Hop Protocol unveils token and announces 8% $HOP airdrop for early users
Ethereum bridge, Hop Protocol has launched Hop DAO, its community-owned governance structure that will see early users airdropped 8% of all HOP tokens.
Hop Protocol, a cross-chain bridge designed to facilitate the quick transfer of tokens between different Ethereum layer-2 scaling solutions, has unveiled a new governance model alongside an airdrop that will see early users receive 8% of the total supply of soon-to-be-released HOP tokens.
Similar to Optimism, which recently unveiled a new governance structure that will see early users airdropped 5% of the total supply of the HOP token. Because of this, Hop Protocol is aiming to create a community-oriented decentralized autonomous organization (DAO) called Hop DAO that seeks to aid layer-2 scalability.
The newly established Hop DAO will govern day-to-day functions including:
- The layer-2 networks and non-Ethereum chains that Hop supports
- The tokens that can be bridged with HopThe Bonder whitelist
- The distribution of $HOP incentives
- Grants for facilitating the growth of the Hop ecosystem
- Management of the treasury funds
- Ongoing funding for Hop Labs and other service providers
The airdrop will be distributed as follows:
- 3.35% to users of the Hop bridge (min. 2 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
Out of the total 1 billion HOP supply, Hop allocated 8% (80 million tokens) as airdrops to bridge users and those who had added funds to its liquidity pools.
Out of this allocation, 3.35% of the total (33.5 million tokens) was set aside for early bridge users.
Still, not everyone made the cut. Only those who had sent more than $1,000 between chains and made more than two transactions were classified as bridge users, according to an official Twitter post. This consisted of 43,000 Ethereum addresses the team recorded before Thursday.
While these steep criteria filtered out many bridge users from the airdrop, it was a move the Hop founder said was needed to remove airdrop farmers, also called “sybil attackers.” Airdrop farmers use DeFi products in small amounts from several wallets in anticipation of receiving later rewards.
“We set the criteria as low as we possibly could. There were way too many Sybil attackers in the $500 to $1000 range to handle and would have resulted in no one getting a good drop except for the bot farms,” founder of Hop Protocol, Chris Whinfrey said on Twitter.
An official date for the airdrop has yet to be announced.
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