Unlock (eng. unlock) is called the unlocking of tokens that were previously frozen under the terms of investment rounds or other funding programs.
Typically, the team carefully works out the tokenomics so as not to cause a lot of selling pressure at various stages of the unlock and thereby not bring down the price of the token. However, some factors – for example, a lack of liquidity or profit-taking by early investors immediately after the tokens are unlocked – can seriously affect the asset’s quotes.
The editors of BeInCrypto have selected 5 important unlocks that are worth keeping an eye on in October.
1. Sui (SUI)
Unlock Date: October 3 Number of Tokens Unlocked: 34,620,000 SUI Current Circulating Supply: 860,392,959 SUI
Sui is a high-performance layer-one (L1) blockchain. The operation and security of the network is ensured by the Proof-of-Stake consensus algorithm. The project was developed by the company Mysten Labs – it was founded in 2021 by a group of former Novi Research employees who were responsible for creating the blockchain Diem and the Move programming language.
Since December 2021, Mysten Labs has raised $336 million across two funding rounds. The project’s main investors include Binance Labs, Franklin Templeton and a16z Crypto.
The next SUI unlock will happen on October 3rd. “Unfrozen” tokens will be sent to participants in the public presale.
2. dYdX (DYDX)
Unlock Date: October 3 Number of Tokens Unlocked: 2,160,000 DYDX Current Circulating Supply: 175,650,537 DYDX
In early 2023, the largest decentralized derivatives trading protocol dYdX announced on making changes to the original tokenomics of the project. According to the update, 30% of DYDX’s total supply will go to early investors, another 30% will be distributed between the team and community reserves, 28% will be used to reward traders and liquidity providers, and the remainder will go to future employees, miners, and stabilization funds. Currently, about 18% of the total supply of 1 billion DYDX is in circulation. The remaining tokens will be unlocked in small increments over the next three years.
3. ImmutableX (IMX)
Unlock Date: October 7 Number of Tokens Unlocked: 18,080,000 IMX Current Circulating Supply: 1,167,293,573 IMX
4. Apts (APT)
Unlock Date: October 12 Number of Tokens Unlocked: 4,540,000 APT Current Circulating Supply: 237,910,183 APT
While Aptos’ Layer 1 blockchain is definitely one of the most successful projects this year, it regularly faces criticism from the crypto community for its tokenomics, which is largely dominated by venture capital. Most of APT’s supply – more than 80% – is still blocked. Unlocks will occur every month for the next ten years. Tokens released on October 12 will go to the Aptos Foundation and community members.
5. Axie Infinity (AXS)
Unlock Date: September 9 Number of Tokens Unlocked: 15,130,000 AXS Current Circulating Supply: 131,495,243 AXS
Axie Infinity is one of the most famous Play-to-Earn projects created by the Sky Mavis studio. The game takes place in a virtual environment inhabited by creatures called “axies”. The platform allows you to cross them, creating new characters. Players earn rewards by winning battles and selling axis.
The native token of the AXS platform is used to develop the platform, pay rewards for staking and solve a number of other problems. The coins released on September 9 will be intended for users who have locked their assets in smart contracts, as well as the project team and advisors.
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2023-10-01 15:38:00
#Token #Unlocks #Watch #October
