What is Hop Protocol

Hop Exchange is a protocol currently being used for sending tokens across rollups, and their shared layer-1 network in a quick and trustless manner.

What are rollups?

A rollup is a layer-2 scaling system, performing transaction functions of the main Ethereum blockchain. And posting the transaction data onto layer-1

Rollups can also be described as an execution environment processing transactions in a similar way to Ethereum at a fraction of the cost, often by moving computations and transactions off-chain. 

How Hop protocol works.

An intermediary token e.g. hToken that is quickly and economically moved from one network to another is used.

The end-user deals with only the rollup’s canonical token and not the hToken directly

Automated Market Makers (AMMs) swap between hTokens and their corresponding assets, on each layer-2 network. Automatically pricing liquidity and incentivizes rebalancing on each rollup

With that in place, users move tokens directly in and out of Ethereum, polygon, xDai, Optimistic Ethereum, and other networks in minutes.

Using the Hop Exchange

hop exchange

Head over to Hop Exchange

Choose the token to transfer on the top

Select the networks from what to be changed to the desired choice. The network supports Ethereum mainnet, Polygon, xDAI, Optimism, and Arbitrum.

Once selected configure your settings i.e. Slippage Tolerance

Finally, enter the amount to transfer and click approve

Once approved click send for the transaction to begin

A transaction fee depending on the output network will be deducted from your final amount.

Previous post How to switch from Binance lite to Binance pro
Next post How to buy Crypto on Binance using a Credit/Debit card