Polygon acquires the Mir agreement for USD 400 million to support “breakthrough ZK Rollup technology” – Defi Bitcoin News

Polygon acquires the Mir agreement for USD 400 million to support “breakthrough ZK Rollup technology” – Defi Bitcoin News


On December 9, Polygon co-founder Mihailo Bjelic announced that the project had acquired the Ethereum expansion startup Mir for USD 400 million. A team of Mir cryptographers and engineers are joining Polygon to create a “highly scalable, Ethereum-compatible ZK summary” called Polygon Zero.

Mihailo Bjelic: “Polygon focuses on zero-knowledge cryptography as the ultimate game of blockchain expansion”

Acquired in Polygon Hermez Network (now Polygon Hermez) In August, the project announced the acquisition of an Ethereum expansion startup company for USD 250 million IPolygon co-founder Mihailo Bjelic revealed the acquisition on Thursday and said that the startup is “creating groundbreaking ZK technology.” The $400 million transaction will pave the way for Polygon’s new ZK Rollup project.

“The Mir team is now joining Polygon to take advantage of this breakthrough technology and build our new project-Polygon Zero, a highly scalable and Ethereum compatible ZK Rollup,” said Bjelic. “Polygon is focused on zero-knowledge (ZK) cryptography as the ultimate game of blockchain expansion. We have pledged $1B from the Polygon Finance Department for this work, and we have outlined our plan in our plan ZK papers,” the co-founder added.

In the past 30 days, the native token of the Polygon network Matic Value increased by 24%, and so far this year, the dollar value of MATIC has increased by 11,750%.In addition, although the cost of transferring ether is US$8.31 per transfer, the cost of using Polygon Hermez for the same transfer is US$0.25, according to l2fees.infoPrior to the acquisition of Mir, Polygon also announced several new rollups.

Midon, night falls, Plonky2

The project was recently revealed Polygon midden, A STARK-based, Ethereum-compatible summary on November 16, and Polygonal night falls, A privacy-centric summary. In addition to the acquisition of Mir, Polygon’s co-founders detailed the team’s plan to introduce efficient recursive proofs.

“The ZK extension represents the future of Ethereum, but the scalable, EVM-compatible ZK Rollups does not yet exist,” Bjelic said. “The missing part is efficient recursive proofs, because recursion allows us to parallelize proof generation for better performance. Unfortunately, the existing recursive proof systems supported by Ethereum are inefficient and slow.” Bjelic further added:

That’s the end of today. We released plonky2, which is a very fast recursive proof system and friendly to Ethereum. We believe that this engineering breakthrough will bring huge added value to the community and will open up new areas for Ethereum to expand.

Bjelic further explained that plonky2 is “practical on Ethereum” and that “plonky2 can generate recursive proofs on a laptop in an incredible 170 milliseconds.” Polygon co-founders detailed that plonky2 will be officially released in the next few weeks.In terms of total value lock (TVL) in decentralized finance (defi), Polygon owns US$4.88 billion.

According to statistics from defillama.com, the USD 4.88 billion locked in the Polygon defi agreement is equivalent to 1.96% of the USD 248 billion locked in all blockchains. Defi protocols using Polygon include projects such as Aave, Quickswap, Sushiswap, Curve and Balancer.Regarding the Mir acquisition announcement, Bjelic’s post pointed out that part of the $400 million transaction was related to MATIC token.

Tags in this story

400000000, Blockchain scalability, Go to financial institution, Defi protocol, defillama.com, Ethereum, Ethereum, Ethereum (ETH), Matic, Mikhail Belic, I, Mir Agreement, plonky2, Polygon, Polygon (MATIC), Polygon midden, Polygonal night falls, Recursive proof, Summary, Zoom, Zhongkong Technology

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