This project will be part of a group called Polygon Zero.
Blockchain company Polygon has acquired startup Mir Protocol, developer of Ethereum scaling solutions. The deal is worth $400 million.
- The deal will be paid for with digital assets, said portal TheBlock, citing Polygon co-founder Mikhail Belich. According to him, the agreement provides for 190 million MATIC tokens and USDC in the amount of $ 100 million. The token price is set on November 26, 2021 – on that day MATIC is trading in the range of $1.67-1.84.
- Against the background of the news, the price of the MATIC token fell by 8%.
Startup Mir was founded in 2019. The provider’s blockchain platform helps DeFi applications verify transactions based on ZK tokens. Mir’s solution, Plonky2, can generate recursive proofs on a laptop in 170 milliseconds, faster than any other known solution, according to the company.
“Mir has assembled a talented team of cryptographers and engineers and after nearly two years has developed the world’s fastest scaling technology ZK,” said Polygon in a press release.
Polygon announced the rebranding of the startup to the Polygon Zero project. The Plonky2 solution will be presented to the public as part of this project in the coming weeks, the company said. The new development “will push the boundaries of Ethereum adoption, enabling significant scalability improvements without compromising security,” said Polygon.
In August, the blockchain company acquired another developer of Ethereum scaling solutions – Hermez Network – for $250 million. At the same time, Polygon announced a $1 billion fund to finance acquisitions in the ZK solution field. It is speculated that the blockchain company could consider another project with a total cost of $350 million.
Polygon aims to be a “second-tier aggregator” by providing a suite of solutions to scale Ethereum over the long term, project founder Sandip Niallval told TheBlock.
This week, the media reported that institutional investors could invest $50-150 million in blockchain firm Polygon.
Recall that in September audit firm Ernst & Young selected the Polygon protocol to integrate into its b2b service.