Avalanche, Cardano, and other projects are releasing their tokens this week. The total value of the unlocked tokens exceeds $123 million. Such large unlocks can cause volatility in token prices. Token unlocks allow the release of tokens that were previously restricted under fundraising agreements. Projects try to minimize market pressure and prevent price drops by strategically planning these releases.
Three Major Token Unlocks to Watch Out for Next Week:
Unlocking Immutable Token
Lock Opening Date: November 29
Number of Tokens Opened: 24.52 million IMX
Current Circulating Supply: 1.67 billion IMX
Immutable is a project that offers a Layer-2 solution for scaling NFTs on Ethereum. In September 2021, the IMX token sale on CoinList raised $12.5 million in just one hour. On November 29, Immutable will release 24.52 million new IMX tokens into circulation. These tokens will support the growth of the Immutable ecosystem and the development of the project.
Optimism Token Unlocking
Lock Opening Date: November 30
Number of Tokens Opened: 31.34 million OP
Current Circulating Supply: 1.25 billion OP
Optimism is a Layer-2 scaling solution that increases transaction speed and reduces costs on the Ethereum network. The OP token is critical for governance and allows holders to vote on network development. On November 30, Optimism will release 31.34 million OP tokens. These tokens will be issued to core contributors and investors.
1inch Token Unlocking
Lock Opening Date: November 30
Number of Tokens Opened: 98.74 million 1INCH
Current Circulating Supply: 1.27 billion 1INCH
1inch is a platform that aggregates liquidity from decentralized exchanges to provide the best trading rates to its users. Approximately 100 million 1INCH tokens will be released on November 30. These tokens are allocated for developers, early investors, and venture capital funds.
Sui Token Unlocking
Lock Opening Date: December 1
Number of Tokens Opened: 64.19 million SUI
Current Circulating Supply: 2.84 billion SUI
Sui is a high-performance Layer-1 blockchain that improves network operations and security using a Proof-of-Stake consensus model. On December 1, Series A and B participants will be released a significant tranche of tokens allocated to the community reserve and the Mysten Labs treasury.
Conclusion:
Lock Opening Date: December 1
Number of Tokens Opened: 53.89 million ZETA
Current Circulating Supply: 517.85 million ZETA
ZetaChain is a decentralized platform that enables seamless interoperability between different blockchain networks. This platform allows for the exchange of tokens and data between networks such as Ethereum and Binance Smart Chain. On December 1, ZetaChain will release 54 million ZETA tokens.
Next week, projects such as Cardano (ADA), Ethena (ENA), and dYdX (DYDX) will also have their key launches, representing a total value of over $540 million. These developments could pose significant opportunities and risks for investors.
