Hermez Network, a decentralized zero-knowledge rollup (zk-rollup), will launch Tether tokens (USDt) on the protocol’s Layer 2 network, a solution designed to improve scalability on Ethereum to ensure cheaper transactions.
Hermez will work with key projects ahead of its official launch to provide significantly cheaper payments and token transfers to millions of users around the world.
Jordi Baylina, Technical Lead at Hermez, said:
“Hermez is excited to welcome Tether tokens (USDt) as the first of many projects to join the Layer 2 network ahead of our official launch this year. Hermez will bring scalability, speed and lower transaction fees to users while furthering our mission to create a self-sustaining and community minded network.”
Paolo Ardoino, CTO of Tether Operations Limited, said:
“Tether is happy to announce that we are among the first projects to be enabled on Hermez, a ZK-Rollup solution that aims to help Ethereum scalability. Tether and Hermez both share a desire to keep building next-generation financial products and we feel our growing customer base will appreciate and benefit greatly from this collaboration.”
The Hermez zk-rollup, which was announced at EDCON in August, is a layer 2 construction that scales Ethereum by rolling multiple transfers into a single transaction.
One of Hermez’s missions alongside scaling payments is to support community-based projects through its original Proof-of-Donation mechanism. This initiative will see 40% of the value generated reinvested into community-driven Layer 1 projects through Gitcoin grants.
In October 2020, Hermez launched its utility token, HEZ, via a successful liquidity pool on Uniswap. HEZ is an integral part of the Hermez Network, as it will enable coordinators to participate when mainnet launches. Users looking to become coordinators can acquire HEZ ahead of the mainnet launch in early 2021.
With the anticipated arrival of Ethereum 2.0, Layer 2 scalability solutions are an essential tool to solving the issues found when processing high volumes of transactions and high gas fees.
Hermez is open to welcoming more projects to the network with more projects to be announced later in 2021.
About Hermez Network
Hermez Network is a decentralized zero-knowledge rollup that greatly scales and reduces the cost of payments and transfers on the Ethereum network with a focus on supporting community-driven projects through its original Proof-of-Donation mechanism. Hermez aims to create an inclusive and accessible blockchain payment network developed by the team behind iden3, an open-source protocol for self-sovereign identities on public blockchains. For more information on Hermez, visit: https://hermez.io/
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