Polygon MIR Protocol: the layer-2 finally announces the big news (Polygon Zero) they’ve been teasing. Mirror protocol, no relation to MIR protocol, briefly moons on the news. Covered: Polygon Announces 400 Million Dollar Deal With MIR Protocol Formation of Polygon Zero MATIC Struggling Along With Rest Of Crypto Market Mirror Protocol Benefits From Announcement Polygon […] The post BREAKING: Polygon Announces 400 Million Deal With MIR Protocol; Forms Polygon Zero appeared first on CryptosRus.

BREAKING: Polygon Announces 400 Million Deal With MIR Protocol; Forms Polygon Zero

Polygon MIR Protocol: the layer-2 finally announces the big news (Polygon Zero) they’ve been teasing. Mirror protocol, no relation to MIR protocol, briefly moons on the news.

Covered:

  • Polygon Announces 400 Million Dollar Deal With MIR Protocol
  • Formation of Polygon Zero
  • MATIC Struggling Along With Rest Of Crypto Market
  • Mirror Protocol Benefits From Announcement

Polygon Zero: 400 Million Dollar Deal With MIR

During today’s summit, Polygon announced that it reached a 400 million dollar deal with ZK-rollup startup MIR protocol. Under the deal, MIR alongside Polygon will form Polygon Zero. Together the two protocols will work together to develop, “a highly-scalable, Ethereum-compatible ZK Rollup,” according to Polygon’s press release.

“Mir gathered a team of talented cryptographers and engineers, and after almost two years of work developed the world’s fastest ZK scaling technology,” Polygon said before adding that they believe they have a,” game-changing, Ethereum-friendly technology at hand,” thanks to the deal.

ZK (as in zero knowledge) rollups are a Layer-2 scaling solution that lets blockchains validate transactions faster while also ensuring that gas fees remain minimal. ZK rollups are one of two types of rollups, the other being the Ethereum-based, Optimism. Some in the industry believe that ZK rollups are a more promising solution than Optimism. 

Recommended: Three Top Projects On Polygon You Need To Check Out

MATIC Struggling Along With Rest Of Crypto Market

Despite the major announcement, Polygon’s MATIC token is down 12% in the last 24 hours. MATIC is currently trading in the $2.20 USD range. MATIC’s struggles are in line with the rest of the market, which is down almost 4% the last 24 hours. Current global market cap is in the 2.3 trillion range, down from 2.4 yesterday.

Overall, MATIC has had a very strong week after months of sluggish movement. The layer-2 token reached as high as $2.52 on Wednesday, just about 7 cents short of its all-time high of 2.62 back in May of this year.

Recommended: Buy The Next Matic Dip

Polygon Zero: Mirror Protocol Benefits From Announcement

Mirror protocol — which describes itself as a ‘Synthetics protocol for on-chain price exposure to real-world assets – accessible to all — popped on the news that MIR Protocol was merging with Polygon to form Polygon Zero.

Of course, Mirror, the synthetics protocol, isn’t involved in ZK rollups.

Nevertheless, the token briefly mooned on the news, shooting up from $2.09 to $2.40 in under a half hour. It’s currently trading in the $2.30 range, up 5.5% in the last 24 hours.

Mirror protocol is one of the few cryptocurrencies in the green today. This, despite the fact that it has nothing to do with the biggest story of the day.

Recommended: What is Polygon?

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