The teams at Polygon and Hermez Network have reportedly agreed on a “public network merge.”
This development has come just a few weeks after discussions and has been possible because of the “great level” of harmony between both teams, which “share the common goal of scaling and bringing the world to Ethereum,” the announcement noted.
Polygon had reached out to Hermez as they were weighing or looking into the option to become “the L2 powerhouse.” After some initial and “fruitful discussions,” Hermez realized 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.”
The teams have shared a few details regarding changes in the team structure, the Hermez Network future functioning as well as its tokenomics.
As explained in the update, Hermez is an open-source ZK-Rollup “optimized for secure, low-cost and usable token transfers on the wings of Ethereum.” You may learn more about the Hermez zkRollup here.
As stated in the update:
“Right after this announcement, we’ll start the process of integrating the Hermez Network into the Polygon ecosystem, under the name Polygon Hermez.”
The announcement also mentioned that 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 including technology, live solutions, team, and HEZ token “will be integrated into the Polygon ecosystem,” the update confirmed.
As noted in the announcement:
“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.”
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,” the update revealed while noting that for 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,” the update confirmed. It also mentioned that after the smart contract to support the token swap has been published, they’ll share a timeline and deadline “for the token swap.”
As stated in the update:
“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 announcement further noted:
“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.”