• About
  • Contact Us
Monday, August 8, 2022
Crypto Currency Financial
  • Home
  • Crypto News
  • Press Release
  • Blockchain
  • Cryptocurrency
  • NFT
  • Contact Us
No Result
View All Result
Crypto Currency Financial
No Result
View All Result
Home Press Release

Polygon Hermez: The First Full-Blown Merger of Two Blockchain Networks

Max Steven by Max Steven
August 15, 2021
in Press Release
399 8
0
Polygon Hermez: The First Full-Blown Merger of Two Blockchain Networks
560
SHARES
2.5k
VIEWS
Share on FacebookShare on Twitter



Post Views:
1

BANGALORE, INDIA / ACCESSWIRE / August 14, 2021 / Ethereum scaling project Polygon (formerly Matic Network) has acquired Hermez Network – a ZK-Rollups-based Ethereum scaling solution – for $250 million. The two projects are also merging their native tokens – MATIC and HEZ – in the first-ever such deal in the crypto space.

Polygon is proud to announce that Hermez, one of the most prominent zero knowledge (ZK) cryptography based scaling projects and teams, will be joining Polygon. Starting today, the process of merging Hermez into the Polygon ecosystem will be initiated, where it will be operating under the new name: Polygon Hermez. Polygon Hermez will become a part of the growing Polygon suite that already offers solutions such as Polygon PoS, Polygon SDK, Polygon Avail etc. The maximum amount that will be committed for this merger from the Polygon treasury is 250M $MATIC tokens, or roughly $250M based on the price at the time of reaching the agreement (August 4, 2021).

This merger is the first big foray into the ZK scaling field, after ZK based solutions were publicly announced as Hermez’s strategic focus moving forward.

This merger will be the first full-blown merger of one blockchain network into another. M&As in the traditional tech world are an everyday thing. In blockchains however, they are a new and very interesting concept. There has been a lot of thinking about how an actual merger between two networks might look like, but very few actual attempts to do one. We believe this is in a way a historical moment, since this will be (to the best of our knowledge) the first full-blown merger of two blockchain networks. All components of the Hermez project: technology, live solutions, team, and HEZ token will be integrated into the Polygon ecosystem. HEZ token holders will be able to swap their tokens for Polygon’s native token (MATIC) via the swapping contract that will be published soon. The swap ratio is 3.5 MATIC : 1 HEZ, and is calculated based on the respective prices at 11AM CET August 4, 2021, as previously publicly announced by the Hermez team. MATIC will remain the only token of the Polygon ecosystem and it will take the role of HEZ in Polygon Hermez moving forward: it will provide security, rewards and potentially some additional utilities. HEZ token will cease to exist after a specific date yet to be defined. All other details of the merger will be announced and explained in the days and weeks to come. The dynamics of this merger will open new frontiers in terms of blockchain governance, token design, utility, value accrual etc.

“We thank the whole Polygon and Ethereum community for all the support so far and we invite you to stay with us moving forward; this journey is about to get even more exciting”, says Sandeep Nailwal, co-founder at Polygon.

About Hermez

Hermez is a decentralised zero-knowledge rollup that greatly scales and reduces the cost of payments and transfers on the Ethereum network with a focus on supporting community-driven projects through its original Proof-of-Donation mechanism. Hermez aims to create an inclusive and accessible blockchain payment network developed by the team behind iden3, an open-source protocol for self-sovereign identities on public blockchains. For more information on Hermez, visit: https://hermez.io/.

About Polygon

Polygon is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building and connecting Secured Chains like Plasma, Optimistic Rollups, zkRollups, Validium, etc, and Standalone Chains like Polygon POS, designed for flexibility and independence. Polygon’s scaling solutions have seen widespread adoption with 500+ Dapps, ~567M+ txns, and ~6M+ daily txns.

If you’re an Ethereum Developer, you’re already a Polygon developer! Leverage Polygon’s fast and secure txns for your Dapp, get started here.

Website | Twitter | Ecosystem Twitter | Studios Twitter | Reddit | Discord | Telegram | Instagram

Max Steven

Max Steven

Max has keen interest in what cryptocurrencies have to offer in regards to NGO’s, governments and the financial system.

Related Posts

WHAT IS VERSAILLES HEROES & HOW TO PLAY-TO-EARN?

WHAT IS VERSAILLES HEROES & HOW TO PLAY-TO-EARN?

