How Polygon Sealed A $400M Deal To Get Ahead In The Ethereum ZK Rollup Race

Reynaldo Marquez

3 years ago

2 mins read

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Scaling solution Polygon has stepped up its Zero-Knowledge (ZK) proof ambitions. According to an official post, a startup called Mir will collaborate with Polygon and has invested a staggering amount of $400 million.

Mir and its team of experts will join the scaling solution to implement their ZK Rollup technology, developed for over two years. The startup was founded by Brendan Farmer and Daniel Lubarov, and its team, comprised of people with backgrounds in pure math, cryptography, and engineer, will be integrated into Polygon.

The scaling solution has already been making efforts to support and contribute to the development of scaling solutions. The project committed $1 billion from its treasury for this purpose.

In addition, it integrated ZK-friendly EVM implementation Hermez Network renamed Polygon Hermez together with the development of Nightfall and Miden, two privacy-focused solutions. Now, Mir will be integrated into this ecosystem with a new name, Polygon Zero.

Since the DeFi boom, Ethereum has faced issues regarding its network congestion and high transactions fees. This has allowed competitors with lower fees to rise and take market share from this network.

In that sense, Polygon seeks to improve Ethereum’s transaction capabilities and accelerate the development of ZK proof. Thus, bringing what could be one of DeFi and Web 3.0 dApps main obstacles for mass adoption.

Mihailo Bjelic, one of Polygon’s Co-Founders, said the following on the potential for ZK rollups development to grow for the benefit of the entire ecosystem:

One of the key missing components required to build highly scalable solutions has been performant recursive proof systems; they simply haven’t existed so far. This ends today. We are introducing a recursive proof system that is orders of magnitude faster than anything else and is practical to verify on Ethereum. This is a huge win for the entire industry.

Polygon To Lead Ethereum Into The Future?

In doing so, Ethereum can become more accessible and move forward in its objective of onboarding millions of users. Per a press release shared with NewsBTC, the Mir partnership is a “key component” in Polygon’s strategy for Ethereum scaling.

In the coming weeks, the project is set to provide more details about their progress in this field. This will include a solution called Plonky2 that will generate recursive proofs in milliseconds and will open the gate for horizontal scaling.

Thus, the project will tackle one of the most fundamental issues with scaling, the capacity for each node to process every transaction, according to an official post by Polygon. Co-Founder of Mir Brendan Farmer claimed the following on their cooperation with Polygon:

Joining Polygon is an incredible opportunity for us to work toward scaling Ethereum. Polygon is one of the most dedicated and successful teams in the space, and we’ve been impressed by their commitment to ZK as a scaling solution for Ethereum. We’re very excited to dedicate our world-class team and the technology that we’ve developed toward achieving this vision.

As of press time, MATIC trades at $2.17 with a 4.22% profit in the past day.

matic polygon — MATIC trends to the upside in the daily chart. Source: MATICUSDT Tradingview

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

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