Polygon disclosed it has acquired Ethereum Scaling Startup Mir Protocol For $400 million, involving 190 million MATIC tokens and $100 million worth of USDC stablecoins.
In a bid to further expand its custody of scaling technologies, Ethereum scaling solution provider, Polygon unveils that it has just acquired Mir, an Ethereum scaling startup that focuses on zero-knowledge proofs for $400 million.
Mir is an Ethereum scaling startup that utilizes zero-knowledge proof (ZK-proof) technology to feature an efficient and swift scaling system on the network.
The acquisition had come to light during a recent event dubbed Polygon’s “zk” day, where the company unveiled it had bagged Mir with $300 million of the payment being made in MATIC, and the other $100 million being paid with USD stablecoin.
Polygon had considered the acquisition of Mir suitable for the accomplishment of its goals following the effective infrastructures deployed by the Mir protocol which enables it to generate proofs faster and verify more transactions in a single proof. Mihailo Bjelic, the co-founder at Polygon acknowledged this saying:
“It is a great piece of engineering, Plonky2 can generate recursive proofs in an incredible 170 milliseconds on a laptop. Most importantly, plonky2 is practical to use on Ethereum, with 45kb proofs in size-optimized mode.”
He further noted that “the industry is still in an early phase when it comes to scaling and blockchain infrastructure in general. One of the key missing components required to build highly scalable solutions has been performant recursive proof systems; they simply haven’t existed so far. This ends today.”
Polygon to Become a Multi-purpose Scaling Solution for Ethereum
The move reflects Polygon’s efforts to become a multipurpose scaling solution for Ethereum. Polygon has unveiled that it is striving and making necessary efforts to become a multipurpose scaling solution for Ethereum.
Prior to this event, Polygon had recently proposed a merger with Hermez Network, another Zero-Knowledge scaling solution, for $250 million using a token swap.
The acquisition deal also requires the team behind MIR to join efforts with Polygon towards its upcoming projects. Hence, MIR will be rebranding to Polygon Zero, which will build a ZK-rollup based on its ZK-proof technology.
MIR Increased in Price After Event
According to analysis from Coinmarketcap, it appears that the acquisition had impacted the performance of MIR. The protocol had surged by over 15% in the last 24 hours.
Hence, MIR is currently priced at $2.75 at the time of writing.
Caroline is a zealous writer who recently picked interest in Bitcoin and the cryptocurrency community. She’s always learning about the industry and aims to provide timely and accurate information about the latest developments in the crypto space
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