Major $330M Token Unlock—4 Cryptos That Could Face Volatility

• This week, a token release valued at over $330 million will take place, including assets like SUI, OP, ZETA, KAS, DYDX, and ENA, with each token representing 1% to 7% of its circulating supply.
• Investors and analysts closely monitored these unlock events due to their potential effect on token prices.

The crypto community is bracing for several token unlocks this week, which could have an impact on the market. Four major cryptocurrencies: Optimism (OP), Sui (SUI), ZetaChain (ZETA), and DYDX (DYDX) are set to release tokens totaling over $330 million in value. These unlock events will see between 1% and 7% of the circulating supply of each cryptocurrency become available, prompting both excitement and caution among investors.

Token unlocks refer to the release of previously restricted tokens under fundraising agreements or other arrangements. These events are carefully planned by projects to minimize market pressure and avoid sudden price drops. However, this strategy has its downsides. Issues like low liquidity or early investors cashing out can have a substantial impact on a token’s value. The unlocked tokens are typically allocated for purposes such as user growth, ecosystem development, rewards for core contributors, advisory roles, and liquidity incentives.

1. Optimism

As of January 30, 2025, 33% of the total OP tokens have been unlocked. The most recent unlock event on January 9th, 2025, released 4.47 million OP tokens, valued at $6.67 million. 

The unlock is scheduled for January 31st, 2025, where 31.34 million OP tokens will be unlocked, valued at $46.70 million. Currently, 780.18 million OP tokens (18.10%) remain locked, and the upcoming event will involve two allocations, compared to one in the previous event. Currently, OP is trading at $1.49; which is 69.27% lower than its all-time high price of $4.84.

2. SUI

Sui is promising a Layer 1 blockchain that has a well-structured token unlock schedule aimed at balancing the interests of early investors and the long-term health of the ecosystem. The unlock event for Sui is scheduled for February 1st, 2025. Similar to the previous event, 64.19 million SUI tokens will be unlocked, representing 2.13% of the circulating supply and valued at around $258 million. Today, 30% of the total Sui tokens have been unlocked, and the last unlock event occurred on January 1st, 2025.

This development comes as Phantom Wallet integrates support for Sui, allowing its 15 million users to easily access SUI tokens and explore a variety of decentralized applications (dApps), including Suilend and Bluefin.

3. ZetaChain

ZetaChain, a multi-chain interoperability platform, has also implemented the unlock schedule for its ZETA tokens. As of today, 30% of the total ZETA tokens have been unlocked, representing a key development in the token unlock process.

Just like SUI, the event for ZetaChain is scheduled for February 1st, with 44.26 million ZETA tokens set to be unlocked, representing 6.98% of the circulating supply and valued at $19.13 million. Currently, 1.47 billion ZETA tokens remain locked, accounting for 69.85% of the total supply. Meanwhile, the unlocked tokens, totaling 633.1 million, make up 30.15% of the total supply.

4. DYDX

DYDX, a decentralized exchange platform, has a considerable portion of its tokens unlocked and circulating. Similar to the previous event, 8.33 million DYDX tokens will be unlocked, representing 1.15% of the circulating supply and valued at $8.76 million. So far, 65% of the total DYDX tokens have been unlocked.

The token distribution for DYDX shows that 122.06 million DYDX tokens, or 12.21% of the total supply, remain locked. Additionally, 227.74 million DYDX tokens (22.77%) are locked with an undetermined unlock schedule. The previous unlock event took place on January 1st, 2025, where 8.33 million DYDX tokens, representing 1.15% of the circulating supply, were unlocked. The market capitalization of DYDX stands at $756 million, with each unit currently trading at $1.05.