5 Token Unlocks to Watch Next Week

5 months ago 14

ARTICLE AD BOX

Token unlock involves releasing tokens that were previously blocked under fundraising terms. Projects carefully schedule these releases to avoid market pressure and prevent a drop in token prices.

However, factors like lack of liquidity or early investor profit-taking can significantly impact an asset’s dynamics. Here are five major token unlocks to watch next week.

Optimism (OP)

Unlock date: May 31
Number of tokens unlocked: 31.34 million OP
Current circulating supply: 1.08 billion OP

Optimism is a Layer-2 scaling solution that aims to improve the speed and reduce the cost of transactions on the Ethereum mainnet. The OP token allows holders to govern the Optimism ecosystem by voting on proposals and decisions that shape the network’s development and management.

On May 31, the project will add over 30 million OP to the circulating supply. According to TokenUnlocks, the distribution will allocate these tokens to investors and core contributors.

1inch (1INCH)

Unlock date: June 1
Number of tokens unlocked: 98.7 million 1INCH
Current circulating supply: 1.15 billion 1INCH

1inch is a decentralized exchange aggregator that sources liquidity from various DEXs to provide users with the best possible trading rates. It aims to optimize and simplify trading by finding the most efficient transaction routes, minimizing slippage, and reducing trading fees.

The next 1INCH token unlock is scheduled for June 1. The release will include nearly 100 million tokens, reserved for developers, early investors, and venture capital funds.

dYdX (DYDX)

Unlock date: June 1
Number of tokens unlocked: 33.33 million DYDX
Current circulating supply: 279.8 million DYDX

In early 2023, dYdX, the largest decentralized perpetual futures trading protocol, announced changes to its initial tokenomics. According to the update, 27.7% of dYdX’s total supply will go to early investors, 26.1% to the treasury, 15.3% to the team, and 7.0% to future dYdX employees and consultants. Most DYDX unlocked on June 1 will be distributed among investors and the project team, with the remaining tokens reserved for future employees.

Sui (SUI)

Unlock date: June 1
Number of tokens unlocked: 65.08 million SUI
Current circulating supply: 2.33 billion SUI

Sui is a high-performance Layer-1 blockchain that uses a Proof-of-Stake consensus algorithm to ensure network operation and security. The project was developed by Mysten Labs, a company founded in 2021 by former Novi Research employees who created the Diem blockchain and the Move programming language.

The SUI token facilitates governance, enabling token holders to vote on important proposals and shape the platform’s future. The next unlock will happen on June 1, releasing a significant portion of tokens set aside for Series A and B participants, community reserve, and the Mysten Labs treasury.

Ethena (ENA)

Unlock date: June 1
Number of tokens unlocked: 53.6 million ENA
Current circulating supply: 1.47 billion ENA

Ethena is a synthetic currency protocol built on Ethereum. It provides a native cryptocurrency solution independent of traditional banking, and also offers global users a dollar-denominated savings instrument called the ‘Internet Bond.’

The ENA token enables holders to vote on governance proposals. On June 1, the project will unlock over 50 million ENA dedicated to ecosystem development.

Other big unlocks of the next week include Yield Guild Games (YGG), SingularityNET (AGIX), Echelon Prime (PRIME), Manta Network (MANTA), and Acala (ACA). The total value of released tokens exceeds $380 million.

Although token unlocks are often considered bearish, a well-planned schedule can enhance a project’s long-term viability. Aligned with milestones and development progress, unlocks will motivate team members, boost community engagement, and promote ecosystem growth.

The post 5 Token Unlocks to Watch Next Week appeared first on BeInCrypto.

Read Entire Article