Polygon And Hermez Network Merge In a Historic $250m Deal

2021-08-14 16:34:00

Polygon and Hermez make history with the first total merger of two separate blockchain platforms in a deal worth $250m. More specifically, on the 4th of August Polygon completed the purchase of Hermez, with MATIC tokens. This deal makes Hermez part of the Polygon group, together with Polygon Avail and Polygon SDK.

In addition, this $250m venture will see Hermez operating under the name Polygon Hermez. For that matter, Hermez is going to be completely integrated into the Polygon platform. That is both in logistics and personnel. This means its technology, employees, and Hermez’s own token, HEZ.

It is no secret that one of the biggest reasons for this merger is Polygon’s interest in ZK technology. In particular, Polygon already reserved $1b with the goal to continue researching ZK-tech. Additionally, this includes hiring personnel, forging partnerships, and most importantly, finding and absorbing companies such as Hermez.

In relation, co-founder of Polygon Mihailo Bjelic said the following:

We consider ZK cryptography the single most important strategic resource for blockchain scaling and infrastructure development, and we have a clear goal of becoming the leading force and contributor in this field for years to come.Mihailo Bjelic | Co-Founder - Polygon

Companies such as Hermez are what we call zero-knowledge rollups. In fact, Hermez is the first-ever DeFi rollup. The way they work is that rollups use mathematical proof in order to process all transactions successfully.

 

Consequently, due to the greater flexibility when it comes to transactions, rollups such as Hermez are the go-to solution when it comes to scaling. And with Hermez being the only decentralized rollup, you see why such interest.

The latest $250m mergers between Polygon and Hermez only means one thing. That the wait for the first-ever total cooperation is now over. Especially after several disappointments such as the ‘Keanu’ project by Keep and NuCypher. Hence the Polygon and Hermez network union is definitely one of the history books.

 

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