5 Token Unlocks to Watch Next Week

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As a seasoned analyst with over two decades of experience in the ever-evolving world of cryptocurrencies, I find myself constantly intrigued by the strategic token unlocks that projects employ to fuel growth while minimizing market pressure. The upcoming unlocks from Immutable (IMX), Optimism (OP), 1Inch (1INCH), Sui (SUI), ZetaChain (ZETA), and others present a fascinating study in timing, allocation, and impact on the broader market.

The issued token enables the distribution of tokens that were earlier locked due to funding contracts. Wisely, projects plan these distributions to reduce market strain and avoid drops in token prices.

Here are three major token unlocks to keep an eye on next week.

Immutable (IMX)

  • Unlock date: November 29
  • Number of tokens unlocked: 24.52 million IMX
  • Current circulating supply: 1.67 billion IMX

In a single hour during its IMX token sale on CoinList in September 2021, Immutable, a Layer-2 scaling solution for NFTs on Ethereum, managed to gather $12.5 million. By March 2022, the project successfully secured an investment of $60 million, which was later followed by another $200 million from prominent investors including ParaFi Capital, Declaration Partners, and Tencent Holdings.

On November 29th, a total of 24.52 million fresh IMX tokens are set to enter circulation, aimed at funding and fostering the development and expansion of the wider Immutable project.

Optimism (OP)

  • Unlock date: November 30
  • Number of tokens unlocked: 31.34 million OP
  • Current circulating supply: 1.25 billion OP

Enthusiasm, functioning as a Layer-2 scaffolding, boosts the pace of transactions and decreases expenses on the Ethereum primary network. The OP token it offers plays a crucial role in governance, empowering its holders to cast votes on proposals and shape the network’s progression and administration.

On the 30th of November, a total of 31.34 million OP tokens will be made available for circulation. As reported by Tokenomist, previously known as TokenUnlocks, these tokens will be distributed to key contributors and investors.

1Inch (1INCH)

  • Unlock date: November 30
  • Number of tokens unlocked: 98.74 million 1INCH
  • Current circulating supply: 1.27 billion 1INCH

1inch is a platform that brings together various decentralized exchanges (DEXs) to provide users with the optimal trading prices. By smartly routing trades and reducing slippage, it simplifies trading while also decreasing costs and fees.

1inch is set to release approximately 100 million 1INCH tokens on November 30th. This allotment of tokens is intended for developers, initial investors, and venture capital firms.

Sui (SUI)

  • Unlock date: December 1
  • Number of tokens unlocked: 64.19 million SUI
  • Current circulating supply: 2.84 billion SUI

Sui is a robust blockchain platform, specifically designed to optimize network functions and improve security through a Proof-of-Stake agreement system. This innovation is the brainchild of Mysten Labs, established in 2021 by ex-Novi Research team members who played significant roles in crafting the Diem blockchain and Move programming language.

As an analyst, I’m here to explain the role of the SUI token within our platform. Essentially, it empowers us, its holders, by granting us the ability to vote on crucial proposals and steer the platform’s development direction. Moving forward, there’s an upcoming token unlock scheduled for December 1st. This event will distribute a substantial amount of tokens allocated to Series A and B participants, our community reserve, and the Mysten Labs treasury.

ZetaChain (ZETA)

  • Unlock date: December 1
  • Number of tokens unlocked: 53.89 million ZETA
  • Current circulating supply: 517.85 million ZETA

ZetaChain represents a decentralized blockchain network that facilitates effortless connectivity among various blockchain systems. Its unique strength lies in its ability to foster cross-chain dialogue, enabling the transfer of tokens and information between networks such as Ethereum and Binance Smart Chain.

Beginning on December 1st, ZetaChain is set to distribute approximately 54 million ZETA tokens. These tokens will be utilized for diverse purposes such as fostering user expansion, funding the development of the ecosystem, compensating key contributors, offering advisory positions, and providing liquidity incentives.

In the upcoming unlock of cliff tokens, you’ll find notable assets such as Cardano (ADA), Etherena (ENA), and dYdX (DYDX) along with other options. The aggregate worth of these tokens surpasses a significant figure of $540 million.

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2024-11-24 18:16