The crypto market is poised to welcome over $585 million worth of Token into circulation in the next 7 days. Major projects like Hyperliquid (HYPE), Sui (Sui), and EigenCloud (EIGEN) will simultaneously unlock additional Token for circulation.
This influx of new Token could create supply pressure, leading to volatility and unpredictable prices in the short term. Below are the details of the unlocking phases for each project that you should monitor.
1. Hyperliquid (HYPE)
- Unlock date: December 29, 2023
- Number of Token unlocked: 9.92 million HYPE (0.992% of total supply)
- Current circulating supply: 238.38 million HYPE
- Total supply: 1 billion HYPE
Hyperliquid is a leading decentralized Derivative exchange operating on a separate Layer-1 blockchain. The platform offers a robust trading experience with high speed, an on-chain Order Book , and the ability to confirm transactions in under 1 second.
On December 29, 2023, the project will unlock 9.92 million Token, equivalent to approximately $258.03 million. This represents 2.87% of the circulating supply.
Unlocking HYPE Token Lockup in December. Source: TokenomistAll unlocked Token will be Chia to the project's core contributors. In addition to this major unlock, on January 6th, 2024, the network will further allocate an additional 1.2 million HYPE Token to team members.
2. Sui (Sui)
- Unlock date: January 1, 2024
- Number of Token unlocked: 43.69 million Sui (0.44% of total supply)
- Current circulating supply: 3.736 billion Sui
- Total supply: 10 billion Sui
Sui is a high-performance Layer-1 blockchain that uses the Move language to develop secure, flexible, and cost-effective dApps. Additionally, Sui supports parallel processing, enabling high system throughput, making it suitable for gaming, DeFi , and the entire Web3 ecosystem.
On January 1, 2024, Sui will unlock 43.69 million Sui Token according to its monthly allocation schedule. This Token represents 1.17% of the circulating supply and is worth approximately $65.10 million.
Unlocking Sui Token in January. Source: TokenomistOf this amount, 19.32 million Sui will be allocated to Series B investors; 12.63 million Sui will go to the community reserve fund, and 9.98 million Sui will be for initial contributions. Finally, Mysten Labs will receive 2.07 million altcoins .
3. EigenCloud (EIGEN)
- Unlock date: January 1, 2024
- Number of Token unlocked: 36.82 million EIGEN (2.07% of total supply)
- Current circulating supply: 494.59 million EIGEN
- Total supply: 1.779 billion EIGEN
EigenCloud (formerly known as EigenLayer) is a verifiable cloud platform built on the EigenLayer protocol. This platform provides developers with a unified infrastructure for building reliable, transparent, and verifiable Web3 applications.
On January 1, 2024, the network will release 36.82 million EIGEN Token, worth approximately $14.69 million. This Token represents 9.74% of the currently circulating supply.
EIGEN Token unlocked in January. Source: TokenomistThe unlocked Token will be Chia into two parts: 19.75 million Token for investors and 17.07 million EIGEN for early contributors to the project.
Besides the three projects mentioned above, Ethena (ENA), Kamino (KMNO), and Renzo (REZ) will also have new Token launched onto the market this week.
