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Polygon acquires Ethereum scaling startup, Mir Protocol, in a new $400 million deal

Polygon acquires Ethereum scaling startup, Mir Protocol, in a $400 million deal on December 9. Polygon Zero, a highly scalable Ethereum compatible ZK rollup, will be built by the Mir team of engineers and cryptographers.

The firms in the crypto market are changing and developing themselves to be better with each passing day. Everyone is looking for better and reliable features that can make their platform more attractive. Polygon has been doing a lot to improve its scalability. In August 2021, Polygon acquired the Polygon Network (formerly known as Hermez Network) in a $250 million deal. Now Polygon acquires Ethereum scaling startup, Mir Protocol.

Polygon acquires Ethereum scaling startup, Mir Protocol:

Mihailo Bjelic, the co-founder of Polygon, has revealed on Thursday that after the acquisition the startup is building the groundbreaking ZK tech. This deal is supposed to pave the way for Polygon into the ZK Rollup project. The co-founder further detailed:

The Mir team is now joining Polygon in order to utilize this groundbreaking technology and build our new project – Polygon Zero, a highly-scalable, Ethereum-compatible ZK Rollup.

Polygon is determined to bring Zero-Knowledge (ZK) cryptography as the end game for Blockchain scaling. $1 billion have been committed from the treasury of Polygon to fund this project.

Polygon acquires

During the last 30 days, the Polygon network’s native token MATIC climbed 24% in value, and year-to-date, MATIC has jumped 11,750% in USD value. Furthermore, while the cost to transfer ether is $8.31 per transfer, the cost to do the same transfer using Polygon Hermez is $0.25, according to l2fees.info. Polygon has also announced several new rollups before the acquisition of Mir.

Read more here.

About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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