Aggregator for Ethereum layer 2 Polygon’s rapid growth is set to continue. The Mir Protocol, which uses next-generation zk-rollups to scale Ethereum, is its most recent acquisition.
Polygon announced on December 9 that it had agreed to buy the Mir Protocol for $400 million. The transaction involves 190 million MATIC tokens and $100 million in USDC stablecoins.
Polygon announced that it now has access to the fastest zero-knowledge (zk) scaling technology in the world. Mir has developed Plonky2, a method for speeding up existing zk-proofs by using recursive proofs.
Ethereum’s scaling is getting even better.
ZK rollups allow transactions to be processed more quickly because they do not process all of the data on the root chain and can bundle, or rollup, transactions together to be processed as a single transaction.
Mir’s improvements, according to Polygon co-founder Mihailo Bjelic, are “orders of magnitude faster than anything else and is practical to verify on Ethereum.” He referred to it as a marvel of engineering:
On a laptop, Plonky2 can generate recursive proofs in 170 milliseconds. Most importantly, Plonky2 is usable on Ethereum, with proofs of 45kb in size-optimized mode.
Polygon co-founder Sandeep Nailwal stated that the platform intends to focus on zk cryptography as the “end game for blockchain scaling,” before adding:
We believe that this is the best way to establish Polygon as the leading force and contributor in the ZK field, as well as onboard the first billion Ethereum users.
Mir will be renamed Polygon Zero and will be integrated. It will be added to the growing list of existing Polygon solutions, which includes Polygon PoS, SDK, Avail, Nightfall, Hermez, and Miden.
Polygon merged with roll-up platform Hermez in a $250 million deal in mid-August. The multinational professional services network EY chose it the following month to deploy and scale its enterprise blockchain on Ethereum.
Miden, a STARK-based EVM-compatible rollup with the ability to scale smart contracts, was unveiled by Polygon in mid-November.