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Highlights
- Polygon is acquiring Mir Coin for US$400 million.
- The deal includes 190 million MATIC tokens and US$100 million worth of USDC, a stable coin pegged to the US dollar.
- The agreement consists of a vesting period of three years.
The MIR Coin (MIR) gained traction on Thursday after Ethereum Layer 2 Polygon announced to purchase Mir for US$400 million as part of its continued efforts to acquire scaling technologies.
Polygon made the announcement during its "ZK Day" virtual event led by co-founders Mihailo Bjelic, Jaynti Kanani, and Sandeep Nailwal on Thursday.
Mir is an Ethereum scaling startup that uses zero-knowledge proof (ZK-proof) technology, a cryptographic tool that could create ZK-rollups.
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The ZK-rollups enable the processing of transactions on Ethereum without requiring all the transaction data. It helps reduce block space on Ethereum, allowing it to scale and minimize gas fees.
Polygon’s Mir acquisition follows its purchase of Hermez Network in August for US$250 million.
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What is Mir Protocol?
Mir Protocol has the fastest ZK-proof technology; thus, Polygon said it could generate proofs faster and verify more transactions in a single proof. Meanwhile, Polygon co-founder Mihailo Bjelic praised the Mir team for designing and optimizing its ZK-proof technology named Plonky2.
He said that "it (Plonky2) is a great piece of engineering" that can generate "recursive proofs" in about 170 milliseconds on a laptop. Notably, Plonky2 can be used on Ethereum with 45kb proofs in size-optimized mode.
Mir was co-founded by Brendan Farmer and Daniel Lubarov in 2019. Besides the co-founders, eight other Mir employees will join the Polygon team as part of the deal, Bjelic said.
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Mir Coin Price
The MIR coin was priced at US$0.003934 at 1:15 pm ET on Dec 9, up 3.63%. Its market cap is US$3.07 million, and its fully diluted market cap is US$5.11 million. Its trading volume in the last 24 hours was worth US$23,455. Mir’s highest price was US$0.3319, and the lowest price was US$0.003539 in the last 52 weeks. It touched an all-time high of US$0.3319 on March 26, 2021.
However, its price declined by about 34% YTD.
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Bottomline
Polygon will pay Mir 190 million worth of MATIC tokens and US$100 million worth of USDC stable coins. These assets are valued at about US$400 million. In addition, the deal includes a vesting period of three years, meaning that the Mir team will be allowed to withdraw the funds over a period of three years based on the deliverables, said Mir co-founder Sandeep Nailwal.
The price of Polygon (MATIC) plummeted 14.55% to US$2.14 at 1:23 pm ET on Thursday.
