HOP Protocol’s governance token tumbled in its debut on Friday as traders appeared to be dumping the token after it was airdropped.
The Ethereum Layer-2 protocol launched an airdrop for users, with nearly 12,000 addresses claiming the airdrop. About 20 million HOP tokens have been claimed, accounting for about 37.51% of the total supply.
But traders appear to be broadly selling the token. HOP prices has dropped over 27% in the last 24 hours to $0.15. Trading volumes were around $6.4 million.
HOP’s tumble mirrors that seen in fellow Ethereum Layer 2 Optimism, whose OP token was dumped over 66% in its debut this week.
HOP available to bridge users
HOP DAO currently supports stablecoins like DAI,USDC and USDT. It allows users to transfer tokens across other Ethereum Layer-2 chains. The protocol supports Gnosis and Polygon as mainnet rollups. They are further planning to offer their support for Optimism and Arbitirum.
