August 18, 2021 Polygon acquires Hermez.

Polygon has acquired Layer 2 scalability project Hermez for $250M. The deal marks the first merger of two tokenized protocols. Polygon will acquire all HEZ tokens through direct purchases and swaps for MATIC tokens. The token swap will be conducted at a 3.5MATIC/1HEZ ratio, and Polygon plans to spend roughly 12.5% of its treasury as part of the deal.