Polyhedra Network Hits $1 Billion Valuation Amidst Crypto Innovation Surge

Polyhedra Network has achieved a groundbreaking valuation of $1 billion. This comes on the heels of a strategic funding round that garnered $20 million, led by the forward-thinking Polychain Capital. The round saw participation from a consortium of investors including Animoca Brands, Hashkey Capital, Longhash Ventures, Emirates Consortium, and Mapleblock Capital, signaling strong market confidence in Polyhedra’s vision.

The recent funding round is part of a series of successful capital raises for Polyhedra, which previously secured $25 million. These rounds have been instrumental in propelling the company’s innovative approach to Web3 infrastructure, focusing on interoperability, scalability, and privacy through advanced Zero-knowledge proof (ZKP) technology.

A Closer Look at Polyhedra’s zkBridge

At the heart of Polyhedra’s offerings is the zkBridge, a zero-knowledge blockchain interoperability protocol that facilitates cross-chain transactions. This protocol is a testament to Polyhedra’s commitment to enhancing the speed and efficiency of blockchain interactions. With zero-knowledge proofs that are significantly faster in both generation and verification than existing proofs, Polyhedra sets a new standard in the industry.

The zkBridge stands in comparison to Wormhole, another blockchain interoperability protocol valued at $2.5 billion. Despite Wormhole’s higher valuation, it has not yet integrated zero-knowledge proofs into its protocol. However, plans are underway to incorporate this technology, with a notable partnership with chipmaker AMD to support the implementation.

With the latest funding round, Polyhedra’s total funding to date has reached $75 million. The company has also made headlines with the announcement of $ZK farming on OKX Jumpstart, scheduled for March 15th. Additionally, Binance Web3 Wallet recently conducted an airdrop of 1 million $ZK tokens to its users, further expanding Polyhedra’s ecosystem.

Read more:

Join us on Telegram

Follow us on Twitter

Follow us on Facebook

Follow us on Reddit

You might also like