Miden, a zero-knowledge-powered blockchain system, announced on Tuesday that it has raised $25 million to spin out of Polygon Labs and develop its ecosystem. The funding round was led by a16z crypto, 1kx, and Hack VC, with participation from other firms and angel investors. This investment aims to advance the development of the Miden protocol, a ZK-optimized rollup designed to scale the Ethereum blockchain while enhancing privacy.
The Miden protocol aims to compete with platforms like Solana, Sui, and Aptos by offering privacy-preserving technology tailored for institutions. According to Polygon Labs founder Sandeep Nailwal, building independently will allow Miden to attract the necessary capital and focus to compete at the highest level. The funds will also support an incentive program for early adopters and the development of critical infrastructure like wallets and bridges.
Miden plans to expand its team from 17 to 25 people to bolster marketing and ecosystem growth. The protocol is currently in its final alpha testnet phase and is expected to launch its mainnet later this year. It will be integrated with Polygon's AggLayer, connecting layer-1 and layer-2 chains with shared liquidity.