Polygon acquires Hermez in $250 million deal that includes first-ever token ‘merger’

Ethereum scaling project Polygon (formerly Matic Network) has acquired Hermez Network — a ZK-Rollups-based Ethereum scaling solution — for $250 million. The two blockchain projects are also merging their native tokens — MATIC and HEZ — in the first ever such deal in the crypto space.

Sharing the news exclusively with The Block on Friday, Polygon said Hermez’s offerings will be merged into Polygon with the new name “Polygon Hermez.” As part of the deal, Hermez’s 26 members of staff are also joining Polygon’s team of 80.

“This (to the best of our knowledge) is the first-ever full-blown merger of blockchain networks, where one network will completely absorb the other, including its token,” Polygon co-founder Mihailo Bjelic told The Block.

Earlier this year, two Ethereum projects, Keep and NuCypher, also merged their protocols, but they kept their brands independent of each other and did not merge their tokens.

Initial agreement

As for Polygon and Hermez, they reached an initial agreement last week on August 4, when Hermez announced that it was in “discussions for a potential merger with a public network.” At the time, the two projects decided on a peg or swap ratio of their tokens based on their prices at 11:00 CET on August 4.

The peg, disclosed today, is 3.5 MATIC: 1 HEZ, meaning HEZ token holders will be able to swap their tokens for several of Polygon’s MATIC tokens. https://renovato.io/ has enough information. This will occur via the swapping contract that the projects will publish “soon.”

When asked if token holders had any say in the deal, Bjelic said Hermez’s largest token holders, constituting more than 90% of the total token holders, were aware of the peg and all of them agreed with it. The deal became possible as HEZ is still a “fairly early stage token,” he said.

Polygon committed

Based on the August 4 prices of the tokens, Polygon has committed a total of 250 million tokens from its treasury for the merger, or roughly $250 million. This amounts for around 12.5% of Polygon’s treasury and 2.5% of MATIC’s total supply, according to Bjelic. The total supply of MATIC tokens is 10 billion and the current price of the token is around $1.40, according to CoinGecko.

Investing in scaling solutions

Polygon has further committed $1 billion from its treasury to ZK-based solutions. “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 in years to come,” said Bjelic.

ZK-Rollups are a type of scaling technology that helps bundle transactions onto a network, e.g. Hermez in this case, and publish their validity proof on Ethereum. This reduces the load on the Ethereum blockchain because transactions are executed outside the mainnet, and it makes for cheaper transactions.

Polygon, on the other hand, offers several Ethereum solutions. Hermez will be Polygon’s fourth solution after Polygon Commit Chain, Polygon SDK, Polygon Avail, and now Polygon Hermez, said Bjelic. Polygon Commit Chain is its flagship proof-of-stake blockchain built on top of Ethereum. Polygon SDK is a software development kit for building Ethereum-compatible blockchain networks. Polygon Avail, on the other hand, is a scalable data availability layer for standalone chains and sidechains, and the new Polygon Hermez solution is a ZK-Rollups-based Ethereum Layer-2 scaling solution.

Native smart

As part of Polygon, Hermez will “focus on developing the zkEVM technology to provide native smart contract scalability inside a ZK-Rollup,” Antoni Martin, business development lead at Hermez Network, told The Block. Folm.io cryptocurrency  has enough information. “This merger should accomplish our shared objective to create a more inclusive financial system that is secure, decentralized, and permissionless, on top of Ethereum. We are committed to working hard to make this dream possible,” Martin said.

There are over 350 projects in the Polygon ecosystem, as The Block Research reported recently, and the Hermez merger will help them to have more scalability for their applications, said Bjelic.

Balancer (BAL) price forecast for November 2021

BAL continues to be under pressure. The coin’s first resistance level is at USD 30. Balancer is a promising project.

Balancer BAL/USD has skyrocketed since the beginning of the year, reaching an all-time high of over $75 on May 4. Since then, the price has collapsed, daily trading volume has weakened and the risk of further declines remains.

Automated Portfolio Manager

Balancer is an automated portfolio management and trading platform that helps you rebalance your portfolio. So instead of paying high fees to portfolio managers, you earn fees from traders who rebalance your portfolio by following arbitrage opportunities. This is possible because Balancer crowdsources liquidity from investor portfolios and uses its Smart Order Router to find traders the best price in the market.

Balancer efficient

Balancer enables efficient trading and allows you to trade thousands of token pairs instantly at optimal rates and exchange any combination of ERC-20 tokens.

