Hop Protocol cross-chain project distributes management tokens over the air
- June 10, 2022
- 0
On the night of June 10, the developers of the Hop Protocol cross-chain bridge dropped the HOP governance tokens to put the project under the control of the
On the night of June 10, the developers of the Hop Protocol cross-chain bridge dropped the HOP governance tokens to put the project under the control of the decentralized organization, the Hop DAO.
Leave it like HOP.
You can now claim your coins ladies and gentlemen 🔥 pic.twitter.com/Y2t4CkEvrL
— HopProtocol (@HopProtocol) 9 June 2022
Hop Protocol is a cross-chain bridge designed to transfer ETH between the main cryptocurrency network and second-layer solutions including Optimism, Arbitrum and Polygon.
In May, the project team announced the launch and airdrop of the governance token.
repost:
There will be an initial supply of 1b $jump tokens:
• 8% airdrop to first users
• 60.5% to Hop Treasure
• 22.45% to initial development team (3 years qualifying, 1 year gap)
• 2.8% savings for the future team
• 6.25% to investors (3 years qualifying, 1 year gap) pic.twitter.com/rQ7xcGa9ba— HopProtocol (@HopProtocol) May 5, 2022
Then the developers said that the subject of the asset will be 1 billion HOP. Of these:
- 8% were distributed among different categories of users;
- 60.5% is reserved for community treasury;
- 22.45% transferred to the original development team;
- 2.8% savings for future employees;
- 6.25% was sent to project investors.
A three-year period is provided for developers and investors will.
The team classified “users” addresses who transferred assets worth more than $1,000 through the protocol in at least two transactions.
Out of around 80 million tokens, 3.35% of HOPs were distributed among app users. The remaining assets are for liquidity providers, market makers and other community members.
Airdrop details 👇
• 3.35% to hop bridge users (min. 2 bridge txs and $1,000 volume)
• 2% to LPs
• 2% to Bonders (1 year lock-in)
• 0.1% to active community members (Discord and Twitter)
• 0.05% to external Hop contributors
• 0.5% to @authereum users& more
— HopProtocol (@HopProtocol) May 5, 2022
Users must delegate before claiming tokens. The developers noted that “authorities can be delegated to yourself.”
According to Dune Analytics, a total of 145,329 addresses have been granted HOP branding, of which about 8% have claimed tokens. Smart contracts deployed over 21 million HOPs.
The low number of participants branding the tokens is explained by the fees users have to pay during the airdrop and the subsequent sale of assets. For most users, these actions are not helpful.
lmao who sells 17$ HOP and pays 41$ gas to do it?]
seeerr..thank you for burning some ETH for the culture, but read the gas forecasts before clicking lolhttps://t.co/USFaZPEigH
— Kris Kay | 🍩 DeFi Donut (@thekriskay) 9 June 2022
According to CoinGecko, the HOP is trading at around $0.15 at the time of writing, about 27% below the distribution price (~$0.19).
The token airdrop allowed the team to launch Hop DAO, which will develop the project. Hop Labs will hand over control of the protocol “within the next two weeks.”
Recall that in June 2022, the developers of Optimism distributed the native OP token among 232,000 users of the Ethereum L2 scaling solution.
Source: Fork Log
I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
