How Polygon Sealed A $400M Deal To Get Ahead In The Ethereum ZK Rollup Race
Scaling solution Polygon has stepped up its Zero-Knowledge (ZK) proof ambitions. According to an official post, a startup called Mir will collaborate with Polygon and has invested a staggering amount of $400 million.
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Mir and its team of experts will join the scaling solution to implement their ZK Rollup technology, developed for over two years. The startup was founded by Brendan Farmer and Daniel Lubarov, and its team, comprised of people with backgrounds in pure math, cryptography, and engineer, will be integrated into Polygon.
The scaling solution has already been making efforts to support and contribute to the development of scaling solutions. The project committed $1 billion from its treasury for this purpose.
In addition, it integrated ZK-friendly EVM implementation Hermez Network renamed Polygon Hermez together with the development of Nightfall and Miden, two privacy-focused solutions. Now, Mir will be integrated into this ecosystem with a new name, Polygon Zero.
Since the DeFi boom, Ethereum has faced issues regarding its network congestion and high transactions fees. This has allowed competitors with lower fees to rise and take market share from this network.
In that sense, Polygon seeks to improve Ethereum’s transaction capabilities and accelerate the development of ZK proof. Thus, bringing what could be one of DeFi and Web 3.0 dApps main obstacles for mass adoption.
Mihailo Bjelic, one of Polygon’s Co-Founders, said the following on the potential for ZK rollups development to grow for the benefit of the entire ecosystem:
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. 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.Polygon To Lead Ethereum Into The Future?
In doing so, Ethereum can become more accessible and move forward in its objective of onboarding millions of users. Per a press release shared with NewsBTC, the Mir partnership is a “key component” in Polygon’s strategy for Ethereum scaling.
In the coming weeks, the project is set to provide more details about their progress in this field. This will include a solution called Plonky2 that will generate recursive proofs in milliseconds and will open the gate for horizontal scaling.
Thus, the project will tackle one of the most fundamental issues with scaling, the capacity for each node to process every transaction, according to an official post by Polygon. Co-Founder of Mir Brendan Farmer claimed the following on their cooperation with Polygon:
Joining Polygon is an incredible opportunity for us to work toward scaling Ethereum. Polygon is one of the most dedicated and successful teams in the space, and we’ve been impressed by their commitment to ZK as a scaling solution for Ethereum. We’re very excited to dedicate our world-class team and the technology that we’ve developed toward achieving this vision.
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As of press time, MATIC trades at $2.17 with a 4.22% profit in the past day.MATIC trends to the upside in the daily chart. Source: MATICUSDT Tradingview