Polygon acquires Mir, an Ethereum scaling startup, for $500 million in MATIC

Polygon, a cryptocurrency platform is purchasing Predicate Labs (creator of Mir blockchain technology) in a $500m purchase. This is part of a larger goal to expand Ethereum’s capabilities and open the way for wider usage.

Polygon MATIC

This purchase is part of Polygon’s $1 Billion Ethereum push and will increase the Ethereum Layer-2 solution’s key acquisition, as reported.

The Ethereum blockchain is widely used, but capacity issues could lead to high fees for users.

What You Need to Know

Mir uses zero-knowledge rollups for offloading data from Ethereum to reduce transaction fees and speed up processing.

Predicate Labs is responsible for the Mir blockchain protocol. It includes zero-knowledge rollup technology that can offload data to Ethereum to speed up transaction processing.

MATIC, Polygon’s native cryptocurrency has gained significant strength during the recent market correction.

Polygon’s MATIC reached a record high of $2.45 earlier in the week, setting the cryptocurrency on fire over the past two weeks.

According to Santiment, the price rise in Polygon (MATIC), is being accompanied by an increase in daily active addresses.

MATIC was one of the most successful cryptocurrencies in 2021 and is currently the 14th most valuable digital asset on the market.

Get latest news from African Startup ecosystem

Latest stories

You might also like...