Hermez (HEZ)

 Basics

• Founded in:
• Mainnet release: 24-3-2021
• Hermez zk-rollup is on Rinkeby testnet (9-3-2021).
• From EthHub #126 (10-8-2020):

"Hermez is a new zk-rollup created by Iden3’s Labs. It uses SNARKs for validity proofs with on-chain data availability and can scale Ethereum to 2000 transactions per second."

• Got bought by Polygon and the token HEZ can be swapped towards MATIC (13-8-2021).

Audits & Exploits

• Bug bounty program can be found here with up to 100 ETH reward (24-3-2021).
• From Crypto Briefing (24-3-2021):

"The solution was tested and audited on Ethereum’s Rinkeby testnet before launching on mainnet."

Token

Token allocation

• From EthHub (4-5-2021):

"The first-ever airdrop of HEZ tokens will be distributed to Gitcoin Round 9 MetaMask donors on Tuesday, the 4th of May."

Stablecoin

• From EthHub (11-1-2021):

"Hermez said USDT will go live on the network when its mainnet launches in the coming weeks."

Tech

• Whitepaper can be found here (11-10-2020).
• Code can be viewed [insert here].
• Built on: is an Ethereum Layer 2

How it works

• From Crypto Briefing (24-3-2021):

"Hermez Network is a form of rollup that works by grouping transactions together to create SNARKs—succinct non-interactive arguments of knowledge. These SNARKs then get settled on the Ethereum base layer as one transaction."

Interoperability

• From EthHub (1-12-2020):

"Hermez announced the development of a new feature in the Hermez zk-rollup that improves inter-L2 communication for the whole rollup ecosystem."

Upgrades

• From EthHub (15-3-2021):

"The team says they have everything ready to launch the Hermez Network mainnet in the coming days. Their developer team is upgrading the code with a last-minute fix in the Poseidon hashing algorithm used in Hermez, and after this they’ll restart the Trusted Setup ceremony."

Roadmap

• Can be found here (5-2021):

1. Decentralised Protocol for L2 Token Transfers Q2 2021
2. Network Promotion and Smart Transactions Support Q2-4 2021
3. Ecosystem Growth Q3-4 2021
4. Support for New Financial Infrastructure Q4 2021 - 2022
5. Privacy and Composability 2022

Usage

Projects that use or built on it

• Tether; launched on Hermez Network (19-4-2021).