In an official statement on May 5, Hop Protocol, an Ethereum-based multi-chain bridge, introduced a new governance token with the ticker HOP and an airdrop for early users.
Hop is a well-known cross-chain bridge that connects Ethereum to other EVM-compatible blockchains. The bridge allows Ethereum users to send money between the Polygon and Gnosis sidechains, as well as several Layer 2 networks like Arbitrum and Optimism. Since its inception in 2021, the Hop bridge has processed over $2 billion in cross-chain transactions.
Hop is the latest cryptocurrency project to launch its own token, complete with a retroactive incentive for early adopters. Other projects, such as Optimism, CowSwap, and Connext, have also announced governance tokens as well as airdrop plans for early adopters this year.
Hop distributed 8% (80 million tokens) of the entire 1 billion HOP supply as airdrops to bridge users and individuals who contributed funds to its liquidity pools.
According to an official Twitter post, bridge users were individuals who had sent more than $1,000 between chains and completed more than two transactions. This included 43,000 Ethereum addresses that the team had registered prior to Thursday.
While this strict criterion excluded many bridge users from the airdrop, the Hop creator said that it was necessary to eliminate airdrop farmers, sometimes known as “sybil attackers.” Airdrop farmers buy DeFi items in tiny quantities from many wallets in the hope of obtaining larger payouts later.
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