Altcoin, Decentralised Finance

Polygon expansion: Acquires Mir ETH scaling protocol for $400M

  • Polygon Network has acquired the Mir Protocol for about $400M
  • The deal required Polygon to pay 190M MATIC followed by $100M USDC
  • Polygon is also introducing a recursive proof system for faster verifications on Ethereum

Polygon, the platform behind the MATIC token, which is currently the 14th biggest cryptocurrency in the market, has acquired Mir Protocol, a platform that uses next-generation zk-rollups to scale Ethereum. The deal has been confirmed after a Dec 9 report and has cost the Network around $400M.

Polygon expands in a big way

Polygon continues to dominate other cryptocurrency-based platforms. Dubbed as Ethereum’s most used scaling solution, the acquisition of Mir Protocol will now attract millions of users of Web 3 to the platform. Mir Protocol operates using the zk scaling solution, which is considered the fastest among all the available protocols. 

As per the report, the deal breaks down the required $400M into two. First, Polygon has to pay 190 million of its native MATIC, which is roughly worth around $429 million at the time of writing. Furthermore, the Ethereum scaling network also had to pay $100 million in USDC.

“We are introducing a recursive proof system that is orders of magnitude faster than anything else and is practical to verify on Ethereum. This is a huge win for the entire industry,” said the co-founder of Polygon Network, Mihailo Bjelic.

Scaling solutions

Reports claim that the Polygon Network is building an arsenal of scaling solutions and is looking to take over the entire market. As the majority of altcoins remain bearish, the MATIC token has shown signs of bullish growth. With the acquisition of Mir Protocol, the Network has access to zk scaling technology which easily allows multiple ETH transactions to be verified in a single proof. 

Mir Protocol has solved the issue with slow zk proofs via the generation of faster recursive proofs. It seems that Polygon’s primary focus is on building more and more scaling solutions as recently, the Network also announced a merger with Hermez Network, which will now be called Polygon Hermez.

Furthermore, the development of Polygon Nightfall is also in place, which is a “privacy-focused rollup build in collaboration with EY.”

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Parth

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A writer, an author, a freelancer with writings in over 50+ niches, an editor, a proofreader, a music enthusiast, a YouTuber, a podcaster, and someone, who puts consistent efforts each day to make sure his creativity is noticed. What's more? He loves cryptocurrencies.

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