Hop DAO engages Authereum Labs as a service provider

Hop DAO engages Authereum Labs as a service provider

Hop DAO has passed a proposal to onboard Authereum Labs as a service provider, formalizing its relationship with the latter.

On Tuesday morning, Hop DAO approved a proposal seeking to establish a standard service provider agreement (SPA) with Authereum Labs, a platform for onboarding users to decentralized apps. Moving forward, Authereum Labs will be responsible for the “day-to-day operation, development, and improvement of the Hop frontend” and conducting open-ended research related to trustless cross-chain infrastructure. The team will also research and develop a roadmap for Hop Protocol based on the direction of Hop DAO.

Authereum Labs will be paid $115,000 monthly for its role as a service provider to Hop DAO. Payments are to be made in stablecoins at the end of every month. It is worth mentioning that the said figure may vary from month to month. The company said:

We reserve the right to manage our internal structure and costs within the budget granted by Hop DAO but want to provide transparency into these decisions while respecting individual privacy. We also reserve the right to conduct open-ended research that can be presented to the DAO as a possible future direction for the protocol.

Meanwhile, the new service provider will regularly provide the DAO with quarterly updates detailing its contributions in the previous quarter, as well as “providing guidance around upcoming deliverables, potential blockers, or unknowns.

Hop Protocol is a cross-chain bridge that facilitates the quick transfer of tokens between different Ethereum Layer 2 scaling solutions. In May 2022, the protocol rolled out Hop DAO, its community-owned governance structure, which saw early users airdropped 8% of all HOP tokens.

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