Hop Protocol reveals details of Hop DAO and Optimism-style airdrop | Cryptocurrency

A cross-chain bridging protocol, Hop has launched Hop DAO, its community-owned governance structure that will see early adopters airdrop 8% of all HOP tokens.

Hop Protocol, a cross-chain bridge designed to facilitate the rapid transfer of tokens between different Ethereum Layer-2 scaling solutions, has unveiled a new governance model alongside an airdrop that will see early adopters receive 8% the soon-to-be-released total supply of HOP tokens.

Similar to Optimism, which recently unveiled a new governance structure that will see early adopters dump 5% of the total supply of the OP token, Hop Protocol aims to create a community-driven governance model, called Hop DAO, which seeks to help Layer -2 scalability.

The official release date has yet to be announced.

Speaking to Cointelegraph’s Elisha Ayaw on Twitter Spaces, co-founder Chris Winfrey said Hop Protocol and the Hop DAO airdrop were designed with unique models for both governance and transition.

“We see Hop as the core infrastructure of Ethereum. It is very important that users can move their assets between deployments. For this reason, we believe Hop should be a community-owned bridge,” Winfrey said.

Speaking on the structure of the airdrop, Winfrey said, “The design goals of the airdrop were to…make sure you know early liquidity providers have been rewarded”

“For users who provided a lot of cash, those people got a lot more HOPs, so that part of the airdrop was very plutocratic,” Winfrey continued.

Winfrey noted that the Hop protocol’s bridging mechanism is unique, allowing the Hop team to quickly isolate a bridge attack or network threat and minimize harm to users.

“If a catastrophic event were to occur, we can isolate the event only where it occurs and protect users. »

“Hop uses an intermediary asset called the H token for each asset we support. Each of these H tokens is claimable on L1 for the underlying asset, and at any time you can return it to L1 and get the underlying token,” Winfrey added. .

According to data compiled by Chainalysis, bridge hacks have cost the cryptocurrency industry over $1 billion over the past year, highlighting major security vulnerabilities in the new technology. The recent Axie Infinity Ronin Bridge hack is perhaps the most infamous attack, with attackers stealing over $600 million in digital assets in just two transactions.

Related: Monkey-themed phishing scams are on the rise, experts warn

Currently, Hop supports transferring ETH, USDC, MATIC, DAI, and USDT to and from the following networks; Mainnet, Polygon, Optimism, Arbitrum and xDai.

Rollups settle transactions outside the main Ethereum network but send transaction data back to the Ethereum network.

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Hop Protocol reveals details of Hop DAO and Optimism-style airdrop | Cryptocurrency

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