In our latest push towards Layer 2, we are adding support for Hop, one of the most popular Layer 2 bridges
We are happy to announce that Hop Protocol is now available on imToken. Open your imToken and start bridging!
Hop protocol is one of the fastest-growing bridge protocols on Ethereum, with its TVL surpassing $120 million.
The protocol is currently supporting ETH, USDC, USDT, DAI and MATIC transfers between Ethereum Mainnet, Polygon, Optimism, Arbitrum, and Gnosis Chain (formerly xDAI).
Why Hop Protocol? And how does it work?
For now, withdrawing funds from Optimism takes you 7 days. A security measure on the side of the Layer 2. Via Hop, though, you can skip this long period, and instantly withdraw to mainnet. The whole process is trust-less, in exchange for a small fee.
That’s for moving funds from L2 to Mainnet. If you like to go from - for example - Polygon to Arbitrum - you simply use Hop in the same way. Without even touching Ethereum mainnet, this is much quicker and cheaper than using two independent bridges (i.e. in this case Polygon and Arbitrum).
For you, the user, Hop works quickly and easily. Under the hood though, Hop Protocol takes a series of steps to make sure that you can trust your tokens safely arrive at the destination chain (or Layer 2).
Sending 100 USDT from - for example - Optimism to Arbitrum, market makers (called ‘Bonders’) will unlock 100 USDT of their own balance at your requested destination chain.
This way, you get your tokens transferred in an instant, while the market maker receives a fee in return for having to wait the 7 day (i.e. Optimism’s withdrawal period).
How to use Hop Exchange on imToken
Enter your wallet, leave ‘Ethereum Mainnet’ or switch to ‘Arbitrum’, ‘Polygon’, ‘Optimism’ ,or ‘Gnosis Chain’ in the menu on the top.
Search for ‘Hop’ in the ‘Browser’ and start bridging.
Stay tuned for more Layer 2 news!