Download XDEFI Wallet: the best Hop Protocol wallet.
XDEFI Wallet makes Web3 safe and easy: it allows you to store, send, and swap Cryptocurrencies and manage your NFTs from a single, safe wallet, which can be used as your Hop Protocol wallet.
What is Hop Protocol ?
Layer 2 rollups are scaling technologies that are built on top of Ethereum’s mainnet to help reduce the number of transactions and gas fees on Ethereum’s main network. Hop Protocol is a scalable Layer 2 token bridge that allows bridging of Ethereum assets to and from Layer 2 roll ups as well as in between Layer 2 to Layer 2 rollups. This layer two bridge can be accessed here and allows for users to transfer assets efficiently and quickly without having to wait for a long confirmation period to withdraw the assets.
What is required for transactions through Hop Protocol?
Currently, Ethereum Layer 1, Polygon, Gnosis, Optimism, and Arbitrum rollups are supported for transferring ETH, USDC, MATIC, DAI and USDT. Note that you will need to pay the native gas in the token of the chain you are transferring to. If you transfer for example from Arbitrum to Polygon, the native asset of Polygon MATIC will be needed to pay for gas fees.
Hop Protocol functions by utilizing Bonders, who earn a small fee by providing the liquidity at the chain who is receiving the funds. First a user sends tokens to the Bonder on the originating chain, then the Bonder sends a IOU token to the user on the receiving chain.
How secure is the bridge?
- In order to ensure that Bonders are behaving properly, “h” tokens act like an IOU token that represents the asset that was sent to the bonder for the receiving chain. If the bonder tries to cheat by not sending the IOU token to the user using the bridge, their collateral assets are decreased in order to incentivize good behavior.
Where can I get an Hop Protocol wallet?
XDEFI Wallet allows you to safely store, send, and swap Cryptocurrencies and manage your NFTs from a single, safe wallet, which can be used as your Hop Protocol wallet.
XDEFI Wallet is also compatible with the Hop Protocol web application.
XDEFI Wallet is multichain and supports more than 1000 dApps.