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How to use Hop Exchange: A detailed guide (2023)

What is Hop Exchange? Is this bridge truly resolving the timing issue on other cross-chains? More information about the Hop Exchange guide can be found in this article.

linhha

Published May 06 2022

Updated Nov 16 2023

4 min read

Hop Exchange Overview

Hop Exchange is a scalable rollup-to-rollup general token bridge. Hop Exchange allows users to send tokens to another rollup without having to wait for rollup’s challenge period.

Specialities of Hop Exchange

Multichain: Besides the mainnet (ETH), Hop Exchange supports other chains like Polygon, Gnosis, Optimism and Arbitrum.

Saving your time: The token bridge transaction through Hop Exchange just takes a few minutes, saving a lot of time for users when they need to use it.

Having their Explorer: Hop Exchange has its own Explorer that supports integrated chains. The product has not been completed but you can still try it here.

Providing liquidity and stake: Hop Exchange allows you to provide liquidity as well as stake right on the product to help optimize your profits.

How to use Hop Exchange

Connect with Hop Exchange

Currently, Hop Exchange has not supported the Coin98 Extension Wallet yet. So in this article, I will use MetaMask as an example.

Step 1: On the homepage of the Hop Exchange, click Connect a Wallet.

Step 2: Click the MetaMask icon to connect with Hop Exchange. After that, confirm the connection on MetaMask.

Send token to another chain

Hop is supporting transferring 5 tokens including ETH, USDC, USDT, DAI and MATIC. You can choose the asset and send it to the supported blockchains on this bridge.

Some tokens are not available on other chains, the system will prevent you from sending tokens. For example, MATIC will not be available in Optimism and Arbitrum.

Step 1: In the Send section, choose a token with the corresponding blockchain. In this article, I will send MATIC from Polygon to Gnosis as an example.

Step 2: Insert the number of tokens you want to send to another chain, the system will automatically calculate the corresponding amount that you will receive.

If the wallet address you want to transfer to another chain is not the same as the first chain, you can choose Option → Insert the receiving wallet address.

Step 3: Click Send. Read the transaction information carefully, if you agree, click Send.

The system will charge a very small network fee for this transaction, if you agree, click Confirm in MetaMask.

Convert to hToken

The hTokens are a cross-network bridge token that is transferred from one rollup to another and are claimed on layer-1 for the underlying asset. It is an intermediary bridge token that allows trustless swaps.

In Hop Exchange, you have two options to choose:

Using Hop Bridge: Convert tokens from Mainnet (Ethereum) to hToken with the chosen blockchain. Example: Convert MATIC (ETH) to hMATIC (Polygon).
Using AMM: Convert wToken (Wrap token) from the corresponding chain to hToken of that chain.

In this article, I will convert hToken via AMM as an example.

Step 1: In the Convert section, choose your token with the corresponding blockchain. After that, choose Click here to Wrap or Unwrap if you do not have wToken.

Step 2: Insert the number of tokens and click Wrap. Read the transaction information carefully, if you agree, click Wrap.

The system will charge a very small network fee for this transaction, if you agree, click Confirm in MetaMask.

Step 3: Now you are having wToken, insert the number of wToken you want to convert to hToken and choose Approve (If this is the first time you do this transaction) → Convert.

Read the transaction information carefully, if you agree, click Convert.

The system will charge a very small network fee for this transaction, if you agree, click Confirm in MetaMask.

Add liquidity on Hop Exchange

After having both wToken and hToken, now you can provide liquidity on Hop Exchange to receive the corresponding LP tokens.

Step 1: In the Pool section, select the token from the list with the corresponding blockchain.

Step 2: Insert the number of both wToken and hToken you want to provide.

Step 3: Click Add Liquidity.

After that, check the transaction information carefully, then click Add Liquidity. The system will charge a very small fee, click Confirm if you agree with this transaction.

Note:

You can remove liquidity at any time by clicking Remove Liquidity in the Pool section.
The number of LP tokens received will be equal to the total of the two tokens you have provided.

Staking on Hop Exchange

In the Stake section on Hop Exchange, users can use their LP token they received after providing liquidity for staking to earn more rewards with different APY on each pool.

Step 1: Select the corresponding blockchain to find the correct pool for your LP tokens

Step 2: Insert the number of LP tokens you want to stake and choose Approve (If this is the first time you do this transaction) → Stake.

Read the transaction information carefully, if you agree, click Stake.

The system will charge a very small network fee for this transaction, if you agree, click Confirm in MetaMask.

Import your MetaMask wallet into Coin98

MetaMask and Coin98 use the same passphrase system to secure the wallets. So you can easily import your MetaMask wallet into Coin98 by following the guide below:

Step 1: At MetaMask’s main screen, click your avatar and choose Settings.

Step 2: Click Security & Privacy. After entering the password, MetaMask will display your passphrase. Save your passphrase to import into Coin98.

Step 3: Open the Coin98 Extension Wallet or the Coin98 Super App. Select the navigation bar → Add Wallet icon.

Step 4: Select your wallet’s blockchain (or multi-chain) and click Restore.

Step 5: Paste the passphrase that you copied from the MetaMask wallet and click Restore to import.

Airdrop from Hop Protocol

Hop Protocol has announced an airdrop of 8% of the total token supply for users with the following condition in the image below.

You can check if your wallet address has been airdropped or not by selecting the Airdrop section on the Hop Exchange homepage.

Summary

Hopefully, this article has guided you well to experience Hop Exchange directly on the MetaMask wallet. Take advantage of this opportunity and get yourself the best profit. If you have any questions or problems, leave a comment below to get assisted!