Miden raises $25M following Agglayer Breakout program graduation
Polygon Weekly Overview - May 2, 2025
Welcome back to the Polygon Weekly Overview. The best place for Polygon community members to get up to speed on the chain’s latest updates, metrics, releases, insights, ecosystem developments and more. All in one place.
By The Numbers
Polygon daily active users: 516.68K (20.02%)
Polygon daily txns: 2.7M (-16.15%)
Polygon Total Volume Locked (TVL): $835.96M (-0.09%)
NFT weekly sales volume: $16.89M (+29.4%)
Top 3 NFT collections by sales volume:
Courtyard: $14.58M (+22.71%)
CITYOFPI: $796.67K
Infinitex: $316.14K (+31.31%)
The percentages and metrics are based on a 7-day timeframe, unless noted otherwise.
Agglayer Spotlight
🟪What happened: Miden raised $25 million in seed funding led by a16z crypto, 1kx and HackVC to build an "edge blockchain," the team shared. This coincides with the company graduating from the Agglayer Breakout Program, with approximately 10% of its token to be airdropped to POL stakers.
🟪Why does it matter: Imagine a blockchain where your device handles the heavy lifting instead of every transaction being processed by the entire network. This is essentially what edge computing is, and it's what Miden looks to accomplish with the Edge Blockchain.
Traditionally, blockchains process all transactions onchain, creating bottlenecks for scalability and privacy. Miden's edge blockchain takes a different approach by moving computation to user devices, while using zero-knowledge proofs to verify accuracy and security. Through the Edge Blockchain, Miden looks to increase transactions per second (TPS) with user devices used for these proofs, rather than congesting the entire network.
This approach can create more scalable blockchains with fast processing and increased privacy with certain processes, like execution, moved offchain to local devices. The design helps address the challenge of achieving scalability, security and decentralization simultaneously, also known as the blockchain trilemma.
With the backing from major investors and a mainnet launch planned for later this year, Miden will be moving toward further implementation. Ultimately, Miden hopes to create a blockchain that is built for mass adoption with its scaling approach.
🟪The big picture: This approach could influence how future blockchains are designed. "No existing blockchain is ready for mass adoption," said Miden Founder Bobbin Threadbare. He believes this is because current designs have basic limits. By moving computation to the edge, Miden is building infrastructure that could push the industry towards using client-side computing more.
Connecting Miden's scalable and private edge blockchain to the Agglayer network can help strengthen the ecosystem. It introduces a different way of handling computation that other chains can tap into or interact with.
With Miden planning to airdrop 10% of its tokens to POL stakers, it also helps to incentivize staking activity to secure the network and support key functionalities of Agglayer like fast interoperability for cross-chain transactions.
As an Agglayer Breakout Program graduate, Miden has connected to the unified network and raised significant funding. This incubation model could further help to support the fundraising and development of innovative technologies like Miden, while connecting more chains to the unified ecosystem, creating a network effect.
Overall, this model is built by combining project incubation, network unification via the Agglayer, and staking incentives. Together, these elements help support the funding and growth of new projects, bringing more liquidity and users to the interconnected ecosystem.
Into the Agglayer
OKX launched OKX Pay to bring self-custody crypto payments to 100M+ users with zero fees, built on Layer X
Learn more about Karate Combat's crosschain expansion with Agglayer bringing crypto-powered fandom to the fight league in this video
Polygon’s Hadron Founders Club opened a founders campus in Dubai
ICYMI: Check out Agglayer X Space on different solutions for liquidity fragmentation
Ecosystem Showcase
Explore GMT Pay’s solution that converts web3 rewards into digital pre-paid Mastercards
Tether expands its Hadron tokenization platform to Polygon, opening secure infrastructure for innovators
Check out Polygon's institutional-grade DeFi solution powering a levered RWA strategy with ACRED tokenized credit fund
Learn about Polygon's proposal PIP-64 for a stateless validation system that reduces hardware requirements while maintaining decentralized verification
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This information is for entertainment purposes only. It should not be considered financial advice, nor should it be used to make investment decisions. Cryptocurrencies are high risk and you should consult a financial professional before making any financial decisions. Make sure you do your own research.