Airdrop events of any project makes it to as many as people who participate in the event collecting the airdropped tokens, Hop Protocol is the recent one
Ethereum Layer 2 bridge, Hop Protocol has imbursed about 20.5 million governance tokens in an airdrop for its users. As per the reports, a total of 54.8 million HOP tokens were available that claimed by about 145,329 eligible recipients. Hop Protocol currently activated and supported Gnosis and Polygon as their mainnet rollups but soon it will start offering support for Arbitrum and Optimism.
The HOP governance tokens that recently airdropped, the token holders would have participation and involvement in official Hop decentralized autonomous organization (DAO) and the future development of the project. Currently HOP token is trading at around 16 cents whose most activity in volume is happening on the decentralized exchange platform of Uniswap.
Governance token of Hop Protocol, HOP token started facing collapse after its debut in the crypto market on Friday. This happened after the dumping response of HOP token holders after its airdrop. About 20.5 million HOP tokens were distributed in the Airdrop event that accounts for almost 37.51% out of its total supply.
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However, traders appear to be widely selling their tokens that led to a fall in HOP token prices by more than 27% in a period of 24 hours to trading at about $0.15 and its trading volumes were also around $6.4 million. Similar situation that happened with HOP tokens seems to be a reflection of what happened with other Ethereum Layer 2 Optimism, where its OP token was dumped by more than 66% in its debut that was made this week.
Currently HOP decentralized autonomous organization supporting stablecoins including DAI, USDT and USDC, etc. It also allows users to transfer its native tokens across other layer-2 chains of Ethereum network. The protocol is currently supporting Gnosis and Polygon network as their mainnet rollups. HOP token would also serve as a governance token of HOP protocol DAO.
Most of this supply from HOP tokens that accounts for about 3% out of total supply will be allocated to the wallets having 2 bridge transactions minimum. The Bridging transactions on the platform should be atleast $1,000 to make its users eligible for the airdrop.
Source: https://www.thecoinrepublic.com/2022/06/13/what-is-this-hop-protocol-that-distributed-20-million-governance-tokens-in-airdrop/