A public testnet for Hermez, a Ethereum scaling solution is being launched by Polygon, which will compete to become the dominant Ethereum Layer 2 solution.
Hermez, an Ethereum Layer 2 scaling solution, was acquired by Polygon for $250 million in late 2021.
Layer 2 Scaling Solution Called a zkEVM
This is the first time anyone can test out Hermez, which is based on Ethereum and boosts its scalability by allowing more transactions to be processed for a lower cost.
Known as zkEVM, Hermez is a Layer 2 scaling solution that offers security and application customization benefits that other Layer 2 solutions lack.
Polygon Co-founder Mihailo Bjelic said, “It was widely believed that zkEVM will take several more years to ship, which makes this an even more groundbreaking milestone, not only for Polygon but for the whole Web3 industry.”
In addition to enhancing Layer 2 benefits, ZkEVMs allow developers to develop Zero Knowledge (ZK) applications using the industry standard coding language Solidity.
Thus, developers and applications benefit from all the security and scaling features ZK offers without learning any new coding languages.
Deploying Aave and Uniswap
At launch, DeFi protocols such as Uniswap and Aave will be implemented on the testnet.
By doing so, this will not only allow these protocols and users to experiment with Hermez, but the teams behind Aave and Uniswap will also have the opportunity to test for any bugs that could arise, well before the mainnet launches.
Polygon Hermez Co-founder David Schwartz said, “Ultimately, Polygon zkEVM is the next step in Ethereum’s journey, and we are moving towards giving our users the full benefits of a working zkEVM — scalability without compromise.”
Schwartz added, “We have some work to do before we fully achieve those goals, and we’re eager to find out exactly what needs improvement and receive feedback.”
Polygon said all applications, tools, and user wallets built for its Polygon proof-of-stake network would work with Hermez.