Polygon buys blockchain protocol developer Mir
Polygon, a cryptocurrency platform, is acquiring roughly $ 500 million from Predicate Labs, the creator of the Mir blockchain system, as part of a larger campaign to strengthen Ethereum and create conditions for wider adoption.
Even though the Ethereum blockchain is one of the most widely utilized in the world, bandwidth issues can result in users paying exorbitant costs.
Acquisition is part of Polygon’s strategy
Mir’s “zero-knowledge rolls” technology offloads data from Ethereum, lowering costs and speeding up transaction processing.
“Polygon aims to provide a broad range of Ethereum scaling solutions for web3 developers that are safe, quick, inexpensive, and energy-efficient. Polygon now has access to the world’s fastest and most efficient ZK scaling technology thanks to the inclusion of Mir “Sandip Nailwan, Polygon’s co-founder, said:
Polygon’s $ 1 billion Ethereum plan includes this purchase, which is in addition to numerous other transactions the business has made. Mir, along with current Polygon solutions like Polygon PoS, Polygon Hermez, and Polygon Miden, will be merged into the Polygon ecosystem under the new moniker Polygon Zero.
The agreement would help the firm grow as a participant in so-called Layer 2 technologies, also known as convolutions, which take Ethereum transactions, compress them, and transport them back to the original chain at a fraction of the time and cost.
Polygon’s MATIC token is now the 14th most valuable cryptocurrency in terms of market capitalization. According to CoinGecko, the token has increased by over 8% in the last seven days and by over 12,000% in the last year.