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IntroductionThe NFT marketplace is evolving. Over the past year, OpenSea has seen increasing pressure from new competitors eating away at its market share. LooksRare, X2Y2, Sudoswap, and Blur have decreased OpenSea's NFT Volume market share from 99% to 50-30% depending on the week.Market Share for NFT Marketplaces by WeekWhile OpenSea may have been one of the darling companies of the web3 era, there is one thing that it's lacking that all of its competitors have: a token. This left ...
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When considering the future of airdrops, it's easy to feel optimistic about their potential for aligning users of crypto networks. It’s just as valid to express skepticism based on the current state of the instrument. While it's clear that more experimentation is necessary in order to properly harness their power, the required overhead and lack of tooling to execute airdrops are prohibitive. But what are they, anyway?What is an Airdrop?Simply put, airdrops distribute tokens to past,...
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The onchain distribution network of Boost Protocol. Target, acquire and engage users with token incentives to drive growth.
BoostBeyond Hype: Understanding the Impact of Airdrops on NFT Marketplace Performance
IntroductionThe NFT marketplace is evolving. Over the past year, OpenSea has seen increasing pressure from new competitors eating away at its market share. LooksRare, X2Y2, Sudoswap, and Blur have decreased OpenSea's NFT Volume market share from 99% to 50-30% depending on the week.Market Share for NFT Marketplaces by WeekWhile OpenSea may have been one of the darling companies of the web3 era, there is one thing that it's lacking that all of its competitors have: a token. This left ...
BoostAirdrop Design | Past, Present, & Future
When considering the future of airdrops, it's easy to feel optimistic about their potential for aligning users of crypto networks. It’s just as valid to express skepticism based on the current state of the instrument. While it's clear that more experimentation is necessary in order to properly harness their power, the required overhead and lack of tooling to execute airdrops are prohibitive. But what are they, anyway?What is an Airdrop?Simply put, airdrops distribute tokens to past,...
BoostIntroducing Quest Protocol Rewards
Deploy, refer, and complete quests for cryptoParticipation lies at the heart of the crypto ecosystem. It’s the collective effort of countless participants worldwide that ensures the functionality, security, and growth of decentralized protocols. But beyond it being a mechanism for sustaining networks, participation embodies the very ethos of crypto and why it exists - to increase economic opportunities for every individual. Earlier this year we launched Quest Protocol, making it easy for anyo...
The onchain distribution network of Boost Protocol. Target, acquire and engage users with token incentives to drive growth.
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Hop is a scalable token bridge protocol for Ethereum’s layer-2 ecosystem. The protocol uses a special intermediary asset called an hToken to quickly move funds from one network to another. These hTokens are automatically swapped for their corresponding assets through the Hop Protocol interface, resulting in a rather seamless experience for transporting assets between networks.
Currently, Hop supports sending USDC, USDT, and MATIC across the Mainnet, Polygon, xDai, Optimisim, and Arbitrum networks. Hop also plans to add even more assets in the future, including ETH, WBTC, and DAI, making it an extremely versatile cross-chain solution to the increasingly fragmented world of layer 2s.
For this tutorial, you will need:
A web3 wallet (e.g. Metamask)
USDC, USDT, or MATIC tokens you would like to transfer
The native gas payment token of the chain you are transferring from (e.g. MATIC if transferring from the Polygon network).
Note: you will want to make sure you have the native gas token of the chain you are transferring to as well. For example, if you transfer USDC from Arbitrum to Optimism but don’t own any ETH on Optimism, you won’t be able to do anything with the USDC once it is there. It’s not necessary for the tutorial, but it’s still important to know.
First, head to https://hop.exchange/ and click ‘Use Hop’ in the center of the page. In the upper right corner you will see a button to connect your wallet. Go ahead and do so now.
At the time of writing, you can send USDC, USDT, and MATIC between Mainnet, Polygon, xDai, Optimism, and Arbitrum. Make sure you are on the ‘Send’ tab and click the dropdown next to Send to select which asset you would like to transfer.
Then, select the network and enter the amount in the ‘From’ and ‘To’ fields.
In the example below, I am sending 500 USDC from Polygon, and I will receive 495 USDC on Optimism after fees.
After verifying the details, hit ‘Approve’ and confirm the transaction in your web3 wallet. This will provide Hop with the ability to spend your tokens.
Once approved, you’ll now be able to send your token between networks. Double check the estimated amount received after fees and click ‘Send’ if everything looks correct.
Confirm ‘Send’ one more time and approve the transaction in your wallet.
