Quick overview of Hop Protocol token HOP distribution, airdrop and DAO rules

On May 6, the cross-chain bridge Hop Protocol officially announced that it will transform into a Hop DAO operated and governed by the community, and officially launched the native token HOP.

Golden Finance summarized its native token HOP distribution and airdrop, as well as the situation of Hop DAO.

HOP token distribution

The total supply of HOP is 1 billion pieces.

8% airdrop to early network participants

60.5% to the Hop DAO treasury

22.45% to the initial development team (3 years release, 1 year lock)

2.8% reserved for future team members

6.25% to investors (3 years release, 1 year lock)

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8% of them (80 million in total) will be airdropped to early related users of the cross-chain bridge Hop Protocol.

8% Airdrop Distribution Details

3.35%, 33.5 million to Hop bridge users (minimum 2 bridge transactions and $1,000 transaction volume)

2%, 20 million to liquidity providers

2%, 20 million to bondholders (1-year lock-up period)

0.1%, 1 million to the top 500 Hop Discord participants and 79 Twitter users who were early Hop evangelists

0.05%, 500,000 to external Hop contributors

0.5% 5M for Authereum users with deployed accounts

At present, Hop Protocol has announced the HOP airdrop inquiry page, http://app.hop.exchange/airdrop , and the airdrop will be open for collection in two weeks.

Once HOP tokens are live, there will be at least 6 months to claim them, after which any remaining tokens can be recovered by the DAO. Eligible Discord and Twitter participants who did not submit their addresses before the DAO went into effect can still submit their addresses and receive tokens through governance proposals at the end of the 6-month period.

Of the 43,058 addresses that were initially eligible for the airdrop, 10,253 have been identified as sybil attackers (referring to individuals attempting to create multiple account identities for spoofing and disguise) and have been disqualified from this airdrop program. Before the airdrop is open for collection, users who report more than 20 addresses associated with the Sybil attacker will have the opportunity to receive HOP Token rewards.

HOP DAO

The Hop DAO will govern the continued growth and direction of the Hop Protocol. In the next few weeks, the Hop Labs team will hand over control of the Hop protocol to the DAO.

The functions that the Hop DAO will manage include:

  • Layer 2 networks and non-Ethereum chains supported by Hop
  • Tokens that can be bridged with Hop
  • Bonder Whitelist
  • HOP reward distribution
  • Grants to Advance the Hop Ecosystem
  • Treasury Fund Management
  • Ongoing funding for Hop Labs and other service providers

call a representative

The Hop DAO will initially be managed using a delegation model such as ENS. Members of the Hop community and the wider Ethereum community who are interested in managing the long-term development and prosperity of the Hop Protocol are invited to apply to become representatives. https://forum.hop.exchange/t/apply-as-a-hop-dao-delegate/32

Hop Foundation

The Hop Foundation has been established in the Cayman Islands to represent the DAO in a legal capacity. The Hop Foundation must follow any requirements of the Hop DAO determined by token voting, unless the requirement is deemed illegal. The Hop DAO can also remove, replace or appoint foundation directors through token voting.

Hop Labs

Hop Labs will be the first service provider for the Hop DAO and will facilitate ongoing research, development and marketing efforts. The Hop Labs team has worked hard to stay lean and put as much HOP as possible into the hands of the community, rather than taking the simple option of raising a lot of money through private sales. As such, Hop Labs will be run by the Hop DAO and will rely on it for ongoing funding from the start.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/quick-overview-of-hop-protocol-token-hop-distribution-airdrop-and-dao-rules/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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