Hop Protocol facilitates seamless asset transfers across Ethereum layer-2 networks with its scalable bridge architecture and "h" tokens. Governed by HOP token holders, it employs a community-driven governance model involving forum discussions, Snapshot voting, and on-chain proposals. With a maximum supply of 1 billion tokens, HOP serves as a governance tool and utility token within the protocol. Hop Protocol raised nearly $2 million through funding rounds, attracting notable investors and focusing on enhancing interoperability in the Ethereum ecosystem.
Value Proposition:
Hop Protocol offers a scalable bridge architecture connecting different scaling solutions in the Ethereum layer-2 ecosystem. It enables users to move crypto assets directly between layer-2s quickly and securely. Key features include the creation of "h" tokens as intermediary assets for cross-network bridging, using AMMs to swap between h-tokens and corresponding assets on layer-2 networks, and eliminating the long exit times required by rollups.
Governance:
The governance process is community-driven, involving discussions on a forum, off-chain signaling through Snapshot voting, and on-chain voting via governance portals. Proposals go through a multi-phase process: Request for Comment, Temperature Check, and formal on-chain voting. HOP tokens grant voting rights, with a quorum requirement of 0.3% of all HOP (3 million) needed for a proposal to pass.
Tokenomics:
The HOP token is an ERC-20 token with a maximum supply of 1 billion. Token allocation includes 60.50% to HopDAO, 22.45% to the team, 8% to airdrops, 6.25% to private sales, and 2.80% to future team members.
Previous Funding:
Hop Protocol raised approximately $1,994,000 through two funding rounds. The seed round in February 2020 raised $990,000 at an average price of $0.006 per token, with investors like Coinbase Ventures and 1Confirmation. The strategic sale in June 2021 raised $1,004,000 at an average price of $0.075 per token.
