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Cross-chain bridge Hop Protocol has announced the HOP token airdrop as it commences its journey towards complete decentralization and the formation of the Hop DAO. Early protocol users will receive 8% of HOP’s total supply of one billion tokens, with amounts dependent on levels of interaction with Hop Protocol.
- Hop Protocol is launching the HOP token to support the Hop Protocol DAO
- HOP gives holders governance rights and a say in the future of the platform
- The snapshot was taken on April 1st at 12:00 am UTC
- 8% airdropped to early network participants
- HOP airdrop eligibility can be checked here
- At writing, the HOP token has not launched – DO NOT TRY TO PURCHASE HOP!
What is Hop Protocol?
Hop Protocol allows users to bridge assets across Ethereum Layer-2 solutions and sidechains like Polygon. A feature of blockchain technology and DeFi that has become massively important and the subject of much debate. The rise of Ethereum alternatives can be attributed to high gas fees and network congestion. Traders needed choices and a way to move funds. Networks like Polygon and various Layer-2s can provide this.
The protocol will airdrop 8% of HOP’s total supply of one billion tokens to early protocol users. 3.35% of the airdrop will go to wallets with a minimum of two bridge transactions and at least $1,000 in total bridging volume. This may seem high, but there is no stipulation that the $1,000 was used in one transaction, and therefore many smaller transactions count.
Hop Protocol will also run a two-week program to report Sybil addresses, which are multiple addresses that one person owns. This is to circumnavigate bad actors who try to use multiple addresses to interact with protocols likely to airdrop tokens to falsely obtain more. This stands in the way of healthy token distribution and the correct formation of a DAO and endeavors to take tokens that should be in the hands of users. After all, a DAO run by wallets with no controllers is useless.
HOP Token
There will be an initial supply of 1 billion HOP tokens:
- 8% airdropped to early network participants
- 60.5% to the Hop DAO treasury
- 22.45% to the initial development team (3-year vesting, 1-year cliff)
- 2.8% saved for future team members
- 6.25% to investors (3-year vesting, 1-year cliff)
How HOP airdrop will be distributed
The airdrop will be distributed as follows:
- 3.35% to users of the Hop bridge (min. two bridge transactions and $1,000 of volume)
- 2% to Liquidity Providers
- 2% to Bonders (1-year lockup)
- 0.1% to the top 500 Hop Discord participants and 79 Twitter users who were early evangelists for Hop
- 0.05% to external Hop contributors
- 0.5% to past Authereum users with deployed accounts
Hop bridge users that meet the minimum requirements above will receive a base airdrop amount with a multiplier ranging from 2x to 1x based on how early they used the bridge. Additionally, the second multiplier of 3x, 2x, or 1x for making a minimum of $3,000, $2,000, or $1,000 of transfer volume, respectively will be applied where necessary. The snapshot for liquidity providers and bonders was taken on April 1st at 12:00 am UTC.
How to claim the HOP airdrop
Step 1: Go to the claim website and input your wallet address or connect your wallet.
Step 2: Check your HOP allocation.
You currently cannot claim HOP tokens. Once the HOP token is live, there will be a minimum 6-month period to claim, after which the DAO can reclaim any remaining tokens.
Notably, eligible Discord and Twitter participants that do not submit an address before the DAO is live can still submit their address and receive tokens through a governance proposal at the end of the 6 months. As mentioned, 0.1% HOP is allocated to the top 500 Hop Discord participants and 79 Twitter users who were early evangelists for Hop.
The above does not constitute investment advice. The information given here is purely for informational purposes only. Please exercise due diligence and do your research. The writer holds positions in various cryptocurrencies, including BTC, ETH, and RADAR.
