Hop Protocol is the optimal multi-chain bridge for fast Token sending between Layer 2 Rollups on Ethereum.
The project creates a seamless trading ecosystem with h-Tokens and representative Tokens, minimizing time and fees for transferring Tokens between popular Layer 2 networks such as Polygon, Optimism, Arbitrum, and Gnosis Chain.
MAIN CONTENT
Hop Protocol is a cross-chain bridge platform specifically connecting Layer 2 Rollups, allowing for fast and cost-effective Token transfers.
The project successfully built the Hop Bridge model, AMM, and Bonder to optimize liquidity and transaction speed between Layer 2.
The HOP Token plays a governance role in the DAO, supporting voting on the platform with clear allocations for users, the team, and investors.
What is Hop Protocol?
Hop Protocol is built as a bridge connecting Ethereum's Layer 2 Rollups, enabling users to quickly convert Tokens without long wait times. The project currently supports Token transfers of ETH, USDC, MATIC, DAI, and USDT across 4 chains including Polygon, Optimism, Arbitrum, and Gnosis Chain, with plans for development on zkSync 2.0 in the near future.
CEO Christopher Whinfrey, co-founder of Hop Protocol, shared: “We focus on solving the cross-L2 Token transfer problem efficiently in terms of speed and cost, significantly improving the user experience.” (Source: CEO Interview, 2023)
What highlights make Hop Protocol stand out?
Hop Protocol allows for quick Token transfers between Layer 2 rollups in minutes, a significant difference from traditional methods that often take hours to days. The notable features maintaining liquidity and optimizing costs are thanks to the Hop Bridge model, AMM, and support from Bonder.
What is Hop Bridge and how does it work?
Hop Bridge is a multi-chain network connecting ERC-20 standard Layer 2 Rollups. Users can easily transfer Tokens across multiple Layer 2s without needing to revert back to Layer 1, significantly saving time and gas fees.
The project director of Hop Protocol emphasized: “Optimizing the Token transfer process between Layer 2 is Hop's core commitment, aiming to enhance the overall experience for the community.”
(Expert of Hop Protocol, 2023)
For example, to transfer ETH from Arbitrum to Optimism, instead of locking and unlocking Tokens through the Ethereum mainnet, Hop Bridge allows direct transfers, shortening processing time from hours to minutes.
AMM – Automatic liquidity solution of Hop Protocol
Hop Protocol operates AMM exchanges allowing users to swap representative Tokens to h-Token and vice versa. AMM provides the necessary liquidity to ensure swaps occur smoothly without the need for third-party involvement.
Most supported Tokens are ERC-20 Tokens, and this process is automatically executed thanks to the AMM algorithm allowing for quick conversions between Token types.
What is Bonder and what is its role in the model?
Bonder provides temporary liquidity, lending Tokens equivalent to the Tokens awaiting confirmation so that users can receive Tokens instantly when transferring across different networks. After the transaction is confirmed, the Bonder will reclaim the Tokens sent within the system.
The role of Bonder is crucial in helping Hop Protocol reduce confirmation times to just a few minutes compared to many other bridge platforms that can take up to a week, especially on Optimism.
Basic information about HOP Token of Hop Protocol
The HOP Token is an ERC-20 governance Token on the Ethereum Blockchain, with a total supply of 1 billion Tokens currently in circulation. This Token was launched alongside the DAO and an airdrop program to encourage community participation in governance and project development.
What utilities does the HOP Token have?
The Token allows holders to participate in voting within the DAO governance system on Hop Protocol. Additionally, the project is expanding other utilities and will continuously update to enhance the diverse applications of the Token.
Allocation and Token HOP release schedule
Allocation Percentage (%) Notes Airdrop for users 8 Free distribution for the community Project Treasury 60.5 Used for development and operation Initial team 22.45 Locked for 3 years, gradually unlocked over 1 year Future employees 2.8 Continuous distribution Investors 6.25 Locked for 3 years, gradually unlocked over 1 year
What are Hop Protocol's development plans?
Although no detailed roadmap has been published on the official website, community channels indicate that Hop Protocol will expand integration with assets such as sUSD, WBTC, FRAX, increasing liquidity for ETH and USDC, while also building a React toolkit to facilitate the integration of h-Token into applications and wallets.
How can one earn and own HOP Tokens?
Hop Protocol has rolled out the first airdrop of Tokens for eligible users on the platform. Users can check the airdrop on the official Hop Protocol website to confirm their entitlement to the Tokens.
Who are the key development team and partners of Hop Protocol?
The team includes seasoned Web3 experts like Lito Coen – an angel investor with many Web3 projects, Christopher Whinfrey – a computer engineer from the University of Michigan and co-founder of Authereum, Shane Fontaine – a former employee of Boeing and Raytheon, and co-founder of Authereum and Hop Protocol.
“We built Hop Protocol with the goal of providing seamlessness and speed for Token transfers between Layer 2s, reducing technical barriers and costs for the community.”
(Lito Coen, Angel Investor, 2023)
Regarding partners, Hop is collaborating with Layer 2s like Polygon and many DeFi projects like Lyra, WePiggy, ZapperFi to support smooth liquidity flows between blockchains.
Frequently Asked Questions
What is Hop Protocol?
Hop Protocol is a cross-chain bridge protocol specializing in fast Token transfers between Ethereum Layer 2 Rollups, helping to reduce transaction time and costs for users.
What functions does the HOP Token have?
The HOP Token is a governance Token used to participate in voting on the DAO platform of Hop Protocol and will have additional extended utilities in the future.
How does Hop Bridge operate?
Hop Bridge directly connects Layer 2 networks, allowing Token transfers without reverting to Layer 1, optimizing speed and costs compared to traditional bridges.
What role does Bonder play in Hop Protocol?
Bonder provides temporary liquidity to ensure quick transactions, lending Tokens corresponding to the Tokens that are being confirmed between Layer 2s.
How to receive HOP Tokens?
The project has implemented the first Token airdrop, and users can check their eligibility on the official Hop Protocol website to receive free Tokens.
Source: https://tintucbitcoin.com/hop-protocol-hop-la-gi/
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