In the early hours of June 10, the developers of the Hop Protocol cross-chain bridge conducted an airdrop of governance tokens HOP to hand the project over to the decentralized Hop DAO.
Drop it like it’s HOP.
You can now claim your tokens ladies and gents 🔥 pic.twitter.com/Y2t4CkEvrL
— HopProtocol (@HopProtocol) June 9, 2022
Hop Protocol is a cross-chain bridge designed to transfer ETH between the mainnet and layer-2 solutions, including Optimism, Arbitrum and Polygon.
In May the project team announced the launch and an airdrop of the governance token.
repost:
There will be an initial supply of 1b $HOP tokens:
• 8% airdropped to early users
• 60.5% to the Hop treasury
• 22.45% to the initial development team (3 yr vesting, 1 year cliff)
• 2.8% saved for future team
• 6.25% to investors (3 year vesting, 1 yr cliff) pic.twitter.com/rQ7xcGa9ba— HopProtocol (@HopProtocol) May 5, 2022
Back then, developers said the token issuance would total 1 billion HOP. Of these:
- 8% distributed among various user categories;
- 60.5% reserved for the community treasury;
- 22.45% allocated to the initial development team;
- 2.8% kept for future employees;
- 6.25% directed to project investors.
For developers and investors, a three-year vesting period is provided vesting.
The team classified as “users” those addresses that transferred assets via the protocol to amounts over $1,000 in at least two transactions.
From about 80 million tokens among application users, 3.35% were distributed to HOP users. The remaining assets were earmarked for liquidity providers, market makers and other community participants.
Airdrop details 👇
• 3.35% to users of the Hop bridge (min. 2 bridge txs and $1,000 of volume)
• 2% to LP’s
• 2% to Bonders (1 year lockup)
• 0.1% to active community members (Discord & Twitter)
• 0.05% to external Hop contributors
• 0.5% to @authereum users& more
— HopProtocol (@HopProtocol) May 5, 2022
Before claiming tokens, users had to select delegates. The developers noted that “you can delegate authority to yourself.”
According to Dune Analytics, 145,329 addresses in total were eligible to claim HOP, of which about 8% claimed the tokens. Smart contracts distributed more than 21 million HOP.
The low participation is explained by the fees users must pay during the airdrop and subsequent sale of assets. For most users, these operations were simply not profitable.
lmao who just sold $17 of HOP and paid $41 in gas to do it?💀
seeerr..thank you for burning some ETH for the culture, but read gas estimations before clicking lolhttps://t.co/USFaZPEigH
— Kris Kay | 🍩 DeFi Donut (@thekriskay) June 9, 2022
According to CoinGecko, at the time of writing HOP was trading near $0.15 — about 27% below the distribution price (~$0.19).
The token airdrop enabled the team to launch Hop DAO, which will oversee the project’s development. Hop Labs will hand control of the protocol “within the next two weeks.”
As reported in June 2022, Optimism developers distributed the native token OP among 232,000 users of the L2 solution for Ethereum.
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