Polygon begins its foray into ZK with $250M Hermez network merger

Polygon announced a merger with Hermez Network, a major zero-knowledge cryptography (ZK)-based scaling project.

According to a Polygon blog post , the two companies will become Polygon Hermez in the “first complete merger of two blockchain networks.”

The company also described the move as its “first big foray into the exciting world of ZK.”

Polygon reported the key points of its merger with Hermez in a 14-part Twitter thread shared on August 13.

“Six months ago when we announced Polygon, there was an urgent need to scale Ethereum and our POS chain proved to be the best solution/immediate relief,” they began . “Now both Polygon and Ethereum are in a better position, so we think the time is right to focus more on innovation.

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“We have been actively experimenting with leading scaling technologies since 2017. Based on what we have learned, we believe that ZK crypto is our best bet for building the solutions we all want and deserve.”

Polygon has confirmed that it will commit 250 million of its native token (MATIC) to the merger. The company said this was equivalent to approximately $250 million at the time they reached the deal. At press time , MATIC price was $1.43, shortly after a sharp drop from $1.50 to $1.42 over ten minutes on the morning of August 14.

What’s more, Polygon said they would pledge another $1 billion from their treasury to fund their ZK effort. More specifically, “Acquisition of world-class ZK projects and equipment; build solutions based on ZK; hire premium talent; adoption of ZK solutions…” and research funding.

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Polygon Expansion

The merger with Hermez Network is not the only expansion of the Polygon ecosystem in recent weeks. It comes less than a month after reports revealed the new non-fungible token ( NFT ) and Polygon’s gaming division , Polygon Studios. Reports stated that the new division aims to merge Web 2 and Web 3 games . Polygon already had more than 100,000 users on its Web 3 games.

On August 13, it was reported that the Rario NFT platform had been launched. The first project to be released with the support of Polygon Studios. Rario, a cricket-focused NFT platform, has already signed deals with various cricket leagues and players around the world, according to reports.


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