News
SUI, ME, ENA and more
Unlocking tokens involves the release of tokens previously locked under fundraising terms. Projects carefully plan these releases to avoid market pressures 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 six important token unlocks to watch next week.
dYdX (DYDX)
- Unlock date: July 1st
- Number of tokens unlocked: 8.33 million DYDX
- Current circulating supply: 268.29 million DYDX
In early 2023, dYdX, the largest decentralized perpetual future trade protocol, has announced changes to its initial protocol tokenomicsAccording 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 Tokens unlocked on July 1st will be distributed among investors and the project team, while 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: July 1st
- Number of tokens unlocked: 64.19 million SUI
- Current circulating supply: 2.42 billion SUI
Sui is a high-performance Layer-1 blockchain that uses a Proof of participation consent to increase the functioning of the network and safetyThe 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 occur on July 1st, releasing a significant portion of tokens set aside for Series A and B participants, the community pool, and the Mysten Labs treasury.
To know more: A guide to the 10 best Sui (SUI) wallets in 2024
io.net (IO)
- Unlock date: July 1st
- Number of tokens unlocked: 7.5 million IO
- Current circulating supply: 65 million IO
Io.net is a DePIN protocol built on Solana blockchain infrastructure, focused on providing computing power from GPUs to artificial intelligence (AI) and machine learning (ML) companies. The project gained significant attention after successfully raising $30 million in a Series A round led by Hack VC.
IO is the utility and governance token of io.net. Users use it to stake, delegate, pay fees, reward node runners and access DAO vote within the platform. On July 1, io.net will distribute 7.5 million IO tokens to members of its community.
To know more: What is DePIN (Decentralized Physical Infrastructure Networks)?
Galx (GAL)
- Unlock date: July 5th
- Number of tokens unlocked: 3 million GAL
- Current circulating supply: 115 million GAL
Galxe (formerly Project Galaxy) is a Web3 credential data network that enables developers to leverage digital credentials. It allows projects to reward and engage their users through various credential-based activities.
The GAL token is the native utility token of the Galxe platform, used for governance, stakingand access premium features.
On July 5, the project will unlock and distribute 3 million GAL tokens between the Galxe Foundation, the team and the community.
To know more: Decentralized Identity and the Future of Web3: What to Know
Hash stream (HFT)
- Release date: July 7th
- Number of tokens unlocked: 13.62 million HFT
- Current circulating supply: 406 million HFT
Hashflow is a decentralized exchange (DEX) that facilitates seamless cross-chain trading and zero-cost asset exchanges. slippage. Leverage advanced market making techniques for efficient and accurate pricing. The HFT token is the Hashflow platform’s native utility token, used for governance, staking, and user reward.
On July 7, the project will increase the circulating supply by 13.62 million HFT. According to Unlocks via tokenearly investors and the core team will receive 7.63 million tokens. The remaining coins will be used for community rewards and ecosystem development.
To know more: 17 Best Cryptocurrency Exchanges Without KYC: Top Picks in 2024
Ethena (ENA)
- Unlock date: July 7th
- Number of tokens unlocked: 14.89 million ENA
- Current circulating supply: 1.61 billion ENA
Ethena is a synthetic currency protocol based on Ethereum. It provides a native cryptocurrency solution independent of traditional banks 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 July 7, the project will unlock nearly 15 million ENA dedicated to ecosystem development.
To know more: What are the Ethena protocol and its synthetic dollar USDe?
Other breakouts next week include Maverick Protocol (MAV), ZetaChain (ZETA), and Acala (ACA) for a total value exceeding $122 million.
While many view token unlocks as bearish, a well-planned program can strengthen a project’s long-term viability. In line with milestones and development progress, unlocks will motivate team members, increase community engagement, and promote ecosystem growth.
Disclaimer
In compliance with the Trust Project guidelines, BeInCrypto is committed to providing unbiased and transparent reporting. This news article aims to provide accurate and timely information. However, readers are advised to independently verify the facts and consult a professional before making any decisions based on this content. Please note that our Terms and conditions, Privacy PolicyAND Disclaimers They have been updated.