Ethereum Layer 2 “Powerhouse” Established After Polygon and Hermez Public Community Merge

This growth has come just some weeks after discussions and has been potential due to the “nice stage” of concord between each groups, which “share the frequent aim of scaling and bringing the world to Ethereum,” the announcement famous.

Polygon had reached out to Hermez as they had been weighing or trying into the choice to change into “the L2 powerhouse.” After some preliminary and “fruitful discussions,” Hermez realized that “one of the simplest ways to broaden the platform was integrating with Polygon, which can enable the Hermez staff to be centered on the technical resolution.”

The groups have shared a number of particulars concerning adjustments within the staff construction, the Hermez Community future functioning in addition to its tokenomics.

As defined within the replace, Hermez is an open-source ZK-Rollup “optimized for safe, low-cost and usable token transfers on the wings of Ethereum.” Chances are you’ll study extra concerning the Hermez zkRollup right here.

As acknowledged within the replace:

“Proper after this announcement, we’ll begin the method of integrating the Hermez Community into the Polygon ecosystem, underneath the title Polygon Hermez.”

The announcement additionally talked about that Polygon Hermez might be “maintained and developed with the help of Polygon, which can fund the Hermez staff operations.” All elements of the Hermez challenge together with expertise, dwell options, staff, and HEZ token “might be built-in into the Polygon ecosystem,” the replace confirmed.

As famous within the announcement:

“The primary focus of the challenge would be the growth of the zkEVM introduced by Jordi Baylina at EthCC Paris throughout his discuss “Introducing zkEVM.”

The HEZ token will “stop to exist after a particular date but to be outlined.” MATIC (Polygon’s native token) will “substitute the HEZ token because the utility token of Polygon Hermez,” the replace revealed whereas noting that for all HEZ tokenholders, a sensible contract might be printed “to allow the swap of HEZ for MATIC.” The peg between HEZ and MATIC “might be as follows: 1 HEZ = 3.5 MATIC.”

The ratio was “established on the 4th of August at 11:00 in accordance with the USD worth of each tokens on Bitfinex,” the replace confirmed. It additionally talked about that after the sensible contract to help the token swap has been printed, they’ll share a timeline and deadline “for the token swap.”

As acknowledged within the replace:

“Polygon and Hermez are aligned of their imaginative and prescient of bringing the world to Ethereum, and scaling it to create an inclusive monetary system for everybody. The Hermez staff is delighted to be a part of the Polygon household, and we’re dedicated to serving to onboard one billion customers to the Polygon ecosystem.”

The announcement additional famous:

“The Hermez and Polygon groups are trying ahead to this new chapter in our collaboration. We need to invite our communities to work together and merge, as you might be on the coronary heart of our joint challenge.”