“As exorbitant gas fees continue to cripple the community, we must bring scalability and cheaper transactions to Ethereum now,” Hermez tech lead Jordi Baylina said in a statement. “We are now inviting developers, projects and users from around the world to join us on this journey towards a significantly cheaper and decentralized future.”
Rollups: Easing transaction bottlenecks on Ethereum
Rollups are quickly becoming the preferred solution for Ethereum’s transaction bottleneck problem, both in the zero knowledge proof (zk-rollup) and Optimistic rollup (ORU) flavors. A recent rise in user activity spiked gas prices throughout the early winter months, prompting a move to rollups.
These throughput tools increase how many transactions can be settled on the Ethereum blockchain by moving transactions off-chain, bundling them and sending them back to Ethereum for settlement. Andreessen Horowitz-backed Optimism and Union Square Ventures-backed Matter Labs are the industry’s two heavyweights in the field.
Hermez itself is a zk-rollup, meaning it uses mathematical proofs to verify and settle transactions.
The startup behind Hermez is also debuting a new open-source software donation scheme. 40% of all transaction fees paid to the network will be directed to Gitcoin, a Boulder, Colorado-based startup for funding decentralized software.