The Polygon project has acquired Hermez Network, a platform specialising in ZK-Rollups-based scaling solutions.
1/14 It is a big day for @0xPolygon!
We are announcing a strategic focus on ZK-based scaling solutions and $1B in funding for this effort.
As our first big foray into the exciting world of ZK, we are excited to announce the merger/acquisition of @hermez_network! 🔥
Thread.. 🧵 pic.twitter.com/ayEjUEpSK6
— Polygon (@0xPolygon) August 13, 2021
The merger entails renaming Hermez Network to Polygon Hermez, and integrating native HEZ tokens into the new platform. The agreement was reached on August 4, with a deal value of 250 million MATIC (roughly $250 million at the time).
In the new ecosystem, Polygon Hermez will form part of the product lineup alongside Polygon PoS, Polygon SDK and Polygon Avail.
5/14 Now back to Hermez. 😊
Starting today, we will initiate the process of merging Hermez into the Polygon ecosystem, where it will be operating under the new name: Polygon Hermez, along with other Polygon solutions such as Polygon PoS, Polygon SDK, Polygon Avail, etc.
— Polygon (@0xPolygon) August 13, 2021
Polygon has allocated $1 billion for the development of ZK-Rollups-related solutions.
4/14 As mentioned above, we are committing $1B from our treasury to fund this effort. The funds will be used for:
➡️ Acquiring world-class ZK projects and teams;
➡️ Building ZK based solutions;
➡️ Hiring premium talent;
➡️ Adoption of ZK solutions;
➡️ Research funding etc.— Polygon (@0xPolygon) August 13, 2021
The program includes:
- acquiring projects focused on this technology;
- developing solutions based on ZK-rollups;
- hiring staff;
- deploying technological solutions;
- funding research.
8/14
🔘 Hermez is a great team.
Hermez is a team of 26 great people with various expertise. The team is spearheaded by the legendary @jbaylina, one of the most prominent Ethereum researchers and contributors.
— Polygon (@0xPolygon) August 13, 2021
«Hermez — это команда из 26 опытных людей, обладающих различными знаниями. Команду возглавляет легендарный Джорди Бейлина, один из самых выдающихся исследователей и контрибьюторов Ethereum».
In July, Polygon presented a blockchain gaming- and NFT-focused division, Polygon Studios.
Earlier in the Polygon ecosystem invested billionaire Mark Cuban.
Read more about Polygon’s infrastructure, ecosystem, achievements and plans in our piece.
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