Crypto Market Highlights May 23, 2022 Crypto Market Highlights May 23, 2022
  • News
    • NFT News
    • Metaverse News
    • Bitcoin News
    • Ethereum News
    • Altcoin News
    • DeFi News
    • Blockchain News
    • Web3 News
    • Press Release
    • Hacks and Scams
    • Sponsored Post
  • Stories
    • Interviews
  • Market Analysis
  • Learn
    • Bitcoin
    • Ethereum
    • Cryptocurrency Exchange
    • NFTs
    • DeFi
    • Web3
    • Metaverse
    • Blockchain
    • Trading
    • Crypto Guide
    • Quizzes
  • Crypto Prices
  • Contact Us
Reading: Here’s Why This Ethereum Layer 2 Token Faces Dump At Launch
Newsletter
Crypto Market Highlights May 23, 2022 Crypto Market Highlights May 23, 2022
[ccpw id="20060"]
Crypto Market Highlights May 23, 2022 Crypto Market Highlights May 23, 2022
  • News
    • NFT News
    • Metaverse News
    • Bitcoin News
    • Ethereum News
    • Altcoin News
    • DeFi News
    • Blockchain News
    • Web3 News
    • Press Release
    • Hacks and Scams
    • Sponsored Post
  • Stories
    • Interviews
  • Market Analysis
  • Learn
    • Bitcoin
    • Ethereum
    • Cryptocurrency Exchange
    • NFTs
    • DeFi
    • Web3
    • Metaverse
    • Blockchain
    • Trading
    • Crypto Guide
    • Quizzes
  • Crypto Prices
  • Contact Us
Reading: Here’s Why This Ethereum Layer 2 Token Faces Dump At Launch
Newsletter
Crypto Market Highlights May 23, 2022 Crypto Market Highlights May 23, 2022
[ccpw id="20060"]
  • News
  • Stories
  • Market Analysis
  • Learn
  • Crypto Prices
  • Contact Us
Search
  • News
    • Altcoin News
    • Bitcoin News
    • Blockchain News
    • CBDC
    • Crypto Exchange News
    • Cryptocurrencies
    • DeFi News
    • Ethereum News
    • Hacks and Scams
    • Litecoin News
    • Metaverse News
    • NFT News
    • Press Release
    • Ripples News
    • Sponsored Post
    • Web3 News
  • Stories
    • Interviews
  • Market Analysis
  • Learn
    • Bitcoin
    • Blockchain
    • Crypto Guide
    • Cryptocurrency Exchange
    • DeFi
    • Ethereum
    • Metaverse
    • NFTs
    • Trading
    • Web3
    • Quizzes
  • Crypto Prices
  • Contact Us

Trending →

Coinbase to Allow USDC Stablecoin as Collateral in Futures Markets

By Rita Umukoro 15 hours ago

XRP ETF: 3 Shocking Risks in Ripple’s 3iQ Launch

By Ezinne Ukaegbu 20 hours ago

FUNToken Crash? 3 Shocking Signs of Breakout Failure

By Ezinne Ukaegbu 1 day ago

Pepe Coin Flashes Bullish Signal: 62% Surge as $74M Flows In

By Ezinne Ukaegbu 1 day ago

Iran’s Crypto Exchange Nobitex Loses $48 Million in Wallet Hack

By Rita Umukoro 1 day ago
Follow US
© Coins Creed. All Rights Reserved.

Home » Here’s Why This Ethereum Layer 2 Token Faces Dump At Launch

Ethereum News

Here’s Why This Ethereum Layer 2 Token Faces Dump At Launch

Phenomeenah
Last updated: September 27, 2022 8:32 pm
By Phenomeenah
Share
3 Min Read
SHARE

The governance token of the HOP Protocol declines in value on launch on Friday, as traders seemed to be abandoning the token after it was airdropped.

Contents
HOP to connect users across blockchainHOP launch crash trails another major Ethereum L2 airdrop
Here's Why This Ethereum Layer 2 Token Faces Dump At Launch

With approximately 12,000 addresses claiming the airdrop, the Ethereum Layer-2 protocol launched an airdrop for users . About 20 million HOP tokens have been claimed, accounting for approximately 37.51% of the total supply.

But traders appear to be selling the token in large quantities. The price of HOP has decreased by over 27% in the last 24 hours, to $0.15. Trading volumes were around $6.4 million.

HOP’s tumble is similar to that of Ethereum Layer 2 Optimism, whose OP token dropped by over 66% in debut this week.

HOP to connect users across blockchain

HOP DAO currently supports stablecoins like DAI, USDC, and USDT. It enables users to transfer tokens across Ethereum Layer-2 chains. The protocol supports Gnosis and Polygon as mainnet rollups. They also intend to lend their support to Optimism and Arbitirum.

145,329 registered customers can claim the total airdrop supply of roughly 55 million.

The token will be used as the HOP Protocol DAO’s governance token.

The majority of the airdrop supply about 3% of the overall supply, will go to wallets that have a minimum of two bridge transactions. The bridging transactions must be worth at least $1,000 to make the user qualified for the airdrop,

According to reports, some users took advantage of the airdrop by performing multiple bridge transactions.

HOP launch crash trails another major Ethereum L2 airdrop

HOP’s airdrop follows another huge launch earlier this month, Optimism. OP was also sold heavily at launch and it had a fair share of hacks and exploits.

Despite this, the Optimism hacker turned out to be a whitehat and promised to return 18 million tokens. They’d also transferred over 1 million OP to Vitalik Buterin, the founder of Ethereum.

Nevertheless, the airdrops come amid a severe dip in the cryptocurrency market. This year, Bitcoin and most major altcoins have plummeted substantially.

TAGGED:ethereumHOP
Share This Article
Facebook Twitter Copy Link

You Might Also Like ↷

Addressing Concerns: Fair Play and Random Number Generators in Online Casinos

Addressing Concerns: Fair Play and Random Number Generators in Online Casinos

November 8, 2023
Ropsten Proof-Of-Stake Beacon Chain Successfully Goes Live

Ropsten Proof-Of-Stake Beacon Chain Successfully Goes Live

11 months ago
Tom Brady reveals he is Open to Earn Part of Salary in Bitcoin, Ethereum, or Solana

Tom Brady reveals he is Open to Earn Part of Salary in Bitcoin, Ethereum, or Solana

September 22, 2021
Cardano to Launch Smart Contracts Today by Implementing the Alonzo Hard Fork

Cardano to Launch Smart Contracts Today by Implementing the Alonzo Hard Fork

September 12, 2021
Coinscreed
Stay tuned for a blend of captivating content that not only informs but also inspires you to navigate the ever-evolving landscape of technology, marketing, and market trends!
Coinscreed
FacebookLike
TwitterFollow
InstagramFollow

All Rights Reserved. Coinscreed 2024.

adbanner
AdBlock Detected
Our site is an advertising supported site. Please whitelist to support our site.
Okay, I'll Whitelist