Pestalozzi advises Polygon Matic (MATIC) in the legal implementation of the public network merge of the Polygon and Hermez (HEZ) networks
Polygon is a protocol and a framework for building and connecting Ethereum-compatible blockchain networks, aggregating scalable solutions on Ethereum supporting a multi-chain Ethereum ecosystem and having its own native token (MATIC). Hermez is one of the most prominent zero-knowledge (ZK) cryptography-based scaling projects, having its own token (HEZ).
The merger is the first full merger of one blockchain network into another, valued at $250M. In the course of the merger, all components of the Hermez project, such as technology, live solutions and team, have been integrated into the Polygon ecosystem. For the integration of the HEZ token into the Polygon ecosystem, HEZ token holders are able to swap their tokens for MATIC via a swapping contract. As a consequence, MATIC will remain the only token of the Polygon ecosystem and it will take the role of HEZ in Polygon Hermez moving forward.
Pestalozzi advised Polygon in relation to the public network merger.