Historical record. Archived 2026-08-24: DefiLlama’s yield feed stopped carrying Hop pools; the 2026-08-24 check found zero live pool records while the protocol survey still showed about $3.8M of bridge liquidity. The amm-lp class rejection stands as the last issued record; if Hop pools return to the feed, a new active v1 publishes.. This keeps the last issued verdict and does not count toward current coverage.

Liquidity pool

Hop Protocol

Not approved Liquidity pools are outside the approved structures

Issued

2026-08-15

Last confirmed

2026-08-15

Next check due

2026-11-15

Research basis

AMM / liquidity provision

Chains

Base · Mixed control, Ethereum · No freeze key, Polygon PoS · Mixed control, OP Mainnet · Mixed control, Arbitrum One · Mixed control, Gnosis Chain · Governed, no freeze

The investable Hop yield position is an LP token representing inventory in a chain- and asset-specific AMM between a canonical token and its Hop bridge token. Bridge transfers and arbitrage rebalance that inventory, so bridge fees and HOP rewards compensate rather than remove AMM loss. The version-1 amm-lp dossier is dispositive regardless of the approximately $3.29M observed across seven chains on 2026-08-15.

Review triggers: events that reopen the verdict

Ships an economically separate yield product whose return does not require paired canonical and bridge-token AMM inventory
Any reopened product supplies exact contracts, bridge and bonder authorities, incident history and proposed-size exit evidence

Watched nightly: a warning on its venues or files, or a cited document that changes, reopens the memo. The first confirmation is due 2026-11-15.

The research file

Mechanism and investable-scope applicability

Hop users who seek protocol yield provide canonical assets, Hop bridge tokens or both to a chain-specific AMM and receive LP tokens. Transfer flow swaps hTokens into canonical tokens through these pools, while LPs earn bridge swap fees and may stake LP tokens for HOP incentives. This memo covers that investable LP claim, not a transient bridge user transfer, and directly meets the shared v1 amm-lp dossier.

Current observation and perimeter

The DefiLlama protocol API read on 2026-08-15 classified Hop as a Cross Chain Bridge and reported approximately $3.29M across Base, Ethereum, Arbitrum Nova, Polygon, Optimism, Arbitrum and xDai/Gnosis. This seven-chain perimeter adds Ethereum and Arbitrum Nova and removes stale Linea. Current Hop documentation and contracts continue to expose AMM liquidity and removal functions, supporting active LP coverage.

Control, loss and exit applicability

An LP may deposit one or both sides, but the AMM prices the entry and withdrawal against current hToken and canonical reserves. Bridge imbalance, bonder liquidity, native-bridge delays, chain incidents and arbitrage can leave the LP with a different asset mix or withdrawal penalty. Governance, staking rewards and bridge fees add compensation and dependencies without making the LP claim principal-stable.

Why the class rule decides

Hop’s bridge utility is not itself an investable yield claim; the yield-bearing position offered to a client is the AMM LP token. Because that token warehouses paired canonical and bridge inventory, the shared v1 amm-lp dossier controls independently of size. Reopen only for an economically separate Hop product whose return does not require AMM inventory, then verify contracts, bridge and bonder authorities, incidents and proposed-size exit.

Sources

The claims above trace to these. Where a number could not be independently verified, the thesis says so.

Hop — providing liquidity and earning rewards · primary · accessed 2026-08-15
Supports: Hop AMM, canonical token, Hop bridge token, LP token, bridge fees, HOP rewards, withdrawal
Hop — LP inventory requirements · primary · accessed 2026-08-15
Supports: two pool assets, single-sided deposit, LP ownership, swap fees, slippage
Hop — bridge and AMM architecture · primary · accessed 2026-08-15
Supports: hTokens, canonical tokens, bonder, AMM conversion, bridge mechanics
Hop — V1 contracts and AMM design · primary · accessed 2026-08-15
Supports: bridge contracts, AMM, hTokens, canonical tokens, liquidity rebalancing
DefiLlama — Hop Protocol survey record · secondary · accessed 2026-08-15
Supports: current TVL, seven-chain perimeter, Cross Chain Bridge category, survey observation

Inherited controls

The research above describes the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The layer with the most administrative power sets the position’s effective control; that describes control, not quality or suitability.

Chain	Verdict	Control	Control constraint
Base	Approved with limits	Mixed control	Coinbase, one regulated US company, operates the only sequencer, and admin keys can upgrade bridge contracts within ~7 days.
Ethereum	Approved	No freeze key	No sequencer, no upgrade key, no operator who can be compelled. Rule changes require social consensus.
Polygon PoS	Rejected	Mixed control	a public validator set orders transactions, but a 5-of-9 multisig can instantly upgrade staking and canonical bridge contracts, while a 5-of-8 controls custom child tokens.
OP Mainnet	Rejected	Mixed control	Ethereum forced inclusion limits sequencer censorship, but the Foundation and Security Council can co-sign an immediate upgrade before a client can exit.
Arbitrum One	Approved with limits	Mixed control	a single sequencer orders >99% of transactions and admin keys can upgrade bridge contracts on a ~7-day timelock.
Gnosis Chain	Approved with limits	Governed, no freeze	the chain validator path is permissionless, but its xDAI and canonical bridge exposure adds an 8-of-15 governor multisig outside the base consensus grade.

The memo is public. Monitoring connects the research to positions clients actually hold and flags evidence changes for advisor review. $49 per advisor per month, first 14 days free. Start the trial.