Business

Polygon Purchases Mir Protocol For $400 Mln – But Why?

Earlier this week, Polygon disclosed its intention to purchase the Mir Protocol for $400 million. The transaction contains 190 million MATIC tokens and $100 million in USDC stablecoins.

Polygon announced that it currently possesses accessibility to the quickest zero-knowledge (zk) scaling technology in the globe. Mir has developed Plonky2, a method for speeding up current zk-proofs by employing recursive proofs.

Far greater scalability for Ethereum ZK rollups allows actions to be completed quicker since it need not analyze all of the input on the root chain and can bundle, or rollup, transactions collectively to be completed as a single transaction.

Mir will be renamed Polygon Zero and will be incorporated. Polygon PoS, SDK, Avail, Nightfall, Hermez, and Miden would be introduced to the increasing list of existing Polygon solutions.

Polygon joined with roll-up platform Hermez in a $250 million agreement in mid-August. The international professional services network EY chose it the next month to implement and grow its business blockchain on Ethereum. Miden, a STARK-based EVM-compatible rollup with the potential to scale smart contracts, was revealed by Polygon in mid-November.

MATIC Price Forecast

The agreement is a component of a three vesting term throughout which the Mir team will be allowed to progressively extract cash.

As per coinmarketcap, Polygon’s indigenous coin, which would still be known as MATIC, has dropped 6.7 percent that day. MATIC, which is presently trading at $2.09, has already been functioning strongly lately, gaining 11 percent in the last two weeks.

The coin is presently down 1.33 percent from its all-time high of $2.62 on May 18, providing it a market valuation of roughly $14.7 billion, which is comparable to Crypto.com’s CRO.

Leave a Comment

Your email address will not be published.