Token unlocks free up assets previously restricted by fundraising agreements. Projects strategically time these events to manage market pressure and stabilize prices.
Here are five major token unlocks scheduled for next week.
Optimism (OP)
Unlock Date: December 31st
Number of tokens unlocked: 31.34 million OP
Current circulating supply: 1.35 billion OP
Optimism, a layer-2 (L2) scaling solution, improves transaction speeds and reduces costs on the Ethereum mainnet. The OP token plays a crucial role in governance, allowing holders to vote on proposals and influence network development.
On December 31, Optimism will unlock 31.34 million OP tokens. According to Tokenomist (formerly TokenUnlocks), these tokens will be distributed to core contributors and investors.
OP Unlock. Source: Tokenomist
On (ON)
Unlock Date: January 1st
Number of tokens unlocked: 64.19 million SUI
Current circulating supply: 2.92 billion SUI
Sui is a high-performance blockchain built to optimize network operations and security through a Proof-of-Stake consensus mechanism. Launched in 2021 by Mysten Labs, the project was founded by former Novi Research employees who contributed to the development of the Diem blockchain and the Move programming language.
The SUI token enables governance, allowing holders to vote on proposals and shape the future of the platform. On January 1, a major token unlock will release tokens allocated to Series A and B participants, the community reserve, and the Mysten Labs treasury.
SUI Unlock. Source: Tokenomist
ZetaChain (ZETA)
Unlock Date: January 1st
Number of tokens unlocked: 53.89 million ZETA
Current circulating supply: 576.11 million ZETA
ZetaChain is a decentralized blockchain platform that facilitates interoperability between different blockchain networks. Its main feature is that it enables cross-chain communication, enabling the transfer of tokens and data between blockchains such as Ethereum and Binance Smart Chain.
On January 1st, ZetaChain will unlock nearly 54 million ZETA tokens. These tokens will fund initiatives such as a user growth pool, an ecosystem growth fund, core contributor rewards, advisory roles, and liquidity incentives.
ZETA Unlock. Source: Tokenomist
dYdX (DYDX)
Unlock Date: January 1st
Number of tokens unlocked: 8.33 million DYDX
Current circulating supply: 712.3 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 initial investors, 26.1% to the treasury, 15.3% to the team, and 7.0% to future dYdX employees and advisors.
The majority of DYDX unlocked on January 1st will be distributed among founders and investors, with the remaining tokens reserved for current and future employees.
DYDX Unlock. Fonte: Tokenomist
Ethena (ENA)
Unlock Date: January 1st
Number of tokens unlocked: 12.86 million ENA
Current circulating supply: 2.93 billion ENA
Ethena, a synthetic currency protocol on Ethereum, offers a bank-agnostic solution and provides global users with a dollar-denominated savings tool known as an “Internet Bond.”
The protocol’s native token, ENA, allows holders to participate in governance decisions. On January 1, Ethena will unlock over 12 million ENA tokens, valued at $12.16 million, which will be used for ecosystem development.
ENA Unlock. Fonte: Tokenomist
Next week’s cliff token unlocks will also include Celo (CELO), Eigen Layer (EIGEN), Manta (MANTA), and Moca Network (MOCA), among others, with a combined total value exceeding $440 million.
The article 5 Token Unlocks to Watch This Week appeared first on BeInCrypto.
