Breaking Crypto News – 5 Token Unlock Projects: A Comprehensive Guide for June 2024
Breaking Crypto News – Unlocking tokens allows the public to purchase and sell them, releasing previously limited tokens into circulation. Events of this nature affect a token’s price in addition to increasing its availability. Although unlocks are usually seen as a negative indicator, they can also set off rallies due to increased demand. In this direction, next week, you can keep an eye out for these five significant token unlocks.
1. Optimism (OP)
The project will increase the amount of OP in circulation by about 30 million on May 31. TokenUnlocks states that these tokens will be distributed to core contributors and investors. The details are as follows:
- Unlock date: May 31
- Number of tokens unlocked: 31.34 million OP
- Current circulating supply: 1.08 billion OP
2. 1inch (1INCH)
June 1 is when the next 1INCH token will be unlocked. About 100 million tokens, set aside for developers, venture capital funds, and early investors, will be released. The details are as follows:
- Unlock date: June 1
- Number of tokens unlocked: 98.7 million 1INCH
- Current circulating supply: 1.15 billion 1INCH
3. dYdX (DYDX)
The biggest decentralized perpetual futures trading protocol, dYdX, disclosed modifications to its original tokenomics around the beginning of 2023. The update states that early investors will receive 27.7% of dYdX’s total supply, the treasury will receive 26.1%, the team will receive 15.3%, and future dYdX employees and consultants will receive 7.0%. The project team and investors will receive the majority of the DYDX that was unlocked on June 1, with the remainder of the tokens being set aside for potential future workers. The details are as follows:
- Unlock date: June 1
- Number of tokens unlocked: 33.33 million DYDX
- Current circulating supply: 279.8 million DYDX
4. Sui (SUI)
By allowing token holders to cast votes on significant proposals and influence the platform’s development, the SUI token promotes governance. On June 1, a sizable chunk of the tokens reserved for Series A and B participants, the community reserve, and the Mysten Labs treasury will be released as part of the next unlock. The details are as follows:
- Unlock date: June 1
- Number of tokens unlocked: 65.08 million SUI
- Current circulating supply: 2.33 billion SUI
5. Ethena (ENA)
Voting on governance ideas is possible for holders of the ENA token. The initiative will release more than 50 million ENA for ecosystem development on June 1. The details are as follows:
- Unlock date: June 1
- Number of tokens unlocked: 53.6 million ENA
- Current circulating supply: 1.47 billion ENA
FAQ
What is 1inch?
In order to give users the best trading rates, 1inch is a decentralized exchange aggregator that draws liquidity from different DEXs.
Who Developed Sui?
Mysten Labs, a business established in 2021 by former Novi Research staff members who also produced the Diem blockchain and the Move programming language, developed Sui.
Are Token Unlocks Good or Bad Thing?
According to the research, token prices are seldom affected at all by tiny unlock events, which occur when the circulating supply grows by less than 1%. Larger unlocks, on the other hand, can significantly lower prices by increasing the circulating supply by more than 1%.
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