Polygon Miden Launches $35M Grant Initiative to Propel Innovation
  • Composability Labs is developing Spark, an on-chain CLOB that will power DeFi transactions on Polygon Miden by minimizing state storage.
  • Polygon Miden uses zero-knowledge proofs to reduce state bloat and ensure efficient and scalable blockchain operations.

Polygon Technology is Recent blogs, Composability Labs said it is making progress in the decentralized finance (DeFi) space with Spark, a fast on-chain central limit order book (CLOB) that leverages the state minimization capabilities of Polygon (MATIC) Miden. By integrating state minimization and zero-knowledge (ZK) proofs, Polygon Miden enables developers to build scalable, efficient and secure solutions that extend Ethereum’s feature set.

State bloat is a well-known issue in blockchain technology. As blockchain usage grows, Accumulation of additional states, This slows down the network and increases transaction fees. Polygon Miden addresses this issue by implementing a state minimization process that reduces the need for large-scale data storage.

Polygon Miden’s zkEVM rollup technology allows blocks to be created and authenticated without storing the entire state. Zero-knowledge (ZK) proofs allow users to store data and track verifiable commitments through rollups. When a user’s state changes, ZK proofs validate the transformation, ensuring efficient and scalable blockchain operations.

Developed by Composability Labs, Spark leverages Polygon Miden’s state-minimization capabilities to create highly efficient on-chain CLOBs. Designed for spot and perpetual exchanges, Spark leverages Polygon Miden’s unique account and note architecture to increase trading efficiency and transparency.

Key benefits of Spark

  • On-chain execution: ensures greater transparency and security compared to off-chain solutions.
  • Advanced Order Types: Supports a wide range of order types, providing a transparent view of market depth and liquidity.
  • Enhanced trading efficiency: Alleviates significant implementation issues in DeFi and improves the overall trading experience.

Spark’s on-chain execution model mitigates the trade-offs associated with off-chain order books, such as reduced transparency and potential security risks. By incorporating standard practices for trading strategies and algorithms, Spark supports efficient and effective trading operations.

Composability Labs is furthering decentralized finance by running on-chain and building a high-performance order book-based protocol. Features such as account abstraction and local asset storage in Polygon Miden improve the user experience by ensuring efficiency and security. Each account in Polygon Miden is represented by a smart contract, making potential exploits more difficult as each account must be targeted individually.

Polygon Miden’s state-minimized design enables on-chain CLOBs that run locally, like Spark. Additional features, such as on-chain price oracles for perpetual markets, are in development. These innovations We aim to bring greater efficiency, autonomy, and scalability to the DeFi market.

Strengthening the Ethereum DeFi environment

Polygon Miden combines elements of both Bitcoin and Ethereum to provide a unique blockchain experience. It uses the concept of Bitcoin UTXO (Unspent Transaction Output) and augments it with customizable logic called Notes. These Notes act like encrypted teller checks with logic attached to them, allowing for conditional transactions.

Polygon Midden also Programmable Smart Contracts We break away from Ethereum by enabling client-side proofs of transactions: users execute transactions locally and submit ZK proofs for rollup, improving performance while maintaining transaction privacy. This approach allows Polygon Miden to process transactions in parallel, significantly increasing transaction throughput.

No spam, no lies, just insights. Unsubscribe at any time.


Leave a Comment