Ethereum scaling protocol Polygon has announced the acquisition of Hermez Network for $250 million. As part of the acquisition, Hermez will merge into the Polygon ecosystem under the new name Polygon Hermez. The projects are also merging their tokens into one MATIC token and Hermez’s team members will also join Polygon staff.
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Polygon is also committing $1 billion from its treasury to acquire new projects and teams, build ZK-based solutions, support ZK-related solutions, and research funding. The news comes after Poly Network, a protocol of interoperability between multiple blockchains, suffered a massive $611 million hack, which made it the largest hack in a decentralized finance (DeFi) space.
The protocol's team wrote on Twitter that the project was attacked not only on the Ethereum network, but also Binance Smart Chain and Polygon. However, later hacker returned all of the stolen funds.
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