Sunday, June 23, 2024

Hop Protocol introduces new governance model with an airdrop.

Hop Protocol, a cross-chain bridge, has launched a new governance model alongside an airdrop. Early users will receive 8% of the total supply of the soon-to-be-released HOP tokens. Hop Protocol hopes to create a community-oriented governance model called Hop DAO, that will aid Layer-2 scalability.

The platform revealed that there will be an initial supply of 1 billion HOP tokens, with 60.5% for the HOP treasury, 22.45% for the initial development team, 2.8% for the future team, and 6.25% for investors.

Chris Winfrey, Hop Protocol co-founder, said the platform and airdrop were designed with unique models for both governance and bridging. He highlighted Hop as a core Ethereum infrastructure. It helps users move the assets from one rollup to the next. Winfrey believes Hop should be a community-owned bridge. In regards to the airdrop, he said it will ensure that early liquidity providers were rewarded. They will get a lot more HOP for providing a lot of liquidity – a piece of the airdrop was very plutocratic.

Winfrey outlined that the Hop Protocol bridging mechanism is unique. It allows the Hop team to isolate a bridge attack or network threat quickly. Moreover, it reduces harm to users. If a catastrophic event happens, the platform can isolate it to only the place it’s happening and safeguard the users. Winfrey said the cross-chain bridge uses an intermediary asset called the H-token for every asset they support. The H tokens are claimable on L1 for the underlying asset. It can be sent back anytime to L1 for the underlying token.

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

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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