Token unlock is the release of tokens that were previously restricted by fundraising agreements. Projects plan these events strategically to manage market pressure and stabilize prices.
Here are five major token unlock events expected this week.
Also Read: What is Token Unlock and How Does It Impact Market Dynamics?
#1. Optimism (OP)
- Unlock Date: 12/31
- Amount of Tokens Unlocked: 31.34 million OP
- Current Circulating Supply: 1.35 billion OP
Optimism, a Layer-2 scaling solution, improves transaction speed and reduces costs on the Ethereum Primary Network. The OP token plays a crucial role in governance, allowing holders to vote on proposals and shape the network's development.
On 12/31, 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#2. Sui (SUI)
- Unlock Date: 01/01
- Amount of Tokens Unlocked: 64.19 million SUI
- Current Circulating Supply: 2.92 billion SUI
Sui is a high-performance Layer 1 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 platform's future. On 01/01, a major token unlock will release tokens allocated to Series A and B members, the community reserve fund, and the Mysten Labs treasury.
SUI Unlock. Source: Tokenomist#3. ZetaChain (ZETA)
- Unlock Date: 01/01
- Amount of Tokens Unlocked: 53.89 million ZETA
- Current Circulating Supply: 576.11 million ZETA
ZetaChain is a decentralized blockchain platform that enables seamless cross-chain communication. Its key feature allows for cross-chain token and data transfers between blockchains like Ethereum and Binance Smart Chain.
On 01/01, ZetaChain will unlock nearly 54 million ZETA tokens. These tokens will be used to fund initiatives such as the user growth fund, ecosystem development fund, core contributor rewards, advisory roles, and liquidity incentives.
ZETA Unlock. Source: Tokenomist#4. dYdX (DYDX)
- Unlock Date: 01/01
- Amount of Tokens Unlocked: 8.33 million DYDX
- Current Circulating Supply: 712.3 million DYDX
In early 2023, dYdX, the largest decentralized perpetual futures protocol, announced changes to its initial tokenomics. According to the update, 27.7% of the total DYDX supply will be allocated to early 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 01/01 will be distributed to founders and investors, with the remaining tokens allocated to current and future employees.
DYDX Unlock. Source: Tokenomist#5. Ethena (ENA)
- Unlock Date: 01/01
- Amount of Tokens Unlocked: 12.86 million ENA
- Current Circulating Supply: 2.93 billion ENA
Ethena, a synthetic currency protocol on Ethereum, provides a bank-independent solution and brings a dollar-denominated savings instrument called "Internet Bonds" to global users.
The protocol's native token, ENA, allows holders to participate in governance decisions. On 01/01, Ethena will unlock over 12 million ENA tokens, valued at $12.16 million, allocated for ecosystem development.
ENA Unlock. Source: TokenomistNext week, token cliff unlocks will also include Celo (CELO), Eigen Layer (EIGEN), Manta (MANTA), and Moca Network (MOCA), with a total value exceeding $440 million.
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