Polygon Labs announces acquiring Toposware

Polygon Labs has announced acquiring Toposware. The objective is to pioneer the next wave of ZK technology. The blockchain research and engineering company has joined hands with Polygon Labs to help push the entire ZK community forward. This builds on the previous development wherein they announced the Type 1 ZKEVM prover.

The integration will span across different aspects of Polygon Labs. This includes AggLayer, Polygon zkEVM, and Polygon CDK. It is also likely to include Polygon POS, which is currently pending a vote of approval from the community. Toposware is bringing knowledge, ZK talent, and engineering to the collaboration. These will help advance Polygon’s mission.

Polygon has brought the expertise to make advancements in ZK research over the years. It has practically transitioned theories to practicality, or reality, and is willing to go a step ahead in the segment. Polygon, in the announcement, said that they are excited to work with Toposware as it brings insights into the team and the ZK space.

The announcement has worked well for MATIC, the native token of Polygon. It has increased by 2.31% in the last 24 hours and is listed at $0.7181 at press time. However, the value has plummeted by 1.66% and 0.87% in the last 7 days and 30 days, respectively. There is a notable upswing in the market cap, with an increase of 1.34% in the 24-hour trading volume.

The development comes after Polygon Labs shared insights into how Succinct’s SP1 will help foster performant and cross-chain interoperability for AggLayer. SP1 has been built with Polygon Plonky 3 as a leading zkEVM solution. It will be used to create pessimistic proofs for AggLayer to commit to the guarantee of an aggregated network.

It has further triggered that the intention of Polygon is ultimately to beat Ethereum. Anurag Arjun has downplayed these claims. He is the Co-Founder of Polygon and Avail. Anurag has clarified that that was never the intention, adding that all Polygon did was build the first zkEVM rollups on Ethereum.

Polygon was initially built with the premise that it would be a plasma solution, Arjun further stated, concluding that the primary motive was only to build a scaling solution for Ethereum.

On Plasma failing to leave a lasting impact, he said it was simply not feasible then.

For the acquisition of Toposware, Polygon Labs is estimated to have spent approximately $1 billion on zero-knowledge technology. This is Polygon Labs’s third such deal. It previously signed deals with Hermez and Mir in 2021.

A spokesperson from Polygon said they were focusing on advancing ZK technology because it makes it easier for developers and users to accomplish their respective tasks.

Interestingly, the development has strengthened the position of MATIC in the market as one of the best-emerging cryptocurrencies in 2024, along with AVAX.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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