We’re delighted to announce that Polygon and Hermez Network have agreed on a public network merge.
This comes after weeks of discussions and has been possible due to the great level of harmony between both teams, which share the common goal of scaling and bringing the world to Ethereum.
Polygon reached out to Hermez as they were exploring the option to become the L2 powerhouse. After some initial and fruitful discussions, Hermez realised that the best way to expand the platform was integrating with Polygon, which will allow the Hermez team to be focused on the technical solution.
In this blog post, you’ll find some details regarding changes in the team structure, the Hermez Network future functioning and its tokenomics. Let's jump right in!
Welcome Polygon Hermez
Hermez is an open-source ZK-Rollup optimised for secure, low-cost and usable token transfers on the wings of Ethereum. You can learn more about the Hermez zkRollup here.
Right after this announcement, we’ll start the process of integrating the Hermez Network into the Polygon ecosystem, under the name Polygon Hermez.
Polygon Hermez will be maintained and developed with the support of Polygon, which will fund the Hermez team operations. All components of the Hermez project: technology, live solutions, team, and HEZ token will be integrated into the Polygon ecosystem.
The main focus of the project will be the development of the zkEVM announced by Jordi Baylina at EthCC Paris during his talk "Introducing zkEVM."
Updating the Hermez zkRollup
The HEZ token will cease to exist after a specific date yet to be defined. MATIC (Polygon's native token) will substitute the HEZ token as the utility token of Polygon Hermez.
Regarding all HEZ tokenholders, a smart contract will be published to enable the swap of HEZ for MATIC. The peg between HEZ and MATIC will be as follows: 1 HEZ = 3.5 MATIC. The ratio was established on the 4th of August at 11:00 according to the USD value of both tokens on Bitfinex.
Once the smart contract to support the token swap is published, we’ll also release a timeline and deadline for the token swap.
A New Chapter Begins
Polygon and Hermez are aligned in their vision of bringing the world to Ethereum, and scaling it to create an inclusive financial system for everyone. The Hermez team is delighted to be part of the Polygon family, and we’re committed to helping onboard one billion users to the Polygon ecosystem.
The Hermez and Polygon teams are looking forward to this new chapter in our collaboration. We want to invite our communities to interact and merge, as you are at the heart of our joint project.
You can join Polygon’s Discord and Telegram communities, and follow them on Twitter.
If you have any questions about the merge, you can ask our team on the Hermez Discord and Telegram. You can also follow us on Twitter for future updates.