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Hop logoHop

Hop is a Liquidity Network that facilitates fast withdrawals and L2-->L2 token transfer via optimistic message passing.
  • Total value locked
    $49.24 M5.08%
  • Destination
    Various
  • Validated by
    Optimistically
  • Type
    Liquidity Network
  • Links:Website, Docs, etc.

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    Tokens

    Choose token

    Bridged Tokens (Top 15)

    Ether (ETH)
    Dai Stablecoin (DAI)
    Hop (HOP)
    USD Coin (USDC)
    Tether USD (USDT)
    Matic Token (MATIC)
    Synthetix Network Token (SNX)
    Risk summary
    Technology

    Principle of operation

    Hop is a Liquidity Network with ability to facilitate fast transfers using Ethereum as a settlement layer. It uses a technical hToken and AMM between hToken and canonical token on a destination chain to facilitate token transfers. Users are isolated from individual risks related to destination chains.

    Optimistic Validation with fallback to native bridge

    Messages announcing token withdrawals are sent from the source to the destination chain using native AMB (Arbitrary Messaging Bridge) to Ethereum for a given chain source chain. Depending on a chain, these can be slow, e.g. 7-days for Optimistic Rollups. Designated actors called Bonders “pre-announce” the incoming transfer of a message bundle to the destination chain. For 24 hours anyone can challenge the validity of the message bundle. If left unchallenged, the bundle is assumed to be valid and Bonder can remove the collateral which make all withdrawals from this bundle to settle against bridge funds. If challenged, the Bonder’s collateral is locked in a bridge until the native message arrives and challenge is resolved.

    • Users can be censored if AMB of the destination chain censors the message.

    • Funds can be stolen if Bonder submits invalid message bundle and is left unchallenged for 24 hours.

    Destination tokens are upgradeable

    Note: This section requires more research and might not present accurate information.

    Tokens transferred end up as “representation tokens” some of them may be upgradable.

    • Funds can be stolen if destination token contract is maliciously upgraded (CRITICAL).

    Permissions

    The system uses the following set of permissioned addresses:

    Hop Multisig 0x1ec0…6E9d

    Sets bridge parameters including bond size, challenge period length, etc… Manages whitelist of Bonders. This is a Gnosis Safe with 2 / 3 threshold.

    Hop Multisig participants (3) 0x9f8d…7f070x404c…E62D0xEb34…2F62

    Those are the participants of the Hop Multisig.

    Smart contracts

    The system consists of the following smart contracts on the host chain (Ethereum):

    USDC Bridge 0x3666…f18a

    This contract stores the following tokens: USDC.

    DAI Bridge 0x3d4C…EDd1

    This contract stores the following tokens: DAI.

    USDT Bridge 0x3E4a…20B6

    This contract stores the following tokens: USDT.

    ETH Bridge 0xb890…727f

    This contract stores the following tokens: ETH.

    MATIC Bridge 0x22B1…1cc2

    This contract stores the following tokens: MATIC.

    WBTC Bridge 0xb984…b849
    SNX Bridge 0x8932…8b96

    This contract stores the following tokens: SNX.

    HOP Bridge 0x914f…4273

    This contract stores the following tokens: HOP.

    Knowledge Nuggets