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

0 95

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) $ 28,250.57
ethereum
Ethereum (ETH) $ 1,918.05
tether
Tether (USDT) $ 0.999921
bnb
BNB (BNB) $ 315.42
usd-coin
USD Coin (USDC) $ 1.00
xrp
XRP (XRP) $ 0.483470
cardano
Cardano (ADA) $ 0.385013
staked-ether
Lido Staked Ether (STETH) $ 1,917.89
dogecoin
Dogecoin (DOGE) $ 0.073757
matic-network
Polygon (MATIC) $ 0.942028
solana
Solana (SOL) $ 20.88
tron
TRON (TRX) $ 0.077933
polkadot
Polkadot (DOT) $ 5.52
litecoin
Litecoin (LTC) $ 91.42
binance-usd
Binance USD (BUSD) $ 0.999380
shiba-inu
Shiba Inu (SHIB) $ 0.000009
avalanche-2
Avalanche (AVAX) $ 14.91
dai
Dai (DAI) $ 0.998544
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 28,246.57
uniswap
Uniswap (UNI) $ 5.15
chainlink
Chainlink (LINK) $ 6.64
leo-token
LEO Token (LEO) $ 3.53
cosmos
Cosmos Hub (ATOM) $ 10.92
okb
OKB (OKB) $ 47.78
the-open-network
Toncoin (TON) $ 1.93
monero
Monero (XMR) $ 155.38
ethereum-classic
Ethereum Classic (ETC) $ 18.54
stellar
Stellar (XLM) $ 0.088903
bitcoin-cash
Bitcoin Cash (BCH) $ 116.30
internet-computer
Internet Computer (ICP) $ 4.99
true-usd
TrueUSD (TUSD) $ 0.999960
filecoin
Filecoin (FIL) $ 4.70
lido-dao
Lido DAO (LDO) $ 2.09
aptos
Aptos (APT) $ 8.52
hedera-hashgraph
Hedera (HBAR) $ 0.053608
arbitrum
Arbitrum (ARB) $ 1.26
quant-network
Quant (QNT) $ 106.82
crypto-com-chain
Cronos (CRO) $ 0.061270
near
NEAR Protocol (NEAR) $ 1.67
vechain
VeChain (VET) $ 0.020487
ggtkn
GGTKN (GGTKN) $ 0.115886
apecoin
ApeCoin (APE) $ 3.32
the-graph
The Graph (GRT) $ 0.124763
algorand
Algorand (ALGO) $ 0.154186
the-sandbox
The Sandbox (SAND) $ 0.556766
paxos-standard
Pax Dollar (USDP) $ 0.999612
eos
EOS (EOS) $ 0.912051
render-token
Render (RNDR) $ 2.76
frax
Frax (FRAX) $ 0.999449
edgecoin-2
Edgecoin (EDGT) $ 0.999489
aave
Aave (AAVE) $ 69.17
fantom
Fantom (FTM) $ 0.348301
rocket-pool
Rocket Pool (RPL) $ 49.52
elrond-erd-2
MultiversX (EGLD) $ 36.76
decentraland
Decentraland (MANA) $ 0.490463
blockstack
Stacks (STX) $ 0.654041
theta-token
Theta Network (THETA) $ 0.882012
tezos
Tezos (XTZ) $ 0.936208
axie-infinity
Axie Infinity (AXS) $ 7.19
neo
NEO (NEO) $ 11.34
flow
Flow (FLOW) $ 0.772745
rocket-pool-eth
Rocket Pool ETH (RETH) $ 2,059.24
havven
Synthetix Network (SNX) $ 2.48
immutable-x
ImmutableX (IMX) $ 0.780410
gala
GALA (GALA) $ 0.031194
bitdao
BitDAO (BIT) $ 0.514934
usdd
USDD (USDD) $ 0.999741
kucoin-shares
KuCoin (KCS) $ 7.53
radix
Radix (XRD) $ 0.070266
curve-dao-token
Curve DAO (CRV) $ 0.862787
conflux-token
Conflux (CFX) $ 0.330731
whitebit
WhiteBIT Token (WBT) $ 4.78
gatechain-token
Gate (GT) $ 4.87
bitget-token
Bitget Token (BGB) $ 0.468514
bitcoin-sv
Bitcoin SV (BSV) $ 33.36
pepe
Pepe (PEPE) $ 0.000002
kava
Kava (KAVA) $ 1.16
klay-token
Klaytn (KLAY) $ 0.190689
maker
Maker (MKR) $ 651.58
bittorrent
BitTorrent (BTT) $ 0.000001
casper-network
Casper Network (CSPR) $ 0.052605
gemini-dollar
Gemini Dollar (GUSD) $ 0.997399
injective-protocol
Injective (INJ) $ 7.18
iota
IOTA (MIOTA) $ 0.201580
sui
Sui (SUI) $ 1.06
optimism
Optimism (OP) $ 1.66
chiliz
Chiliz (CHZ) $ 0.103724
huobi-token
Huobi (HT) $ 3.34
mina-protocol
Mina Protocol (MINA) $ 0.586046
tokenize-xchange
Tokenize Xchange (TKX) $ 6.57
terra-luna
Terra Luna Classic (LUNC) $ 0.000089
pax-gold
PAX Gold (PAXG) $ 1,959.03
frax-share
Frax Share (FXS) $ 7.04
gmx
GMX (GMX) $ 57.36
dash
Dash (DASH) $ 43.93
ecash
eCash (XEC) $ 0.000025
compound-ether
cETH (CETH) $ 38.42
tether-gold
Tether Gold (XAUT) $ 1,936.67
trust-wallet-token
Trust Wallet (TWT) $ 1.11
xdce-crowd-sale
XDC Network (XDC) $ 0.031849