Out of $1 Bn committed for zero-knowledge proof developments, Polygon spends $250 Mn to acquire ZK rollup Hermez Network
Hermez Network will be renamed as Polygon Hermez
Among the top projects on Polygon are Quickswap, Sushiswap, Curve, Paraswap and Aave
Amid Ethereum set to adopt major reforms such as the adoption of Proof of Stake to improve scalability and reduce the gas fee, Ethereum-based Layer-2 platform Polygon (previously Matic), known for providing scalability at significantly low gas fees has acquired another Ethereum-based layer-2 zero-knowledge rollup (ZK rollup) to strengthen its position in the industry. ZK proofs use mathematical statements without revealing the underlying data.To put things in perspective, on 17th June Polygon processed 8.8 Mn transactions compared to 1.2 Mn on Ethereum, taking a significant load off the Ethereum mainnet and enabled a scaled execution environment for Ethereum, he added.“Due to the decentralised nature, We are not even aware many of the projects being developed on Polygon. But we see almost 5-6 projects launching every day, and our network has crossed 310M txns from 1.8M+ unique wallets.”
Polygon has been working on developing ZK proofs for the past many months and has committed $1 Bn, a significant portion of its treasury, to ZK-related efforts. In its blog, the company announced that it will utilise this fund in: