Miden Raises $25M to Launch Independent Blockchain Ecosystem
1min read Miden, a zero-knowledge blockchain protocol, has successfully raised $25 million in funding to spin out from Polygon Labs and establish its own independent ecosystem. The funding round was led by prominent investors including a16z crypto, 1kx, and Hack vc, with additional participation from Finality Capital Partners, Symbolic Capital, and P2 Ventures. Notable angel investors such as MakerDAO co-founder Rune Christensen, Aptos CEO and co-founder Avery Ching, and EigenLayer founder Sreeram Kannan also contributed to the round.
The funds raised will be utilized to advance the development of the Miden protocol, which is a new independent project stemming from Polygon Miden. This protocol is a ZK-optimized rollup designed to scale the Ethereum blockchain by bundling and processing transactions off the base chain. The Miden protocol aims to serve institutions with its privacy-preserving technology, enabling applications to execute both public and private transactions, a feature that sets it apart from other decentralized platforms.
Polygon Labs founder Sandeep Nailwal highlighted the strategic move, stating that building independently positions Miden to attract the necessary capital and focus to compete at the highest level with other major players like Solana, Sui, and Aptos. The funds will also support an incentive program for early adopters of the Miden protocol, as well as the development of critical infrastructure such as wallets, wallet adapters, and bridges.
Ask Aime: What does Miden, the new blockchain protocol, promise to the Ethereum blockchain?
Miden plans to expand its team from 17 to 25 members, focusing on bolstering marketing efforts and expanding its ecosystem. This development comes as decentralized finance (DeFi) gains traction among institutional investors. According to a recent poll, 24% of institutional investors reported participating in the DeFi sector, with 50% of non-participating respondents planning to engage within the next two years. The total value locked in DeFi protocols recently hit its highest level in three years, nearing $250 billion.
Currently, the Miden protocol is in its final alpha testnet phase and is tentatively scheduled to launch its mainnet later this year. The protocol will be integrated with Polygon's AggLayer, an aggregated network that connects layer-1 and layer-2 chains with shared liquidity. Miden also plans to conduct a future airdrop, granting 10% of its native token's total supply to stakers within its ecosystem and holders of POL, the gas and staking token of Polygon's main proof-of-stake chain.
