Unlock refers to the release of tokens that were previously locked based on conditions from investment rounds or other funding programs.
Typically, the team carefully considers tokenomics to avoid putting significant selling pressure at various #unlock stages and potentially crashing the token price. However, certain factors such as insufficient liquidity or early investors locking in profits right after token unlocking can significantly impact the asset's prices.
6 Unlocks to Watch This Week
dYdX (DYDX)
Unlock Date: July 1
Number of Unlocked Tokens: 8,330,000 DYDX
Current Circulating Supply: 267,289,735 DYDX
At the beginning of 2023, the largest decentralized perpetual futures trading protocol, dYdX, announced changes to its initial tokenomics. According to the updated information, 27.7% of the total #DYDX supply will go to early investors, 26.1% to the treasury, 15.3% will be allocated to the team, 7.0% are reserved for future employees and consultants of dYdX. The remaining tokens are intended for user rewards. The DYDX tokens unlocked on July 1 will be distributed among the project's investors, founders, and employees.
Sui (SUI)
Unlock Date: July 1
Number of Unlocked Tokens: 64,190,000 SUI
Current Circulating Supply: 2,426,143,880 SUI
#Sui is a high-performance Layer 1 (L1) blockchain. The network's operation and security are ensured by the Proof-of-Stake consensus algorithm. The project was developed by Mysten Labs, founded in 2021 by a group of former Novi Research employees responsible for creating the Diem blockchain and the Move programming language. Since December 2021, Mysten Labs has raised $336 million in two funding rounds. Major investors in the project include Binance Labs, Franklin Templeton, and a16z Crypto. The next SUI token unlock will occur on July 1. A portion of the "unfrozen" tokens will be distributed among participants in the Series A and B investment rounds, while the remaining coins will go to the community reserve and Mysten Labs' treasury.
io.net (IO)
Unlock Date: July 1
Number of Unlocked Tokens: 7,500,000 IO
Current Circulating Supply: 95,000,000 IO
Io.net is a DePIN protocol built on Solana's blockchain infrastructure. It focuses on providing computational power from GPUs to companies engaged in artificial intelligence (AI) and machine learning (ML). The project made a significant impact by successfully raising $30 million in a Series A round led by Hack VC. On July 1, io.net will unlock 7.5 million IO tokens, transferring them to community participants.
Galxe (GAL)
Unlock Date: July 5
Number of Unlocked Tokens: 3,000,000 GAL
Current Circulating Supply: 115,513,331 GAL
Galxe, formerly known as Project Galaxy, is the largest web3 credential data network that helps brands and developers create robust decentralized products. The #GAL token can be used to pay for the Galaxy Oracle Engine and Credential API. Additionally, its holders have voting rights on important decisions within the Project Galaxy DAO. The tokens unlocked in the next release will be allocated to the project team and the community.
Hashflow (HFT)
Unlock Date: July 7
Number of Unlocked Tokens: 13,620,000 HFT
Current Circulating Supply: 415,665,288 HFT
Hashflow is a decentralized exchange (DEX) that ensures compatibility, zero slippage, and trading with MEV attack protection. It offers a built-in cross-chain swap feature without using bridges or synthetic assets, allowing free trading across one or multiple networks with guaranteed price execution. The protocol's native token is called HFT. Users can stake it to access various features of the Hashflow ecosystem. On July 7, the project will unlock over 13 million HFT, which will be distributed among developers, early investors, and community participants.
Ethena (ENA)
Unlock Date: July 7
Number of Unlocked Tokens: 14,890,000 ENA
Current Circulating Supply: 1,615,625,000 ENA
#ENA is the native token of the DeFi protocol Ethena, the issuer of the "synthetic dollar" USDe. The asset is used to manage ecosystem capabilities and as a mechanism to incentivize participation and investment in the protocol. The debut of ENA was accompanied by an airdrop from Ethena Labs, resulting in the community receiving tokens worth $450 million. On July 7, the project will unlock nearly 15 million ENA, which will be used for ecosystem development.
Liked the overview? Give it a thumbs up! 👍