Token unlock is the release of previously restricted tokens according to fundraising agreements. Projects plan this token release strategically to reduce market pressure and prevent token price declines.
Here are 5 major token unlock events to watch out for this week.
Also Read: What is Token Unlock and How Does It Affect Market Dynamics?
#1. Immutable (IMX)
- Unlock Date: 29/11
- Amount of Tokens Unlocked: 24.52 million IMX
- Current Circulating Supply: 1.67 billion IMX
Immutable, a Layer-2 solution for scaling NFTs on Ethereum, raised $12.5 million in just one hour during its IMX token sale on CoinList in 09/2021. By 03/2022, the project had raised $60 million in a Series A round, followed by $200 million from investors like ParaFi Capital, Declaration Partners and Tencent Holdings.
On 29/11, Immutable will release 24.52 million new IMX tokens into circulation. These tokens will support the further development and expansion of the broader Immutable ecosystem.
IMX Unlock. Source: Tokenomist#2. Optimism (OP)
- Unlock Date: 30/11
- Amount of Tokens Unlocked: 31.34 million OP
- Current Circulating Supply: 1.25 billion OP
Optimism, a Second-Layer solution, improves transaction speeds and reduces costs on the Ethereum Primary Network. Its OP token is crucial for governance, allowing holders to vote on proposals and influence the development and management of the network.
On 30/11, Optimism will release 31.34 million OP tokens into circulation. Tokenomist (formerly TokenUnlocks) reports that these tokens will be received by core contributors and investors.
OP Unlock. Source: Tokenomist#3. 1Inch (1INCH)
- Unlock Date: 30/11
- Amount of Tokens Unlocked: 98.74 million 1INCH
- Current Circulating Supply: 1.27 billion 1INCH
1inch is a decentralized exchange aggregator, pooling liquidity from multiple DEXs to provide users with the best trade rates. It optimizes trades by identifying the most efficient routing, minimizing slippage and reducing fees.
On 30/11, 1inch will unlock nearly 100 million 1INCH tokens. These tokens are allocated to developers, early investors and Venture Capital funds.
1INCH Unlock. Source: Tokenomist#4. Sui (SUI)
- Unlock Date: 01/12
- Amount of Tokens Unlocked: 64.19 million SUI
- Current Circulating Supply: 2.84 billion SUI
Sui is a high-performance Layer-1 blockchain designed to improve network performance and security using a Proof of Stake consensus mechanism. Developed by Mysten Labs, the project was founded in 2021 by former Novi Research employees who played a key role in creating the Diem blockchain and Move programming language.
The SUI token supports governance, allowing holders to vote on important proposals and influence the direction of the platform. On 01/12, the next token unlock will release a significant portion of tokens allocated to Series A and B investors, the community reserve fund, and the Mysten Labs treasury.
SUI Unlock. Source: Tokenomist#5. ZetaChain (ZETA)
- Unlock Date: 01/12
- Amount of Tokens Unlocked: 53.89 million ZETA
- Current Circulating Supply: 517.85 million ZETA
ZetaChain is a decentralized blockchain platform designed to enable seamless interoperability between different blockchain networks. A key feature of this platform is its cross-chain communication capability, allowing for the exchange of tokens and data between blockchains like Ethereum and Binance Smart Chain.
On 01/12, ZetaChain will release nearly 54 million ZETA tokens. These tokens will support various initiatives, including a user growth fund, an ecosystem development fund, rewards for core contributors, advisory roles, and liquidity incentives.
ZETA Unlock. Source: TokenomistNext week's token cliff unlocks will also include Cardano (ADA), Ethena (ENA), and dYdX (DYDX), with a combined value exceeding $540 million.
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