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Polygon to buy Predicate Labs for $ 400 million



For just under half a billion US dollars, Predicate Labs will become part of the Polygon ecosystem. Is the ETH scaling solution now gaining acceptance?

As has polygon dug deep into their pockets. The company put a total of 400 million US dollars in its own MATIC token on the table and incorporated the inventor of Mir  with Predicate Labs . Mir is a subcontractor that specializes in so-called zero-knowledge proofs. Zero-knowledge proofs are special cryptographic signatures that can provide evidence of certain data without revealing too much about it. For example, you can prove that you hold a certain amount of cryptocurrency on your wallet without disclosing the exact amount.

With Me, Polygon is taking a big step in the race for supremacy when it comes to Ethereum scaling. After all, Polygon is one of many Layer Two solutions that want to thin out the rush on the basic blockchain. On Polygon, Mir is then called Polygon Zero.

“Polygon wants to offer a wide range of safe, fast, affordable, and energy-efficient Ethereum scaling solutions for Web3 developers. With the acquisition of Mir, Polygon will have access to the world's fastest and most efficient ZK scaling technology, ”Polygon co-founder Sandeep Nailwal told Bloomberg.


Layer two on Ethereum: importance increases

Layer two solutions had become more and more important recently. After all, the Ethereum blockchain is notoriously clogged, which has a negative impact on transaction throughput as well as transaction fees. The reason is the growing importance of the ETH network for DeFi and NFT applications - the Etherum base layer is currently no longer able to cope with this demand.

Sidechains such as Polygon, Arbitum, or Loopring relieve the base layer by disseminating transactions off-chain and simply storing a summary of what is happening on the blockchain. With the purchase of Predicate Labs, Polygon is now taking a big step towards winning this competition.

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