (ETC) $ 15.08
cosmos
Cosmos Hub (ATOM) $ 6.99
hedera-hashgraph
Hedera (HBAR) $ 0.049531
filecoin
Filecoin (FIL) $ 3.18
crypto-com-chain
Cronos (CRO) $ 0.049867
internet-computer
Internet Computer (ICP) $ 2.94
lido-dao
Lido DAO (LDO) $ 1.45
aptos
Aptos (APT) $ 5.40
mantle
Mantle (MNT) $ 0.390064
maker
Maker (MKR) $ 1,392.06
quant-network
Quant (QNT) $ 85.95
vechain
VeChain (VET) $ 0.016595
arbitrum
Arbitrum (ARB) $ 0.817699
near
NEAR Protocol (NEAR) $ 1.09
optimism
Optimism (OP) $ 1.27
kaspa
Kaspa (KAS) $ 0.045971
rocket-pool-eth
Rocket Pool ETH (RETH) $ 1,721.71
aave
Aave (AAVE) $ 60.90
the-graph
The Graph (GRT) $ 0.087579
algorand
Algorand (ALGO) $ 0.097322
whitebit
WhiteBIT Coin (WBT) $ 5.18
usdd
USDD (USDD) $ 0.997952
xdce-crowd-sale
XDC Network (XDC) $ 0.049717
immutable-x
ImmutableX (IMX) $ 0.583839
frax
Frax (FRAX) $ 0.997576
blockstack
Stacks (STX) $ 0.462163
havven
Synthetix Network (SNX) $ 1.98
theta-token
Theta Network (THETA) $ 0.641450
elrond-erd-2
MultiversX (EGLD) $ 24.48
radix
Radix (XRD) $ 0.063349
eos
EOS (EOS) $ 0.562066
bitget-token
Bitget Token (BGB) $ 0.446375
the-sandbox
The Sandbox (SAND) $ 0.300774
tezos
Tezos (XTZ) $ 0.652824
bitcoin-sv
Bitcoin SV (BSV) $ 30.89
axie-infinity
Axie Infinity (AXS) $ 4.52
injective-protocol
Injective (INJ) $ 7.08
render-token
Render (RNDR) $ 1.48
decentraland
Decentraland (MANA) $ 0.296195
gatechain-token
Gate (GT) $ 3.85
fantom
Fantom (FTM) $ 0.188516
thorchain
THORChain (RUNE) $ 1.72
neo
NEO (NEO) $ 7.22
kava
Kava (KAVA) $ 0.622982
paxos-standard
Pax Dollar (USDP) $ 0.999622
pax-gold
PAX Gold (PAXG) $ 1,898.73
tether-gold
Tether Gold (XAUT) $ 1,903.73
ecash
eCash (XEC) $ 0.000024
flow
Flow (FLOW) $ 0.442554
curve-dao-token
Curve DAO (CRV) $ 0.518191
compound-ether
cETH (CETH) $ 31.87
frax-share
Frax Share (FXS) $ 5.86
rocket-pool
Rocket Pool (RPL) $ 21.67
kucoin-shares
KuCoin (KCS) $ 4.40
frax-ether
Frax Ether (FRXETH) $ 1,583.64
iota
IOTA (MIOTA) $ 0.148688
apecoin
ApeCoin (APE) $ 1.12
chiliz
Chiliz (CHZ) $ 0.057413
huobi-token
Huobi (HT) $ 2.42
first-digital-usd
First Digital USD (FDUSD) $ 0.999239
tokenize-xchange
Tokenize Xchange (TKX) $ 4.74
bittorrent
BitTorrent (BTT) $ 0.000000
mina-protocol
Mina Protocol (MINA) $ 0.372285
casper-network
Casper Network (CSPR) $ 0.031922
terra-luna
Terra Luna Classic (LUNC) $ 0.000062
klay-token
Klaytn (KLAY) $ 0.112874
gala
GALA (GALA) $ 0.013307
sui
Sui (SUI) $ 0.440051
rollbit-coin
Rollbit Coin (RLB) $ 0.103447
dydx
dYdX (DYDX) $ 1.88
coinbase-wrapped-staked-eth
Coinbase Wrapped Staked ETH (CBETH) $ 1,661.69
nexo
NEXO (NEXO) $ 0.575332