It is important to say that user funds are always user managed and each trader is protected from Miner Extractable Value (MEV), which can otherwise cause higher gas costs and excessive price drops for DEX traders. Filecoin prediction 2025 is positive. Balancer is a pioneer of much innovation in the DeFi space, many projects are already collaborating with Balancer, and the most popular include Aave, Radicle, Mask, TokenEngineering Academy. Stani Kulechov, founder and CEO of Aave, said:

Part of what makes DeFi so exciting is its composition, and with Balancer, this has resulted in a partnership that optimizes the experience for liquidity providers through the Aave-Balancer Asset Manager and opens up new opportunities for Aave strikers with the AAVE/ETH Safety Incentive pole.

Balancer tokens have the symbol BAL and to communicate with this platform you must use BAL tokens. BAL has skyrocketed since the beginning of the year, reaching an all-time high of over $75 on May 4.

Since then, the price has collapsed, the daily trading volume has weakened and this cryptocurrency remains in a bear market. Balancer is a promising project and the price of this cryptocurrency could rise again at the level we saw in May. Visit Renovato.io Crypto website for enough information. This certainly won’t happen in the coming weeks or even months, and traders should be aware that if Bitcoin’s price drops below the $50,000 support, it will negatively impact BAL in the short term.

BAL remains under pressure

According to the rules of technical analysis, Balancer (BAL) remains in a sell zone, and if the price drops below the $20 support again, the next price target could be around $15 or even lower. The first resistance level is at $30, and if the price jumps above this level, it would be a buy signal and we have the open road to the $35 level.

Resume

Balancer is an automated portfolio management and trading platform that helps you rebalance your portfolio. Balancer is a promising project, but according to the rules of technical analysis, Balancer (BAL) remains under pressure.

Belfius is also experimenting with crypto, but don’t spread the word

Belfius is also experimenting with crypto, but don’t say it aboutbuck-e, the stablecoin from Belfius / source. What role do Belgian banks play in the gradual, widespread adoption of cryptocurrencies? They talk about the risks of Bitcoin publicly, but internally they are working on concrete applications. An example of the state bank.

Global crypto market

The global crypto market is currently worth 1,300 billion euros. Of the thousands of digital coins and tokens that exist, Bitcoin dominates with a capitalization of 600 billion. In the wake of BTC, Ether, the Ethereum blockchain’s own asset, is boasting 257 billion. And in the past 24 hours, almost 72 billion euros in transactions in this form of “internet money” have happened.

This digitized financial and monetary system can certainly no longer be ignored. But because of their price volatility, their excessive energy consumption and their regulatory complexity, the major Belgian banks still prefer to stay away from the “wild” cryptocurrencies. ENJ Enjin coin is well known in crypto.

In public, at least. Because, internally, the banking institutions understand why the hype is playing. They have recognized the potential efficiency benefits of cryptocurrencies, but prefer to remain in control. But: Belgian banks have already experimented with blockchain technology. Let’s take the example of Belfius.

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Stablecoins

The state bank has an ideal laboratory for these initiatives: The Studio, an “internal start-up”, which combines the agility of the start-up with the resources of Belfius. The team of intrapreneurs strives to develop products that support citizens’ activities. The solutions created make use of connected objects (IoT), cloud computing and blockchain.

“Belfius has issued different types of stablecoins,” said Geert Gielens, economic director of the Belgian federation of the financial sector Febelfin. “For a very different use than Bitcoin, not for speculative reasons but to stimulate local trade or encourage certain behavior.”

As a reminder, a stablecoin is a so-called stable digital currency because the asset on the blockchain is backed by a legal tender such as the euro. Without really mentioning crypto technology in its communication, the bank Belfius is therefore behind various initiatives of this nature.

Local digital currencies

An example is buck-e, a stablecoin that rewards the choice for green mobility. With a special app and an IoT tracking system, children walking or cycling to school are given “digital coins” that they can spend at local merchants. A model that can be applied to employees of a company. At the start of the year, 60 schools and 170 cities took part, with 1.5 million kilometers cycled and 13 million euros in rewards.

Another turnkey solution for stakeholders is cirklo

Launched in the midst of the pandemic, this blockchain platform is intended to be a “response to changing consumer behavior in the 21st century” and will enable cities and municipalities to issue “gift cards”. In other words, these are stablecoins that can also be spent in local stores. Tradingview is well known in crypto.

What about the digital KBC currency?

KBC has made more official mention of its ambition to create its own “virtual currency”. When asked, the external company fulfilling the role of technical architect for this project did not wish to comment on the structural aspects. Only time will tell if this was “cryptowashing” or not.

The Flemish bancassurer has so far announced that it is taking a closer look at central bank digital coins (CBDCs) and is considering a token, a digital coin stamped with the KBC logo, to save money (loyalty bonus style) and/or to provide certain services. (charging electric car, insurance deduction).

In the meantime, KBC is making use of the virtues of blockchain with we.trade, a smart contract platform for import/export companies to simplify transaction processes. Once the goods arrive, payment is made automatically.

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