First blockchain merger: MATIC, HEZ to integrate into Polygon ecosystem

HEZ token holders will be able to swap their tokens for Polygon’s native token (MATIC) via the swapping contract. The swap ratio is 3.5 MATIC : 1 HEZ, and is calculated based on the respective prices at 11AM CET August 4, 2021.

In a first-ever crypto token merger, two native tokens MATIC and HEZ will be merged as Ethereum scaling project Polygon (formerly Matic Network) has acquired Hermez Network — a zero-knowledge (ZK)-Rollups-based Ethereum scaling solution for $250 million, Polygon announced on August 13.

“We believe this is in a way a historical moment, since this will be (to the best of our knowledge) the first full-blown merger of two blockchain networks. All components of the Hermez project: technology, live solutions, team, and HEZ token will be integrated into the Polygon ecosystem,” Polygon said in a statement.

As part of the deal, Hermez will be fully merged with Polygon with the new name “Polygon Hermez” along with its 26 members of staff who will join the Polygon’s team.

On August 4, Hermez Network had announced that it was in discussions for a “potential merger with a public network.”

“Being in the early stage of our token supply distribution we were also able to collaborate with the majority of our token holders, and with their blessing, we are pursuing this path. Our objective will continue to be focused on Ethereum scalability, developing the announced ZK-EVM, and ensuring its adoption,” it had said.

Important update:

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We @hermez_network are in discussions for a potential merger with a public network.

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