Source

2024

Polygon

Altura

Polygon Labs has acquired Toposware, valued between $30 and $50 million. After this acquisition, Polygon has invested over $1 billion in ZK technologies, including research and acquisitions.&nbsp; 
Also read: <a href="https://www.cryptopolitan.com/gmx-markets-lead-among-on-chain-derivatives/">GMX Markets Lead Among On-Chain Derivative Platforms with Peak Fees</a> 
On June 4, Polygon Labs announced in a press release that they had bought Toposware, a blockchain development and research firm. According to reports, Toposware helped Polygon Labs build Type-1 Prover, a part of the ZK product suite. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Today, we are so pleased to welcome <a href="https://twitter.com/Toposware?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">@Toposware</a>, zk to the Polygon Labs team. Toposware helped develop the Type 1 zkEVM, and are a powerhouse of zk innovation and technology, having made significant progress on zk-based interoperability. <a href="https://t.co/hQ2dZ1mhsC" rel="nofollow" target="_blank">pic.twitter.com/hQ2dZ1mhsC</a>— Polygon | Aggregated (@0xPolygon) <a href="https://twitter.com/0xPolygon/status/1797976686002336043?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">June 4, 2024</a>
</blockquote> 
<h2 class="wp-block-heading" id="polygon-labs-will-assemble-the-best-zk-team">Polygon Labs will assemble the best ZK team</h2> 
Polygon, in their press release, said: 
<blockquote> 
 “With this acquisition, Polygon Labs continues to lead in ZK research and development, moving the industry from theory to reality over the last few years. We’re excited to see what new insights Toposware will bring not only to the team but to the entire ZK space.” 
 Source: Polygon Blog 
</blockquote> 
Also read: <a href="https://www.cryptopolitan.com/which-zk-rollup-projects-influencers-2024/">Which ZK Rollup Projects Are Emerging As Influencers in 2024?</a> 
Reports suggest that 11 engineers from Toposware will join Polygon. The Toposware team and Polygon ZK development team will work together on various Polygon Labs products, including the AggLayer, Polygon CDK, Polygon zkEVM, etc.&nbsp; 
<h2 class="wp-block-heading" id="polygon-labs-wants-to-expand-further">Polygon Labs wants to expand further</h2> 
Polygon Labs first acquired Mir, a company that worked on ZK proofs, for $400 million. Later, they also acquired Hermez, another company focused on Ethereum scalability, for $250 million.&nbsp; 
Also read: <a href="https://www.cryptopolitan.com/altura-million-web3-gaming-grant/">Altura announces $1 million Web3 gaming grant fund</a> 
ZK-proofs allow one party to prove to another that information is true without revealing the information itself.&nbsp;The blockchain industry has difficulties interacting with ZK-based chains.&nbsp; 
As of now, ZK technology is not compatible with EVM networks. A ZK-based network requires a Type 1 prover, developed by Toposware, to connect to EVM chains. 
A statement in the press release blog stated: “Onboarding Toposware will have significant downstream effects across all Polygon protocols.” Source Polygon Blog <a href="https://polygon.technology/blog/polygon-labs-acquires-toposware-leading-zk-engineering-startup-to-help-pioneer-next-wave-of-zk-technology" rel="nofollow noopener" target="_blank">statement</a>.

Polygon Labs adds Toposware to its portfolio

Table of Contents

Cryptopolitan_News

Other articles published on Jun 4, 2024

BlockDAG’s Keynote and X1 Miner Beta App Propel Presale to $41.6M Amidst VeChain’s Rise & SUI Blo...

Dubai Announces to Amend Crypto Token Regime for Funds

Spot BTC ETFs start 4th consecutive week with positive inflows

Crypto Queen Ruja Ignatova: Alive or dead after the $4.5B heist?

Microsoft India X account promotes fake Roaring Kitty airdrops

SingularityNET Sets Dates for ASI Token Merger of FET, AGIX, and OCEAN

Join our free newsletter for daily crypto updates!