Hop Protocol is a cross chain bridge that helps users transfer tokens quickly and easily between Blockchains. At the same time, Hop Protocol is also an AMM that exchanges specific tokens in Hop Bridge.
So what makes Hop Protocol stand out? Everyone, let’s find out with Weakhand.
What is Hop Protocol?
Overview of Hop Protocol
Hop Protocol is a Rollup-to-Rollup scalable Cross-chain Bridge, helping users transfer tokens quickly and easily between Layer 2, Sidechains and Ethereum.
At the same time, Hop Protocol is also an AMM that helps exchange wrapper tokens (h-tokens) and Canonical Tokens (representative tokens). Specifically:
- h Tokens: is a token created by Hop Protocol (e.g. hETH, hMATIC, hUSDT, etc.) a special intermediary asset that can be quickly and economically transferred from one network to the next.
- Canonical tokens (representative token): A layer 1 token that has been transported to layer 2. Users can send back and forth between the layer-1 token and that layer-2 representative token using a bridge.
Features of Hop Protocol
- Send: Transfer Token from layer 1 to layer 2 and between layer 2 together.
- Pool (Add liquidity): Provide liquidity for token pairs and receive returns (APR).
- Convert: Hop allows converting token A to h-token A on the same chain (via AMM) and converting token A on one Blockchain to an h-token A on another blockchain (via Hop Bridge).
- Stake: Stake tokens on a blockchain to receive profits.
Hop Protocol Differences
Hop Protocol provides a scalable token bridge to Ethereum’s layer 2 ecosystem using a two-pronged approach:
- Create a special intermediate property called hToken (e.g. hETH, hDAI,…) can be quickly and economically transferred from one network to the next.
- Use Submit Automated market creation (AMM) to swap between hTokens and their respective assets on each layer 2 network.
The end result allows users to transfer tokens seamlessly from one network to the next.
The protocol has been built with maximum security in mind, Security is rooted 100% on-chain. Hop Protocol compresses native messages (i.e. transfers) into Packets and uses native message bridges to transfer these Packets between threads.
For example, to send data between Optimism and Arbitrum, Hop would send a Packet down to Ethereum via the native Optimism bridge and then back up to Arbitrum using the native bridge.
Development Roadmap
2023
- Roadmap for the DAO and transform Hop from a simple asset bridge into a universal interoperability protocol.
- Developing V2 Core Messenger:
- Messaging.
- Token transfers.
- NFT transfers.
- Omnichain tokens.
- And many other custom use cases.
Core Team
With over 6 years of experience in the Crypto market, co-founder of Authereum.
- He graduated and earned a Bachelor’s degree, Computer Science Engineering in 2014 from the University of Michigan.
- He worked at Apple from 2013 – 2014 as an application programmer on the IOS operating system. At the same time, he collaborated with a private psychology clinic and programmed a medical application on Windows 8 to collect patient data.
- May 2014 – May 2017 he was an independent software consultant
- From May 2019 until now, he is Co Founder of Hop Protocol.
Hop Exchange also has other core members such as:
Investor
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Investor
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Tokenomics
Basic information about Hop Protocol tokens
- Token Name: Hop Protocol
- Symbol: HOP
- Blockchain: Ethereum
- Contract:
- ETH: 0xc5102fe9359fd9a28f877a67e36b0f050d81a3cc
- Polygon: 0xc5102fe9359fd9a28f877a67e36b0f050d81a3cc
- Arbitrum One: 0xc5102fe9359fd9a28f877a67e36b0f050d81a3cc
- Optimismsm: 0xc5102fe9359fd9a28f877a67e36b0f050d81a3cc
- xDai: 0xc5102fe9359fd9a28f877a67e36b0f050d81a3cc
- TOken Type: Utility
- Total Supply: 1,000,000,000 HOP
Token Allocation
- Airdrop: 8%
- Treasury: 60.5%
- Team: 22.45%
- Future Team: 2.8%
- Investors: 6.25%
Token Release
- Treasury: Locked in Hop DAO.
- Team: 1 year of cliff, 3 years of vesting.
- Investors: 1 year cliff, 3 years vesting.
Token Use Case
- Governance tokens.
- Vote platform.
- Liquidity mining.
Exchanges
Hop token is traded on exchanges: CoinEX, UniSwap, SushiSwap, …
Project Information Channel
- Website: https://app.hop.exchange/
- Twitter: https://twitter.com/HopProtocol
- Discord: https://discord.gg/PwCF88emV4
- Medium:
Summary
Hop Protocol is a cross-chain bridge that allows users to transfer tokens from one network to another quickly, cheaply and securely.
Hopefully this article provides readers with more information and perspective about Hop Protocol.