Hermez NetworkPrice

(HEZ)

In August 2021, Hermez Network was acquired by Polygon. The project underwent a rebranding to Polygon Hermez, and its team, along with its specialized ZK-Rollup technology, was fully integrated into Polygon's comprehensive suite of scaling solutions. This integration allowed the Hermez team to significantly contribute to and eventually lead the development of the cutting-edge Polygon zkEVM, marking a pivotal transition for the network within the broader blockchain ecosystem.

Technically, no, the HEZ token is no longer actively supported for its original utility. It was officially retired and superseded by Polygon’s native token. Former HEZ holders had the opportunity to migrate their tokens, exchanging them for MATIC at a fixed ratio of 1 HEZ for 3.5 MATIC. While HEZ might still appear on some decentralized exchanges, it operates as a legacy asset with significantly reduced liquidity and utility, as most of its functions and value have transitioned into the Polygon ecosystem.

If you still possess original HEZ tokens, the migration mechanism was designed for extended availability. However, the Polygon ecosystem has further evolved. In September 2024, Polygon commenced the upgrade of its MATIC token to a new ticker, POL. Therefore, to fully transition, holders of HEZ generally need to first convert their HEZ to MATIC using the official migration pathway (if still active), and then proceed to upgrade that MATIC to POL. It is crucial to always use official Polygon Technology resources for migration links and never rely on unverified sources to protect your assets.

The Hermez Network was founded by a distinguished team of developers recognized within the Ethereum community: Antoni Martin, Jordi Baylina, and David Z. Jordi Baylina, in particular, holds a notable reputation for his critical involvement in the recovery efforts following the historic DAO hack. His expertise continued to be invaluable, as he later served as a lead developer for the Polygon zkEVM, a testament to the founding team's significant contributions to blockchain technology and scaling solutions.

Users should exercise extreme caution and be aware of potential scams. A recent surge of misinformation and fraudulent "airdrops" has emerged, falsely claiming that Hermez (HEZ) is a new over-collateralized stablecoin on the TON blockchain or is distributing a new airdrop. It is crucial to understand that the original Hermez Network is an integral part of Polygon and is not involved in any stablecoin initiative on the TON network. Any website or message prompting you to connect your wallet to claim a "HEZ Airdrop" in the current period is highly likely to be a wallet-draining scam designed to steal your assets.

Hermez was a significant pioneer in the field of Zero-Knowledge (ZK) Rollups, a foundational scaling technology. Their core contribution to Polygon included the development of Hermez 1.0, which was an early, payment-focused ZK-Rollup solution. More broadly, Hermez laid crucial groundwork and provided the specialized expertise essential for the creation of the Polygon zkEVM. This innovative solution enables Ethereum smart contracts to execute within a ZK-Rollup environment, dramatically reducing transaction fees while meticulously upholding the robust security assurances inherent to the Ethereum network.