Hermez Network
Crypto Overview
Overview
Hermez Network (HEZ) was a Layer 2 scaling solution for Ethereum that aimed to improve transaction throughput and reduce gas fees through ZK-rollups technology. However, in August 2021, Hermez Network was acquired by and merged with Polygon, becoming Polygon Hermez.
Original Intended Utility
The HEZ token was designed to serve multiple purposes in the Hermez ecosystem: Network coordination through a token-based auction system for validators, governance participation, and value accrual through network usage.
Current Status
Following the merger with Polygon, HEZ tokens were converted to MATIC tokens at a ratio of 3.5 MATIC: 1 HEZ. The Hermez Network as an independent project no longer exists, and HEZ tokens are no longer actively traded.
Token Distribution and Governance
Since the merger with Polygon, the original HEZ token distribution is no longer relevant. All HEZ tokens were eligible for conversion to MATIC tokens following the acquisition.
Crypto Impact
To assign a comfort level investing in Hermez Network from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Hermez Network.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.