Transfer times vary depending on which networks you are transferring between. As a general rule of thumb, L1 to L2 transactions take the same amount of time as using the native bridge. From L2 to L1 or between L2 transactions will typically be completed in however many blocks it takes to be considered final on the sending chain. Here are some example times:
Deposits from L1
Ethereum -> xDai: ∼5 minutes
Ethereum -> Polygon: ∼8 minutes
Withdrawals from xDai
xDAI -> Ethereum: ∼2 minutes (12 blocks)
xDAI -> Polygon: ∼2 minutes (12 blocks)
Withdrawals from Polygon
Polygon-> Ethereum: ∼4.5 minutes ( 124 blocks)
Polygon-> xDai: ∼4.5 minutes ( 124 blocks)
You have now transferred assets between networks. Your funds will show up after a few minutes on the new network in whatever currency you sent (e.g. if you sent USDC from Polygon to Optimism, you will receive USDC on Optimism after a few minutes).
Layer 2s, sidechains, and other scaling solutions will continue to be expanded in the near term, growing the Ethereum network beyond its present-day capabilities, but thankfully our multi-chain world does not need to be fractured. Instead, protocols like Hop will allow us to seamlessly move assets between chains without ever having to wait extended periods of time or hassle with bridging back down to Mainnet just to transfer between layer 2s.
Hop is a scalable token bridge protocol for Ethereum’s layer-2 ecosystem. The protocol uses a special intermediary asset called an hToken to quickly move funds from one network to another. These hTokens are automatically swapped for their corresponding assets through the Hop Protocol interface, resulting in a rather seamless experience for transporting assets between networks.
Currently, Hop supports sending USDC, USDT, and MATIC across the Mainnet, Polygon, xDai, Optimisim, and Arbitrum networks. Hop also plans to add even more assets in the future, including ETH, WBTC, and DAI, making it an extremely versatile cross-chain solution to the increasingly fragmented world of layer 2s.
For this tutorial, you will need:
A web3 wallet (e.g. Metamask)
USDC, USDT, or MATIC tokens you would like to transfer
The native gas payment token of the chain you are transferring from (e.g. MATIC if transferring from the Polygon network).
Note: you will want to make sure you have the native gas token of the chain you are transferring to as well. For example, if you transfer USDC from Arbitrum to Optimism but don’t own any ETH on Optimism, you won’t be able to do anything with the USDC once it is there. It’s not necessary for the tutorial, but it’s still important to know.
First, head to https://hop.exchange/ and click ‘Use Hop’ in the center of the page. In the upper right corner you will see a button to connect your wallet. Go ahead and do so now.
At the time of writing, you can send USDC, USDT, and MATIC between Mainnet, Polygon, xDai, Optimism, and Arbitrum. Make sure you are on the ‘Send’ tab and click the dropdown next to Send to select which asset you would like to transfer.
Then, select the network and enter the amount in the ‘From’ and ‘To’ fields.
In the example below, I am sending 500 USDC from Polygon, and I will receive 495 USDC on Optimism after fees.
After verifying the details, hit ‘Approve’ and confirm the transaction in your web3 wallet. This will provide Hop with the ability to spend your tokens.
Once approved, you’ll now be able to send your token between networks. Double check the estimated amount received after fees and click ‘Send’ if everything looks correct.
Confirm ‘Send’ one more time and approve the transaction in your wallet.
Transfer times vary depending on which networks you are transferring between. As a general rule of thumb, L1 to L2 transactions take the same amount of time as using the native bridge. From L2 to L1 or between L2 transactions will typically be completed in however many blocks it takes to be considered final on the sending chain. Here are some example times:
Deposits from L1
Ethereum -> xDai: ∼5 minutes
Ethereum -> Polygon: ∼8 minutes
Withdrawals from xDai
xDAI -> Ethereum: ∼2 minutes (12 blocks)
xDAI -> Polygon: ∼2 minutes (12 blocks)
Withdrawals from Polygon
Polygon-> Ethereum: ∼4.5 minutes ( 124 blocks)
Polygon-> xDai: ∼4.5 minutes ( 124 blocks)
You have now transferred assets between networks. Your funds will show up after a few minutes on the new network in whatever currency you sent (e.g. if you sent USDC from Polygon to Optimism, you will receive USDC on Optimism after a few minutes).
Layer 2s, sidechains, and other scaling solutions will continue to be expanded in the near term, growing the Ethereum network beyond its present-day capabilities, but thankfully our multi-chain world does not need to be fractured. Instead, protocols like Hop will allow us to seamlessly move assets between chains without ever having to wait extended periods of time or hassle with bridging back down to Mainnet just to transfer between layer 2s.
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