Hop Protocol reveals details of Hop DAO and Airdrop in optimism style


Hop Protocol, a cross-chain bridge designed to facilitate the rapid transfer of tokens between various Ethereum Layer 2 scaling solutions, has unveiled a new governance model alongside an airdrop, with early adopters soon getting 8% of the total supply – released HOP tokens.

Similar to Optimism, which recently unveiled a new governance structure where early adopters drop 5% of the total supply of the OP token out of thin air, Hop Protocol aims to adopt a community-centric governance model called Hop DAO create, which should support layer -2 scalability.

An official date for the airdrop has yet to be announced.

Talking to Cointelegraph’s Elisha Ayaw Speaking on Twitter Spaces, co-founder Chris Winfrey said that the Hop Protocol and Hop DAO Airdrop were designed with unique models for both governance and bridging.

“We see Hop as the core Ethereum infrastructure. It is very important that users can move their assets from one rollup to the next. Because of this, we believe Hop should be a community-owned bridge,” Winfrey said.

Of the structure of the airdrop, Winfrey said, “The goals in designing the airdrop were … to make sure you know early liquidity providers were rewarded.”

“For the users that provided a lot of liquidity, those people got a lot more HOP, so that part of the airdrop was very plutocratic,” Winfrey continued.

Winfrey noted that the Hop protocol’s bridging mechanism is unique and allows the Hop team to quickly isolate a bridge attack or network threat and minimize the damage to users.

“If a catastrophic event should occur, we can isolate the event to where it’s happening and protect users.”

“Hop uses an intermediate asset called H-Token for each asset we support. Any of these H-tokens can be claimed on L1 for the underlying asset and you can return it to L1 at any time and get the underlying token,” Winfrey added.

According to data compiled by Chainalysis, bridge hacks cost the cryptocurrency industry more than $1 billion last year, underscoring the new technology’s major security flaws. Axie Infinity Ronin’s recent bridge hack is perhaps the most notorious attack, with attackers stealing over $600 million worth of digital assets in just two transactions.

Related: Experts warn that monkey-themed airdrop phishing scams are on the rise

Currently Hop supports the transfer of ETH, USDC, MATIC, DAI and USDT to and from the following networks; Mainnet, Polygon, Optimism, Arbitrum and xDai.

Rollups handle the transactions outside of the main Ethereum network but send the transaction data back to the Ethereum network.