Token unlocks release assets previously locked under fundraising agreements. These projects strategically schedule the events to reduce market pressure and stabilize prices.
Therefore, BeInCrypto has separated three major token unlocks that will take place this week.
Ethena (ENA)
Unlock Date: Wednesday, December 25th
Number of tokens unlocked: 12.86 million ENA
Current circulating supply: 2.93 billion ENA
Ethena, a synthetic currency protocol on Ethereum, offers a solution that is independent of the traditional banking system. It also offers global users a dollar-denominated savings tool called “Internet Bond.”
The protocol’s native token, ENA, allows holders to participate in governance decisions. Thus, on Christmas Day, December 25, Ethena will unlock over 12 million ENA valued at $13.73 million, with the allocation going towards ecosystem development.
ENA Unlock. Source: Tokenomist
Cardano (ADA)
Unlock Date: Thursday, December 26th
Number of tokens unlocked: 18.53 million ADA
Current circulating supply: 35.83 billion ADA
Cardano, known for its emphasis on sustainability, security, and scalability, plays a key role in advancing decentralized applications and smart contracts. As such, on December 26, the project will unlock over 18 million ADA tokens, valued at $16.92 million, allocated for staking and treasury reserve.
ADA Unlock. Source: Tokenomist
Immutable (IMX)
Unlock Date: Friday, December 27th
Number of tokens unlocked: 24.52 million IMX
Current circulating supply: 1.69 billion IMX
Immutable, a Layer-2 solution for scaling NFTs on Ethereum, raised $12.5 million in just one hour during the IMX token sale on CoinList in September 2021. Additionally, in March 2022, it secured $60 million in a seed round, followed by $200 million from investors including ParaFi Capital, Declaration Partners, and Tencent Holdings.
Therefore, on December 27th, Immutable will release 24.52 million IMX tokens. These tokens are designated to support the development of the project and drive growth within the broader Immutable ecosystem.
IMX Unlock. Source: Tokenomist
Additionally, this week’s cliff token unlocks will also include Yield Guild Games (YGG), Eigen Layer (EIGEN), and Artificial Superintelligence Alliance (FET), among others, with a combined total value of over $120 million.
The article 3 Token Unlocks to Watch This Week appeared first on BeInCrypto.
