Polygon Acquires Predictable Labs In A $500 Million Deal to Steer Ethereum Push

Apart from aggressively venturing into adopting the zk-technology, crypto firm Polygon is making bold moves recently. Polygon recently announced the acquisition of a startup firm Predictable Labs in a staggering $500 million deal.

The recent decision comes as part of the company’s broader strategy to expand the Ethereum network’s capacity and pave the way for broader adoption. Although Ethereum continues to dominate the industry in terms of network usability, its high gas fee has been a deterrent to new market players.

Predicate Labs is the developer behind the Mir blockchain protocol that has the technology for zero-knowledge roll-ups that can offload data from Ethereum to speed up transaction processing and reduce fees.

The acquisition is part of Polygon’s $1 billion Ethereum push and will add up to major acquisitions done by the Ethereum Layer-2 solution. As reported by Bloomberg:

Mir will be integrated into the Polygon ecosystem under its new name, Polygon Zero, alongside existing solutions including Polygon PoS, Polygon Hermez and Polygon Miden.

The acquisition should help Polygon become a bigger player in so-called Layer 2 technologies, also called rollups, which effectively take transactions from Ethereum, compress them and post them back to the original chain for a fraction of time and cost. Rivals such as Arbitrum, Loopspring, Optimism and StarkWare are leading the shift to Layer 2.

Polygon’s MATIC Showing Strength
MATIC, the native cryptocurrency of Polygon has been showing major strength recently every during this major market correction. Earlier this week, Polygon’s MATIC surged to a new-time high above $2.45 with the cryptocurrency showing stellar gains over the last two weeks.

The recent price rally in Polygon (MATIC comes on the backdrop of a strong surge in the daily active addresses, as per on-chain data provider Santiment.

MATIC has been one of the top-performing cryptocurrencies for this year of 2021 and is currently the 14th most-valued digital asset in the market.

The post Polygon Acquires Predictable Labs In A $500 Million Deal to Steer Ethereum Push appeared first on Coingape.

Source: https://coingape.com/polygon-acquires-predictable-labs-in-a-500-million-deal-to-steer-ethereum-push/

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