Hop Protocol Airdrop Review: You can Combine Hop Protocol

by Cws Team
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About Hop Protocol

Hop Protocol is a scalable rollup-to-rollup general token bridge. It allows users to send tokens from one rollup or sidechain to another almost immediately without having to wait for the networks challenge period. It currently supports bridging assets across Ethereum, Arbitrum, Optimism, Polygon, and xDai.

Hop Protocol Airdrop doesn’t have a token yet and there’s speculation that they may launch one in the future. It’s likely that they may do an airdrop of their token to early users of the platform if they launch a token.

BasicDetails
Token NameHop Protocol
PlatformETH
Tokens per ClaimN/A
Support24/7
KYCKYC is not a requirement
WhitepaperClick Here To View
Max. ParticipantsUnlimited
Collect AirdropClick Here To Collect Free Airdrop

How To Get Hop Protocol

First Step

Visit the Hop Protocol dashboard.

Second step

Connect your  Ethereum, Polygon, Arbitrum, Optimism or xDai wallet.

Third Step

Now use the platform to bridge assets from one network to another or provide liquidity or both.

Fourth Step

You can combine Hop Protocol with other speculative retroactive airdrops by using Hop Protocol to transfer assets from Optimism Layer 2 or Arbitrum Layer 2 back to ETH Mainnet or directly hop to the next speculative retroactive airdrop by transferring between Arbitrum and Optimism using Hop Protocol. This way you could maybe become eligible for three potential airdrops at once, Arbitrum, Optimism and Hope Protocol. By using Hop Protocol your withdrawals will also be sent instantly, native withdrawals via Optimism gateway takes around one week.

Fifth Step

There’s speculation that they may do an airdrop to early users of the platform if they launch an own token.

Six Step

Please note that there is no guarantee that they will do an airdrop and that they will launch their own token. It’s only speculation.

What are hTokens (ie hETH, hUSDC, hDAI, etc)?

The “h” tokens are a cross-network bridge token that is transferred from rollup-to-rollup and are claimed on the layer-1 for the underlying asset. It is an intermediary bridge token that allows trustless swaps. The end user doesn’t need to deal with “h” tokens directly, they only deal with the respective rollup’s canonical token.

What is a “canonical token”?

The canonical token (also called “native token”) is the Layer-1 token that is being bridged on Layer-2. For example, DAI token on Layer-2 is the canonical token of DAI token on Layer-1. Users can send back and forth between Layer-1 token and Layer-2 representation of that token using the Layer-2’s official token bridge.

EC2 Setup

On the AWS website

  1. 1.Go to https://console.aws.amazon.com/
  2. 2.Sign into your AWS account
  3. 3.In the “services” search bar, type “EC2” and click on the first result
  4. 4.Click “Launch Instance”
  5. 5.Select “Ubuntu Server 20.04 LTS (HVM), SSD Volume Type
  6. 6.Search for the instance type “m5.large” and select this instance
  7. 7.Click “Next: Configure Instance Details”
  8. 8.Click “Next: Add Storage”
  9. 9.In the “Size (GiB)” column, use “256” instead of the default “8”
  10. 10.Click “Review and Launch
  11. 11.Click “Launch
  12. 12.Select “Create a new key pair” and name it “hop-node”
  13. 13.Click “Download Key Pair” and save the .pem file on your machine
  14. 14.Click “Launch Instances

What is Hop Protocol?

Hop is a scalable rollup-to-rollup general token bridge. It allows users to send tokens from one rollup or sidechain to another almost immediately without having to wait for the networks challenge period.

It works by involving market makers (referred to as Bonder) who front the liquidity at the destination chain in exchange for a small fee.

This credit is extended by the Bonder in form of hTokens which are then swapped for their native token counterpart in an AMM.

How to use Hop Protocol - Complete Tutorial

How safe is Hop?

It’s hard to quantify security of a protocol but the core team of Hop has worked diligently on the protocol for over one year before releasing it to the public. The Hop core team has extensive experience in smart contract development. Before building Hop they were working as smart contract auditors for several years auditing popular protocols such as Augur, OpenZeppelin, Decentraland and DyDx and consequently built one of the first smart contract wallets in the Ethereum space called Authereum. High gas costs pushed them to the Layer-2 space and eventually building Hop protocol but the bottom line is that Hop is built by some of the most skilled developers in the space.

Moreover, Hop has undergone audits by Solidified and Monoceros Alpha. A third audit by Trail of Bits is planned for September.

Moreover, Hop is completely non-custodial, meaning both liquidity provider’s funds in the AMM and user funds that are sent through the Hop Bridge are never held in custody by a single party. Contracts are currently managed by a multi-sig with a one day timelock, which means that any changes to the code are delayed by one day before being implemented.

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