Golden Outpost | A Quick Look at 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 Hop DAO operated and governed by the community, and officially launch the native token HOP.

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

The total supply of HOP is 1 billion pieces.

8% airdrop to early network participants

60.5% to 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)

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

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

2%, 20 million pieces to liquidity providers

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

0.1%, 1 million coins to the first 500 Hop Discord participants and 79 Twitter users, who are early spreaders of Hop

0.05%, 500,000 pieces to external Hop contributors

0.5% 5 million to Authereum users who have deployed accounts

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

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

Of the 43,058 addresses initially eligible for the airdrop, 10,253 have been identified as sybil attacks (refers to individuals attempting to create multiple account identities to spoof 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.

The Hop DAO will manage the continued growth and direction of the Hop Protocol. Over the next few weeks, the Hop Labs team will be handing over control of the Hop Protocol to the DAO.

The functions that 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 promote the development of the Hop ecosystem

• Treasury Fund Management

• Ongoing funding for Hop Labs and other service providers

convene representatives

Hop DAO will initially be governed using a delegation model such as ENS. Members of the Hop community and the wider Ethereum community 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 request of the Hop DAO determined through token voting, unless the request is deemed illegal. Hop DAO can also remove, replace or appoint foundation directors through token voting.

Hop Labs

Hop Labs will be Hop DAO's first service provider 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 easy option of raising a lot of money through a private sale. As such, Hop Labs will be run by the Hop DAO and will rely on it for ongoing funding from the start.