Polygon has acquired Hermez Network, a zero-knowledge (ZK)-Rollups-based Ethereum scaling solution. Polygon’s native tokens MATIC and HEZ will be merged in a first-ever crypto token merger. The swap ratio is 3.5 MATIC: 1 HEZ, and prices as of August 4, 2021.
Holders of HEZ tokens will be able to use the swapping contract to exchange their tokens for Polygon’s native token (MATIC). The swap ratio is 3.5 MATIC : 1 HEZ, and it is determined using the corresponding prices as of August 4, 2021 at 11 a.m. CET.
Two native tokens MATIC and HEZ will be merged in a first-ever crypto token merger as Ethereum scaling firm Polygon (previously Matic Network) announced on August 13 that it has acquired Hermez Network — a zero-knowledge (ZK)-Rollups-based Ethereum scaling solution for $250 million.
“We feel this is a historic event in the sense that it will be the first full-fledged merging of two blockchain networks (to the best of our knowledge).”
The Hermez project’s technology, live solutions, staff, and HEZ coin will all be merged into the Polygon ecosystem, according to a statement from Polygon. Hermez will be entirely integrated with Polygon and given the new name “Polygon Hermez,” as well as its 26 employees who will join the Polygon team.
Hermez Network declared on August 4 that it was in talks about a “possible merger with a public network.”
“Because we are still in the early stages of our token supply distribution, we were able to collaborate with the majority of our token holders, and we are continuing along this route with their support. Our focus will remain on Ethereum scalability and development.
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