Miden Spins Out From Polygon Labs, Raises $25M to Launch Own Chain
Miden, a zero-knowledge-powered blockchain system, has raised $25 million to establish its own ecosystem after spinning out from Polygon Labs. The funding round was led by a16z crypto, 1kx, and Hack VC, with contributions from various angel investors. The capital will support the development of the Miden protocol, which enhances Ethereum's scalability and privacy through zero-knowledge rollups. Miden aims to serve institutions by enabling both public and private transactions. The project plans to expand its team from 17 to 25, finance an incentive program for early adopters, and build essential infrastructure. Miden is in its final alpha testnet phase, with a mainnet launch expected later this year. An airdrop of 10% of its native token's total supply is planned for stakers and holders of Polygon's gas token.
