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Polygon Labs Spins Off Miden
On Tuesday, Polygon Labs announced that it has successfully spun off Miden with a $25M seed led by a16z Crypto, 1kx, and Hack VC. Miden will continue building its ZK-powered “edge” blockchain, where both state and execution occur on the client-side, unlocking a previously impossible design space for builders
The team plans to airdrop a portion of their native tokens to POL stakers, as well as integrate AggLayer. Miden joins Privado ID as a successfully incubated Agglayer Breakout Program project. With a planned Agglayer connection, Miden aims to bootstrap network effects and plans to airdrop a portion of its native tokens to POL stakers to incentivize POL staker support on the Agglayer.
Polygon (previously Matic Network) is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building multiple types of applications. POL is down 3% in the last 24 hours and trades at $0.2360.