Polygon Labs adds Toposware to its portfolio

News

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. 

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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.

Polygon Labs will assemble the best ZK team

Polygon Labs, the developer of Polygon blockchain, is on a mission to build the best research and development team in ZK technology. Polygon, in their press release, said:

“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

Also read: Which ZK Rollup Projects Are Emerging As Influencers in 2024?

Reports suggest that 11 engineers from Toposware will join Polygon. 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. 

Polygon Labs wants to expand further

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. 

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These acquisitions demonstrate Polygon’s commitment to ZK technology, which they believe is essential for scaling Ethereum’s blockchain ecosystem in the long term. ZK-proofs allow one party to prove to another that information is true without revealing the information itself. This technology can help blockchain achieve greater scalability and privacy. As a result, Polygon is more interested in ZK and is investing in it.

The blockchain industry has difficulties interacting with ZK-based chains. After this acquisition, Polygon Labs will work towards interoperability.

The interoperable networks of ZK-based chains and other EVM chains will revolutionize the blockchain world. 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 statement. Industry experts expect that the new team formed in Polygon will address this issue.

 

Cryptopolitan reporting by Nilesh Katuwal

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