Cross-chain project Hop Protocol airdrops governance tokens

On the night of June 10, the developers of the Hop Protocol cross-chain bridge airdropped HOP governance tokens to transfera project managed by the decentralized organization Hop DAO.

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

In May, the project team announced the launch and airdrop of a management 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.

For developers and investors, a three-year vesting period is provided.

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 were granted the right to brand HOPs, of which about 8% claimed tokens. Smart contracts have distributed over 21 million HOPs.

Data: Dune Analytics.

Low number of participants branding tokensis 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 profitable. 

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

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

Recall that in June 2022, the developers of Optimism distributed the native OP token among 232,000 users of the Ethereum L2 scaling solution.