Polygon Reveals Miden ZK-Rollup Solution

Tuesday, November 16, 2021

Quick Take

  • NFT aggregator Genie.xyz is now live for all users.

  • Saddle Finance reveals the launch of its $SDL governance token and airdrop.

  • OKEx, Houbi Global, and Blockchain.com will add support for direct fiat off and onramps to zkSync.

  • Polygon reveals plans for Polygon Miden, a STARK-based EVM-compatible Rollup.

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Genie Launches Metaverse NFT Aggregator

NFT aggregator Genie.xyz has officially launched its platform for all users. The metaverse aggregator enables users to swap NFTs in bulk and list items across marketplaces. The platform has been in private beta since August, having already handled more than 5.5k ETH in volume across 1,600 transactions.

Genie Swap supports batch trading of up to 20 NFTs on a single transaction. In an effort to solve for fragmented liquidity, the platform’s Meta Listing feature allows users to list NFTs simultaneously across multiple marketplaces. Genie currently supports NFTs across OpenSea, NFTX, NFT20, and Rarible with plans to add support for Coinbase NFT once it becomes available.

Saddle Reveals Governance Token Airdrop

Saddle Finance, an AMM focused on pegged value crypto assets, has revealed the launch of its anticipated $SDL governance token. A max supply of 1 billion tokens, minted at launch, will become available over the next 2-3 years. Users who interacted with the platform before October 1st are eligible for a retroactive airdrop.

15% of tokens are allocated towards the airdrop, 22.5% of tokens are allocated to investors, and 25.9% are allocated to team members, with the remaining allocated for community programs. Initially, the $SDL token will be non-transferable for a period of 3 to 12 months. Saddle has allocated 5% for a liquidity mining program which will begin this week. Saddle recently closed a $7.5 million funding round after an initial raise in January.

OKEx, Houbi, Blockchain Add Support For zkSync

OKEx, Houbi Global, and Blockchain.com have partnered with zkSync to add support for direct fiat off and onramps to the layer 2 solution. The direct ramps improves user experience and reduces costs by removing the need of depositing and withdrawing through a bridge on Ethereum mainnet. The new integration will provide millions of new users with exposure to Ethereum layer 2.

Huobi Ventures, OKEx’s investment arm Blockdream Ventures, and Blockchain.com Venture were all investors in Matter Labs' recent $50 million Series B funding round. Matter Labs is the company behind zkSync, an EVM-Compatible ZK Rollup scaling solution on Ethereum. The new integrations are currently in progress and will support V2 of the zkSync protocol.

Spectral Protocol Raises $6.75 Million

Spectral, a protocol for programmable creditworthiness, has raised $6.75 million in a funding round led by Polychain Capital with participation from Galaxy Digital, Social Capital, and ParaFi Capital among others. Spectral is building the future of programmable creditworthiness on Ethereum.

Spectral's initial product will be an on-chain credit score via their Multi Asset Credit Risk Oracle (MACRO score) laying the infrastructure for a credit-risk ecosystem in Web3. The project is also working on the concept of Non-Fungible Credit or NFC's, which will allow users to bundle wallets and sync on-chain transactional history into a single composable NFT.

Polygon Reveals Miden ZK-Rollup Solution

Polygon has revealed plans for a STARK-based EVM-compatible Rollup coined as Polygon Miden. It marks the latest project developed under Polygon’s $1 billion fund allocated to ZK-based projects. The project is being led by Facebook's former ZK researcher who led the development of Winterfell, a general purpose STARK prover and verifier written in Rust.

Polygon Miden is an advanced ZK Rollup that aims to support arbitrary logic and transactions using its own open-source STARK-based virtual machine. Polygon claims the Miden VM will enable the building of EVM-compatible Rollups. The first version of Miden VM has been released as a prototype for early adopters.

The announcement comes as Polygon recently acquired ZK-Rollup solution Hermez Network for $250 million. Polygon will continue to work on its other scaling solutions which include its PoS chain, its SDK, its data availability layer, and its privacy focused rollup.