The Hop Bridge Protocol introduced the Hop DAO, its community-owned governance structure that will allow early adopters to give away 8% of all HOP tokens.
Hop Protocol, a cross-chain bridge designed to facilitate the rapid transfer of tokens between various Ethereum Layer 2 scaling solutions, has introduced a new governance model along with a giveaway where early adopters will get 8% of the soon-to-be-released tokens -Care. – HOP tokens are issued.
Similar to Optimism, which recently introduced a new governance structure that allows early adopters to give away 5% of the total supply of HOP tokens. For this reason, the Hop protocol aims to create a community-oriented Decentralized Autonomous Organization (DAO) called Hop DAO that aims to support Layer 2 scalability.
An official airdrop date has not yet been announced.
Speaking to Cointelegraph’s Elisha Ayau on Twitter Spaces, co-founder Chris Winfrey said that the hop protocol and hop DAO distribution were designed with unique models that have both governance and federation in mind.
“We see Hop as the core infrastructure of Ethereum. It is very important that users can move their assets from one rollup to another. Because of this, we believe Hop should be a community-owned bridge,” Winfrey said.
Of the structure of the airdrop, Winfrey said, “The design goals for the airdrop were to make sure you know early liquidity providers were rewarded.”
“For users who 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 bridging attack or network threat and minimize the damage to users:
“If a catastrophic event occurs, the only way we can contain the event is where it occurs 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, highlighting the new technology’s underlying security flaws. The recent hack of the Axie Infinity Ronin bridge is perhaps the most notorious attack: the attackers stole over $600 million worth of digital assets in just two transactions.
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Hop currently supports Ether (ETH), USD Coin (USDC), Polygon (MATIC), Dai (DAI), and Tether (USDT) transfers to and from the following networks: Mainnet, Polygon, Optimism, Arbitrum, and xDai.
Accumulators will settle transactions outside of the main Ethereum network, but will send transaction data back to the Ethereum network.