Hop Protocol To Launch DAO and Airdrop Tokens To Early Users
Cross-chain bridge Hop Protocol is launching a DAO and airdropping 8% of $HOP supply to early users.
By: Owen Fernau •DeFi News
Layer 2 season is indeed upon us.
Hop Protocol, which allows users to bridge assets across Ethereum Layer 2 (L2) solutions as well as sidechains like Polygon, is launching a decentralized autonomous organization (DAO) to govern the protocol.
And of course, there’s a $HOP token, which will carry governance rights. 8% of HOP’s total supply of one billion tokens is being airdropped to early users of the protocol.
Eligibility can be checked here.
Hop DAO will decide which Layer 2 networks as well as non-Ethereum chains the protocol will support. As of May 5, Hop supports five networks including Ethereum’s mainnet and L2s, Arbitrum and Optimism.
The DAO will also be charged with approving tokens that can be bridged across networks — ETH, MATIC, and three stablecoins, DAI, USDC, and USDT are currently supported.
The largest portion of the airdrop, 3.35% of the total HOP supply, will go to wallets which had a minimum of two bridge transactions and at least $1,000 in total bridging volume. There was some blowback on the $1,000 minimum to be eligible. Though on the flip side, a user could have reached that threshold by repeatedly bridging a smaller sum back and forth.
Hop is also initiating a two-week program to report sybil addresses, which are multiple addresses that are actually owned by one person — opportunists often try to use many addresses to interact with protocols likely to airdrop tokens in order to maximize their gains. Hop’s program is designed to counter these efforts.
“Sybil attackers are running rampant and are getting more sophisticated as methods to filter them out improve as well,” Hop said while unveiling the DAO. “These Sybil attackers stand directly at odds with a healthy distribution and attempt to take tokens that should be in the hands of positive-sum users.”
With Hop, a key piece of L2 infrastructure, kickstarting a DAO with a token airdrop and Optimism doing the same last week, users hunting for the next airdrop are likely now turning their eyes towards Arbitrum and zkSync, both of which are tokenless L2 solutions.