EthereumLayer2

Polygon is leveling up — again. This time, it's not just about scalability or low fees. It's about going deep into institutional-grade infrastructure, and the latest move? Miden, a Polygon spin-off, has secured $25 million in funding to turbocharge speed, privacy, and zk-powered smart contracts.

🧠 What Is Miden?

Miden is a zero-knowledge (ZK) rollup, built specifically for high-throughput and privacy-first applications. It's not just another side project — it's Polygon’s bet on the future of enterprise adoption.

At its core:

It uses ZK-STARKs, enabling trustless computation without revealing sensitive data.

Focused on executing complex smart contracts privately and offloading work from Ethereum mainnet.

Spearheaded by Polygon’s chief ZK researcher Bobbin Threadbare, a heavyweight in the cryptography world.

💰 The Funding Round: Institutional Backing Goes Deep

The $25M round was led by prominent VCs:

🔹 Dragonfly

🔹 Maven 11

🔹 OKX Ventures

🔹 NGC Ventures

🔹 Hashkey Capital

This shows serious institutional appetite for privacy-enhanced Layer 2 solutions. These aren't degens backing a meme — these are funds betting on infrastructure that powers finance 2.0.

🏦 Why It Matters

Institutions want in on crypto — but they demand speed, privacy, and compliance. Miden is aiming to check all the boxes:

✅ Scalable smart contract execution

✅ Enhanced on-chain privacy

✅ Customizable environments for enterprise use cases

Polygon isn’t just fighting Ethereum’s scalability wars anymore. It’s building the rails for private DeFi, CBDCs, and tokenized real-world assets.

🚀 TL;DR: Miden = Polygon’s Institutional Power Move

With this funding, Polygon is signaling loud and clear: we’re not just playing in the L2 space — we’re owning it.

Keep your eyes on Miden. It might just become the Ethereum for institutions.

🟢 #Polygon #Miden #zkrollups #CryptoFunding #EthereumLayer2

Igloo Inc., the innovative minds behind the popular Pudgy Penguins NFT collection, has officially launched Abstract Chain, a next-generation Ethereum Layer-2 blockchain, on the mainnet. This cutting-edge network is built on ZKsync's ZK stack, leveraging zero-knowledge rollups to achieve unmatched scalability and ultra-low transaction fees for on-chain applications.

Revolutionizing Web3 Apps and Communities

Abstract Chain is purpose-built to power Web3 apps and support vibrant crypto communities. According to the project’s documentation, the network introduces advanced features like native account abstraction, enabling wallets to function as smart contracts.

These capabilities pave the way for a seamless user experience, offering options like:

Social media or email-based logins
Account recovery tools
Passkey authentication

In tandem with the launch, Igloo debuted The Portal, an intuitive blockchain platform that simplifies onboarding for Web3 users. With just an email address, users can create a wallet and access a rich ecosystem of over 100 decentralized apps (dApps), making blockchain technology more accessible than ever.

Backed by Visionary Investments

Igloo’s ambitious journey was fueled by an $11 million investment round led by Founders Fund, underlining the strong confidence in the Abstract Chain's potential. Earlier in June 2024, Igloo also acquired Frame, a Layer-2 initiative focused on empowering artists. This strategic acquisition is set to integrate Frame’s technology into Abstract Chain, enriching its ecosystem and fostering innovation.

Market Impact on Pudgy Penguins Token

Despite the successful launch of Abstract Chain, the Pudgy Penguins ($PENGU ) token has faced a 15.05% price drop, reflecting broader market trends. Over the past 30 days, the token has seen a 37% decline in value. However, this launch marks a significant milestone that could drive long-term adoption and potential market recovery.

The Road Ahead

With Abstract Chain, Igloo is setting the stage for a consumer-centric Web3 revolution, combining advanced scalability, user-friendly interfaces, and an expanding dApp ecosystem. As the blockchain landscape evolves, Abstract Chain could redefine how Web3 apps and communities interact within the decentralized world.

#AbstractChain #EthereumLayer2 #ZKSync #CryptoRevolution #Web3Innovation
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