THELOGICALINDIAN - Hermez is a Layer 2 band-aid based on zkrollups The accretion will see the aboriginal badge alliance in the history of crypto
Polygon is accepting Hermez Network in the aboriginal alliance and accretion accord involving two projects with tokens.
Hermez To Become Polygon Hermez
Formerly accepted as Matic network, Polygon has afresh acquired Hermez Network, a ZK-Rollups-based Ethereum Layer 2 ascent solution. The accretion appearance the aboriginal badge alliance in crypto history, as Hermez’s HEZ will be chip into Polygon’s MATIC token.
Polygon is an Ethereum accordant blockchain whose purpose has been to abate some of the cartage from Ethereum while abbreviation fees drastically. This architecture accommodation has brought a lot of absorption to Polygon, with abounding DeFi projects migrating to Polygon. Yield farming, generally apparent as too big-ticket on Ethereum due to aerial gas fees, has additionally apparent a renaissance on the ascent solution.
Hermez’s Layer 2 band-aid is based on zero-knowledge rollups, generally abbreviated to ZK-Rollups. This technology allows it to action affairs faster and for about no fees while still leveraging the capital Ethereum chain’s security. The alliance will see the activity called “Polygon Hermez,” and Hermez’s 26 advisers accompany Polygon.
This is a celebrated accident for crypto as never afore had a activity acquired addition activity with a badge and alloyed both. From now on, MATIC will be acclimated to pay for affairs on Hermez. HEZ holders will be able to barter their tokens at a 3.5MATIC/1HEZ ratio.
Around 250 actor MATIC tokens will atone HEZ holders, apery about 12.5% of Polygon’s treasury. With Hermez, Polygon acquires what is best commonly anticipation of as a Layer 2 solution, one congenital on top of Ethereum rather than in alongside like the Polygon Commit Chain, a proof-of-stake blockchain.
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Critics accept acclaimed that the accretion can assume like Polygon affairs themselves a accurate Layer 2 band-aid rather than architecture it themselves. On the added hand, Polygon has appear it is acceleration bottomward on its ZK-centric action by committing a added $1 billion from its treasury to developing the technology.
Disclaimer: The columnist captivated ETH and several added cryptocurrencies at the time of writing.
