How to use Hop Exchange with imToken?

How to use Hop Exchange with imToken?

How to use Synthetix on Optimism? Reading How to use Hop Exchange with imToken? 4 minutes Next What is Layer 2?

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About Hop Exchange

Hop Exchange, developed on Hop Protocol, is a cross-chain bridge allowing users to transfer tokens directly, swiftly, and effortlessly among Layer 2s, sidechains, and Layer 1 (the Ethereum mainnet). Currently, it supports the transfer of ETH, USDC, USDT, MATIC, and DAI among the Ethereum mainnet, ArbitrumOptimism, Polygon (formerly Matic), and Gnosis (formerly xDAI).

Note: For now, Hop Exchange doesn’t support the transfer of MATIC on Arbitrum and Optimism, since the token hasn’t been issued on these two networks.

Further reading:

Entering Hop Exchange

1. Open your ETH wallet in imToken. Enter “Hop Protocol” on the “Browser” page and open the DApp.

2. Click “Connect a Wallet” - “Wallet Connect” - “imToken”. Then, you can connect to the DApp after authorizing the visit to your wallet address.

Note: Currently, the data loading is relatively slow for some functions in Hop Exchange. Given that, you can try to refresh the page or switch to a better network condition if you have any problem.

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Transferring between Different Networks

Here is an example showing the transfer of ETH from the Ethereum mainnet to Arbitrum.

1. Click “Send” at the top on the Hop Exchange page and choose “ETH”. Then, choose “Mainnet” and “Arbitrum” in the “Select Network” bar.

2. Click “Send” at the bottom to transfer. After a few minutes, you can receive the transferred tokens on Arbitrum. These tokens can be seen on the wallet page if you switch to the Arbitrum wallet.

Note: You need to first authorize the transfer by clicking “Approve” when transferring non-native tokens.

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Learn more: How to use Arbitrum with imToken?

Providing Liquidity

Providing liquidity to Hop Exchange means to add Hop Token, such as hETH, or the equivalent native token, such as WETH, into the liquidity pool of Hop AMM. Liquidity providers can enjoy fees generated from cross-chain transactions in the protocol.

Here is an example of providing ETH liquidity on Arbitrum: switch to the Arbitrum wallet first. Next, click “Pool” on the Hop Exchange page and choose “ETH” and “Arbitrum”. Then, after entering the amount of both WETH and hETH, you can click “Add Liquidity” to confirm.

Note: There is no amount or proportion requirement for the two tokens. In this sense, you can choose to only provide the liquidity of WETH or hETH or both of them.

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Getting Wrapped Token

ETH, despite being the native token of the Ethereum mainnet, is incompatible with the ERC20 token standard, which means it cannot be swapped with other tokens directly through smart contracts. So to provide liquidity you need to first convert ETH to ERC20 standard ETH, i.e. WETH (Wrapped ETH).

How to get WETH?

Click “Pool” or “Convert” at the top on the Hop Exchange page. Then, click “Wrap/Unwrap” on the page to enter the amount to be converted. After that, click “Wrap” to get WETH.

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Getting hToken

hToken are ERC20 tokens issued by locking tokens in the Hop Bridge contract. Each token has its own corresponding hToken. For instance, the corresponding hTokens of ETH, DAI, and USDT are hETH, hDAI, and hUSDT.  hToken is required for providing liquidity in Hop Exchange and you can get hToken through “Convert” on the Hop Protocol page.

Take the conversion of WETH to hETH as an example: click “Convert” at the top on the page and choose a Layer 2 network. Enter the WETH amount and click “Approve” to authorize. After that, you can get hToken after clicking “Convert”.

Note: ETH on the Ethereum mainnet can be directly converted to hETH on Layer 2 networks through Hop Bridge.

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Risk Warning: The content of this article does not constitute any form of investment advice or recommendation. imToken does not make any guarantees and promises for the third-party services and products mentioned in this article, nor assume any responsibility. Digital asset investment has risks. You should carefully evaluate these investment risks and consult with relevant professionals to make your own decisions.