Polygon injects $500,000,000 in Ethereum-scaling solution race

Ethereum layer-2, Polygon (MATIC), announced it acquired Mir, a startup focused on developing zero-knowledge (ZK) technology.

Polygon injects $500,000,000 in Ethereum-scaling solution race
Polygon Zero | Image: Polygon

According to the reports, Polygon committed $100 million and 190 million MATIC tokens to the deal. And with MATIC hovering around $2.07, the deal could be worth as much as $493 million.

Note that ZK-rollups are layer-2 solutions that process various transactions off-chain and provide cryptographic proof that is verified by the mainchain.

With the acquisition of Mir and its proof system Plonky2, Polygon believes not only to empower ZK-rollups currently compatible with Ethereum but also design ones that work with the Ethereum Virtual Machine (EVM).

Following the acquisition, the team notes that scaling is the future of Ethereum, but scalable, EVM-compatible ZK Rollups don’t exist yet. Therefore, the missing piece is recursive proofs, as recursion lets them parallelize proof generation for better performance.

Furthermore, the team adds that unfortunately, the existing recursive proof systems Ethereum supports are slow and inefficient.

Moreover, Mir notes that all these stops now as they introduce Plonky2, a recursive proof system that is fast, and Ethereum-friendly. Thus, they believe this engineering will be huge for their community and will open new doors of Ethereum scaling.

On the other hand, Polygon praised Mir for their work, saying that Mir work on Plonky2 proved to generate recursive proofs in 170 milliseconds on a computer, which makes it ideal for them to create a ZK rollup compatible with EVM.