Hop Protocol held an airdrop

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On the night of June 10, the developers of the Hop Protocol cross-chain bridge airdropped HOP governance tokens to bring the project under the control of the Hop DAO, a decentralized organization.

Hop Protocol is a cross-chain bridge designed to transfer ETH between the main cryptocurrency network and second-tier solutions, including Optimism, Arbitrum, and Polygon.

In May, the project team announced the launch and airdrop of the governance token.

Then the developers said that the issue of the asset will be 1 billion HOP. Of them:

  • 8% were distributed among different categories of users;
  • 60.5% reserved for the community treasury;
  • 22.45% handed over to the original development team;
  • 2.8% saved for future employees;
  • 6.25% was sent to the project investors.

A three-year period is provided for developers and investors vestinga.

The team classified as “users” addresses that transferred assets worth more than $1,000 through the protocol in at least two transactions.

Out of about 80 million tokens, 3.35% of HOPs were distributed among app users. The remaining assets are intended for liquidity providers, market makers and other community members.

Users must select delegates before they can claim tokens. The developers noted that “powers can be delegated to yourself.”

According to Dune Analytics, a total of 145,329 addresses received the right to brand HOP, of which about 8% claimed tokens. Smart contracts have distributed over 21 million HOPs.

The low number of participants branding tokens is explained by the fees that users must pay during the airdrop process and the subsequent sale of assets. For most users, these operations are simply not beneficial.

HOP is trading near $0.15 at the time of writing, nearly 27% below its distribution price (~$0.19), according to CoinGecko.

The token airdrop allowed the team to launch the Hop DAO, which will develop the project. Hop Labs will hand over control of the protocol “in the next two weeks.”

In June 2022, the developers of Optimism distributed the native OP token to 232,000 users of the Ethereum L2 scaling solution.

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Source: Cryptocurrency

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