Crypto News – 3 Token Unlocks for Next Week, What to Expect?
Crypto News – Token unlocking entails releasing tokens that were previously restricted due to fundraising agreements. To minimize market pressure and stop a decline in token prices, projects meticulously plan when to release them. The dynamics of an asset, however, can be greatly impacted by elements like early investor profit-taking or a lack of liquidity. On the other hand, these three significant token unlocks are worth keeping an eye on the following week.
1. Pyth Network (PYTH)
There is a 10 billion token maximum supply for PYTH. The initiative will release 2.13 billion tokens on May 20, which is more than what is currently in circulation. The private sale participants and publishers will receive about 800 million PYTH, with the remaining amount going toward protocol development and ecosystem expansion. Here are the specifics:
- Unlock date: May 20
- Number of tokens unlocked: 2.13 billion PYTH
- Current circulating supply: 1.5 billion PYTH
2. Avalanche (AVAX)
AVAX is the native token of the Avalanche network, and it may be used to stake, pay transaction fees, and take part in platform governance. The Avalanche Foundation, the team, airdrop participants, and key partners will all receive a portion of the approximately 9 million AVAX tokens that will be unlocked on May 22. Here are the specifics:
- Unlock date: May 22
- Number of tokens unlocked: 9.54 million AVAX
- Current circulating supply: 382.77 million AVAX
3. Space ID (ID)
The ID serves as the Space ID ecosystem’s utility token and is intended to encourage user engagement while bolstering network security and expansion. The initiative is scheduled to add 18 million ID to the current supply on May 22. The Space ID Foundation, the ecosystem fund, and airdrop participants will receive the majority of these tokens, according to TokenUnlocks. Here are the specifics:
- Unlock date: May 22
- Number of tokens unlocked: 18.49 million ID
- Current circulating supply: 430.5 million ID
FAQ
What Does Token Unlock Mean in Crypto?
The process of releasing blocked tokens in accordance with the conditions of any fundraising round or other project fundraising initiatives is referred to as “token unlock.” Every project meticulously prepares its tokens to prevent a decline in token price and to shield them from excessive pressure from merchants during the unlocking process.
What is the Pyth Network?
Blockchain apps receive real-time financial market data via the Pyth Network, a decentralized oracle. It compiles premium price data from a range of sources, such as exchanges and trading companies.
What Does Token Allocation Mean?
The percentage of tokens allotted to various stakeholder groups in a cryptocurrency project is known as token allocation.
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