August 6, 2022
Pando Asset Lists First Crypto ETP on SIX Swiss Exchange

Pando Asset Lists First Crypto ETP on SIX Swiss Exchange

August 3, 2022
BIB Exchange, The Revolutionary Force Towards Crypto Trading Opportunities

BIB Exchange, The Revolutionary Force Towards Crypto Trading Opportunities

July 29, 2022
New reserve cryptocurrency protocol, PLUTO launches on Waves Blockchain claiming to beat bear markets

New reserve cryptocurrency protocol, PLUTO launches on Waves Blockchain claiming to beat bear markets

July 22, 2022
FAMEEX Promises Considerate Approaches to Purse Regulatory Compliance and Protect the Interests of Traders

FAMEEX Promises Considerate Approaches to Purse Regulatory Compliance and Protect the Interests of Traders

July 20, 2022
Infiblue: Building the most fun GameFi ecosystem on the market

Infiblue: Building the most fun GameFi ecosystem on the market

July 8, 2022

Trending

WHAT IS VERSAILLES HEROES & HOW TO PLAY-TO-EARN?
Press Release

WHAT IS VERSAILLES HEROES & HOW TO PLAY-TO-EARN?

2 days ago
Pando Asset Lists First Crypto ETP on SIX Swiss Exchange
Press Release

Pando Asset Lists First Crypto ETP on SIX Swiss Exchange

5 days ago
BIB Exchange, The Revolutionary Force Towards Crypto Trading Opportunities
Press Release

BIB Exchange, The Revolutionary Force Towards Crypto Trading Opportunities

1 week ago
New reserve cryptocurrency protocol, PLUTO launches on Waves Blockchain claiming to beat bear markets
Press Release

New reserve cryptocurrency protocol, PLUTO launches on Waves Blockchain claiming to beat bear markets

2 weeks ago
FAMEEX Promises Considerate Approaches to Purse Regulatory Compliance and Protect the Interests of Traders
Press Release

FAMEEX Promises Considerate Approaches to Purse Regulatory Compliance and Protect the Interests of Traders

3 weeks ago

Recent Post

  • WHAT IS VERSAILLES HEROES & HOW TO PLAY-TO-EARN?
  • Pando Asset Lists First Crypto ETP on SIX Swiss Exchange
  • BIB Exchange, The Revolutionary Force Towards Crypto Trading Opportunities
  • New reserve cryptocurrency protocol, PLUTO launches on Waves Blockchain claiming to beat bear markets
  • FAMEEX Promises Considerate Approaches to Purse Regulatory Compliance and Protect the Interests of Traders
  • Cryptocurrency Exchanges with Margin Trading and Leverage Level
  • Infiblue: Building the most fun GameFi ecosystem on the market

Categories

  • AI Trading
  • Axia
  • Bitcoin
  • Blockchain
  • Blockchain News
  • Business
  • Crypto
  • Crypto News
  • Cryptocurrency
  • Cryptonews
  • Cryptos
  • Deepcoin
  • Gaming
  • Guest Post
  • ICO
  • Metaverse
  • News
  • NFT
  • Press Release
  • Technology
  • Tezro
  • Token
  • Trading
  • TRADING GUIDES
  • Wallets

Tags

2020 Announces Betting Bitcoin blockchain Brides cannabis Casino Casinos Colorado Content coronavirus Covid19 crypto Cryptocurrency Currency Deal financial foreign Gambling Games Gaming Group Launch Launches live marijuana market Online Partners Partnership Play pot Pragmatic Red reports revenue Simple Slot Slots Solutions Sports Supply unveils William

About

The cryptocurrencyfinancial publishes regular news, analysis and opinion pieces on the latest developments in this fast-moving space. We offer the latest crypto news, expert pricing analysis and insight on the latest ICO's.

Contact Us: [email protected]

  • About
  • Contact Us

Associated with Blockchain Press Media Network

No Result
View All Result
  • Home
  • Blockchain
  • Crypto
  • News
  • Press Release
  • Price Analysis

Associated with Blockchain Press Media Network

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • bitcoinBitcoin(BTC)
    $47,760.000.100% 24H
    BITCOIN
    24H : 0.100%
    Volume : $25,691,746,641.00
    Marketcap : $902,767,395,534.00
  • ethereumEthereum(ETH)
    $3,750.30-0.42% 24H
    ETHEREUM
    24H : -0.42%
    Volume : $15,543,537,817.00
    Marketcap : $446,191,570,291.00
  • binancecoinBinance Coin(BNB)
    $523.71-0.25% 24H
    BINANCE COIN
    24H : -0.25%
    Volume : $1,715,282,504.00
    Marketcap : $88,112,540,019.00
  • tetherTether(USDT)
    $1.0000.050% 24H
    TETHER
    24H : 0.050%
    Volume : $52,703,800,023.00
    Marketcap : $78,519,198,598.00
  • solanaSolana(SOL)
    $175.020.210% 24H
    SOLANA
    24H : 0.210%
    Volume : $1,660,210,957.00
    Marketcap : $54,115,741,275.00