Polygon Acquires Mir for $500mln to Lead Ethereum-Scaling Rush
Solution for the Ethereum layer 2 Polygon is announcing a multi-million takeover deal to broaden its portfolio of scaling solutions. In particular,Polygon (MATIC) announced the purchase of Mir, a firm specialized on zero-knowledge (ZK) technology, in a recent blog post.
ZK-rollups are layer 2 solutions that aggregate hundreds of off-chain activities and provide cryptographic proofs that are instantaneously confirmed by the mainchain, implying a shorter time to conclusion.
MATIC believes that by acquiring Mir and its recursive proof engine Plonky2, it would be able to not only enhance existing ZK rollups compatible with ETH, but also construct new ones interoperable with the Ethereum Virtual Machine (EVM).
“ZK scaling is the vision of Ethereum, but scalable, EVM-compatible ZK Rollups is not yet available. The missing ingredient is efficient recursive proofs, since recursion enables concurrent proof production, which significantly improves speed. Regrettably, Ethereum’s present recursive proof mechanisms are ineffective and sluggish. This will conclude today. We are pleased to announce Plonky2, a recursive proof system that is both fast and Ethereum-compatible. We think that this technological advancement will significantly benefit the community and will pave the way for new horizons of Ethereum scalability.”
Mir has been developing recursive proofs for more than two years, and Plonky2 has demonstrated its ability to create recursive proofs in 170 milliseconds on a laptop, making it appropriate for producing a ZK rollup compatible with EVM. The maximum commitment to the offer, as per the release, is $100 million and 190 million MATIC tokens. With MATIC trading at $2.07, the transaction might be valued up to $493 million.