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These Seven Crypto Projects Unlock Tokens This Week. Will Prices Falter?

01-05-2023 20:37

Bitcoinworld

The 1-inch exchange will be the first major protocol to release tokens this week on May 1. However, with only 21,429 tokens issued, there is unlikely to be a significant impact on token prices.

At current prices of around $0.463, the 1INCH token unlock is worth less than $10,000. Token Unlocks estimates that 37% of the entire supply of around 1.4 billion tokens is still locked.

Furthermore, its tokenomics are heavily skewed in favor of the team and investors. They have 1.29 billion tokens vested in a delivery plan that goes until December 2024.

Acala, a Polkadot-based web3 financial application, will also release assets on May 1. A total of 27.4 million ACA tokens worth about $2.3 million will be unlocked. Because they account for 2.74% of the total supply, token prices may be under pressure.

Acala tokenomics are more event focused, with 34% allocated to crowd loan participants, 29% allocated to key partners, and 12% allocated to the reserve. The vesting and unlocking schedule is in effect until March 2028. ACA is down 97% from its high of $0.087.

On May 3, Nym will release around 7.4% of its entire supply. This week, around $16.3 million in NYM tokens will be distributed, putting downward pressure on prices.

Every few days, the Trader Joe DEX issues tokens, and the next one is on May 3rd, with 108,000 JOE tokens. On May 5, tokens for Liquity (LQTY) and Galxe (GAL) will become available. Meanwhile, on May 7, Tornado Cash will grant access to 175,000 TORN tokens worth approximately $1.3 million.

The procedure, according to the hypothesis, aligns incentives for all DeFi project investors and stakeholders. However, in practice, it frequently causes short-term volatility and selling pressure.

During the Monday AM Asian trading session, cryptocurrency markets have gone red. Total capitalization has fallen 1.7% on the day, reaching $1.23 trillion. BTC is down 2% to $28,595, while Ethereum (ETH) is down 2.7% to $1,848. Binance’s BNB, which has gained 4.4% to $335 at the time of writing, is the only crypto asset in the top 20 to defy this trend.

Because the correction appears to be resuming, projects with token supply releases this week may suffer greater losses.

The post These Seven Crypto Projects Unlock Tokens This Week. Will Prices Falter? appeared first on BitcoinWorld.

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