Hermez Network launches zk-rollups on Ethereum mainnet to process cheap payments

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Hermez Community has introduced on Wednesday the launch of its zk-rollup mainnet launch. Which means that the community is now open for customers, who can profit from the rollup’s a lot decrease transaction prices than Ethereum.

Zk-rollups use zero knowledge proofs to confirm the correctness of a giant batch of transactions. An outdoor ecosystem executes these transactions and generates proofs for them, that are then posted straight on the Ethereum blockchain. The result’s a saving of over 10x by way of block house, with Hermez transactions weighing simply 10 bytes on the primary chain, in comparison with greater than 100 bytes for the standard Ether switch.

Hermez helps a number of main tokens together with Ether (ETH), Wrapped BTC (WBTC), Tether (USDT), Dai and HEZ, Hermez’s token.

The zk-rollup requires depositing funds to a sensible contract and withdrawing them to make use of within the Ethereum mainnet. In contrast to optimistic rollups, nevertheless, funds might be withdrawn instantly from the layer two. In Hermez’s case, there are nonetheless some precautionary limitations to make sure a clean launch. Pol Lanski, lead of ecosystem growth at Hermez, advised Cointelegraph:

“It is an automatic quantity limitation on withdrawals that’s carried out within the sensible contracts as a further checkpoint to determine the community’s anomalous habits. This limitation will kick in mechanically solely when a sudden excessive quantity of funds withdrawal is detected, and the target is to provide the developer staff a while to confirm the system and decide whether or not the funds are being withdrawn legitimately.”

Hermez comes a number of months after ZkSync, an identical answer designed by Matter Labs, hit the market. Whereas it has seen adoption on platforms like Gitcoin, a blended crowdfunding and grants platform, there have been few different integrations.

Hermez is launching on mainnet with an integration with Bitfinex and Tether already under their belt. Antoni Martin, co-founder of Hermez, advised Cointelegraph:

“We’ve a number of exchanges dedicated to implementing Hermez and a great variety of them in direct contact with us, enjoying with the testnet.”

Nonetheless, fostering layer two adoption appears to be tougher than first anticipated. Funds-only methods can solely be used for transferring funds between exchanges or paying for merchandise in centralized ecosystems that assist layer-two. They can’t be straight used with DeFi, as it could require customers to withdraw and redeposit funds every time, partially defeating the aim of the rollup. Nonetheless, with the Tether and USDC contracts being among the many largest “gaz guzzlers” on the community, even a payments-only rollup can considerably alleviate stress on Ethereum charges.