Ethereum layer 2 Polygon is continuing to extend its list of rising technologies. On Thursday, Polygon announced Mir’s $400 million acquisition, a project concentrating on zero-knowledge proofs. The statement was made at Polygon’s “ZK Day” virtual event by co-founders Mihailo Bjelic, Jaynti Kanani and Sandeep Nailwal.
According to a press release provided to CoinDesk, Mir’s system generates recursive zero-knowledge proofs that “allow many Ethereum transactions to be verified with a single tiny proof.” This will purportedly make Mir one of the quickest and most efficient layer-2 options. Zero-knowledge proofs are a cryptography technology that permits for the verification of information, such as a trade on the blockchain, without revealing the specific details or contents of that information.
“The industry is still in an early phase when it comes to scaling and blockchain infrastructure in general,” said Bjelic in a statement. “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.”
The purchase was executed with 250 million MATIC tokens at a price of $1.60; since the agreement, MATIC has risen to $2.18.
Layer 2s are among the fastest-growing blockchain networks per the closely-supervised total value locked (TVL) metric. Arbitrum, which uses optimistic rollup scaling technology, newly cracked the top 10 in TVL at $2.23 billion.
The buy marks a craze for the rapidly expanding Polygon. In August, Polygon cut a $250 million check to merge with Hermez Network, another Zero-Knowledge scaling solution, using a token exchange. The purchases desire to make Polygon a multipurpose scaling solution for Ethereum – a significant strategy shift from what used to be branded as an Ethereum competitor.
Polygon is also reportedly preparing further expansion-by-acquisition, targeting a gaming studio and NFT properties.