During the ZK summit, Polygon unveiled the big news it said was coming. That is the purchase of a startup, working on Ethereum scaling, Mir for $400 M.
Previously, the Polygon team said it had exciting news to unveil.Mihailo Bjelic, Jaynti Kanani and Sandeep Nailwal, Polygon’s co-founders, spoke about Ethereum’s scaling possibilities, their role and Polygon’s goal. The network aims to achieve that using zero-knowledge rollups. Rollups are Layer 2 solutions. Two popular rollups are Optimistic and ZK, which differ by their technical architecture and cryptographic methods.
Polygon is centered on ZK. The team built the Polygon Thesis and allocated $1 B from the treasury to accomplish it. In August 2021, Polygon Hermez was created as ZK solution Hermez joined the Polygon ecosystem in a $250 M deal.
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As Mihailo Bjelic explained, Polygon is a part of Ethereum and aims to add value to it.The purchase of Mir is meant to make the process more efficient. ZK-rollups enable activities to be processed outside the mainnet, providing higher speed and decreasing costs.
Going live in 2017 as Matic Network, Polygon is now the most adopted scaling solution on Ethereum. It has a native token MATIC, which is presently the 14th largest crypto with a market cap of over $14.5 bln. At the moment, the token trades at about $2.07, around 21% down from its all-time high of $2.68 reached on May 18, 2021.