Hop Protocol, a cross-chain bridge designed to facilitate the rapid transfer of tokens between different layer 2 scaling solutions for Ethereum, has introduced a new governance model along with an airdrop that will see early adopters receive 8% of the supply total of future HOP tokens.
Just like Optimism, which recently unveiled a new governance structure that will see early adopters receive 5% of the total OP token supply. Because of this, Hop Protocol intends to create a community-oriented decentralized autonomous organization (DAO) called Hop DAO that seeks to help layer 2 scalability.
An official date for the airdrop has not yet been announced.
repost:
There will be an initial supply of 1b $HOP tokens:
• 8% airdropped to early users
• 60.5% to the Hop treasury
• 22.45% to the initial development team (3 yr vesting, 1 year cliff)
• 2.8% saved for future team
• 6.25% to investors (3 year vesting, 1 yr cliff) pic.twitter.com/rQ7xcGa9ba—HopProtocol (@HopProtocol) May 5, 2022
There will be an initial supply of 1 billion $HOP tokens:
– 8% for the first users.
– 60.5% for the Hop treasury.
– 22.45% for the initial development team (3 year vesting, 1 year cap).
– 2.8% saved for the future team.
– 6.25% for investors (3 years of acquisition of rights, 1 year of precipitation).
Speaking with Elisha Ayaw of Cointelegraph on Twitter Spaces, Hop co-founder Chris Winfrey said that the Hop DAO protocol and airdrop were designed with unique models with governance and bridging in mind.
“We see Hop as the core infrastructure of Ethereum. It is very important for users to be able to move their assets from one rollup to another. For this reason, we believe Hop should be a community-owned bridge,” said Winfrey.
Speaking about the structure of the airdrop, Winfrey said that “the design goals of the airdrop were to make sure that early providers of liquidity were rewarded.”
“For users who contributed a lot of cash, those people got a lot more HOP, so that part of the airdop was very plutocratic,” Winfrey continued.
Winfrey noted that the Hop Protocol’s bridging mechanism is unique, allowing the Hop team to quickly isolate a bridging attack or network threat and minimize harm to users:
“If a catastrophic event were to occur, we can isolate the event to just the place where it’s happening and protect users.”
“Hop uses an intermediary asset called an H-token for each asset it supports. Each of these H-tokens is claimable at Layer 1 by the underlying asset, and at any time it can be sent back to Layer 1 and retrieve the underlying token.” Winfrey added.
According to data compiled by Chainalysis, blockchain bridge hacks have cost the crypto industry more than $1 billion in the past year, highlighting major security vulnerabilities in new technology. The recent Axie Infinity Bridge hack is perhaps the most infamous attack, with attackers stealing digital assets worth more than $600 million in just two transactions.
Hop currently supports the transfer of Ether (ETH), USD Coin (USDC), Polygon (MATIC), Dai (DAI), and Tether (USDT) to and from the following networks: Ethereum Mainnet, Polygon, Optimism, Arbitrum, and xDai. .
Rollups settle transactions outside of the Ethereum mainnet, but publish transaction data on the Ethereum network.
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