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Check out the top 5 token unlocks next week
Token unlocking involves the release of previously locked tokens under the terms of the fundraising. Projects carefully plan these releases to avoid market pressure and prevent a decline in token prices.
However, factors such as lack of liquidity or early profit-taking by investors can have a significant impact on the dynamics of an asset. Here are the top five token unlocks to watch out for next week.
Optimism (OP)
- Unlock date: May 31st
- Number of tokens unlocked: 31.34 million OP
- Current circulating supply: OP 1.08 billion
Optimism is a Layer-2 scaling solution that aims to improve the speed and reduce the cost of transactions on the Ethereum mainnet. THE OPERATION The token allows holders to govern the optimism ecosystem vote on the proposals and decisions that guide the development and management of the network.
On May 31, the project will add over 30 million OPs to the circulating supply. Second Unlocks via tokenthe distribution will allocate these tokens to key investors and contributors.
To know more: Optimism vs. Arbitrum: Ethereum Layer-2 rollup comparisonand
1 inch (1 INCH)
- Unlock date: June 1st
- Number of tokens unlocked: 98.7 million 1 INCH
- 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 paths, while minimizing them slipand reducing trading commissions.
The next unlock of the 1INCH token is scheduled for June 1st. The release will include nearly 100 million tokens, reserved for developers, early investors and venture capital funds.
To know more: The 11 best DeFi protocols to watch in 2024
dYdX (DYDX)
- Unlock date: June 1st
- 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 protocol tokenomics. According to the update, 27.7% of dYdX’s total offering will go to early investors, 26.1% to treasury, 15.3% to the team, and 7.0% to future dYdX employees and advisors. Most DYDX unlocked on June 1st will be distributed among investors and the project team, while the remaining tokens will be reserved for future employees.
To know more: GMX vs. dYdX: A comparison of two popular decentralized exchanges
Sui (SUI)
- Unlock date: June 1st
- 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 Stake test consensus algorithm to guarantee the functioning of the network e safety. 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, allowing token holders to vote on important proposals and shape the future of the platform. The next unlock will take place on June 1st, releasing a significant portion of tokens reserved for Series A and B participants, the community reserve and the Mysten Labs treasury.
To know more: A guide to the 10 best Sui (SUI) wallets in 2024
Ethena (ENA)
- Unlock date: June 1st
- Number of tokens unlocked: 53.6 million ENA
- Current circulating supply: 1.47 billion ENA
Ethena is a synthetic currency protocol based on Ethereum. It provides a native cryptocurrency solution independent of the traditional banking system and also offers global users a dollar-denominated savings instrument called “Internet Bond”.
THE ENA The token allows holders to vote on governance proposals. On June 1st the project will unlock over 50 million ENA dedicated to ecosystem development.
To know more: What is the Ethena Protocol and its USDe synthetic dollar?
Other big unlocks next week include Yield Guild Games (YGG), SingularityNET (AGIX), Echelon Prime (PRIME), Manta Network (MANTA), and Acala (ACA). The total value of tokens released exceeds $380 million.
Although token unlocks are often considered bearish, a well-planned program can improve the long-term viability of a project. In line with milestones and development progress, unlocks will motivate team members, increase community engagement, and promote ecosystem growth.
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