The token unlocks release tokens previously restricted by fundraising agreements. Projects plan these events strategically to manage market pressure and stabilize prices.
Here are five major token unlocks scheduled for next week.
Optimism (OP)
- Unlock date: December 31
- Number of tokens unlocked: 31.34 million OPs
- Current supply in circulation: 1.35 billion PO
Optimism, a layer 2 scaling solution, improves transaction speed and reduces costs on the Ethereum mainnet. The OP token plays a key role in governance, allowing holders to vote on proposals and shape the development of the network.
On December 31, Optimism will unlock 31.34 million OP tokens. According to Tokenomist (formerly TokenUnlocks), these tokens will be distributed to major contributors and investors.
Sui (SUI)
- Unlock date: January 1
- Number of tokens unlocked: 64.19 million SUI
- Current supply in circulation: 2.92 billion SUI
Sui is a high-performance Layer 1 blockchain designed to optimize network operations and security through a proof-of-stake consensus mechanism. Launched in 2021 by Mysten Labs, the project was founded by former Novi Research employees who contributed to the development of the Diem blockchain and the Move programming language.
The SUI token enables governance, allowing holders to vote on proposals and shape the future of the platform. On January 1, a major token unlock will release tokens allocated to Series A and B participants, the community pool, and the Mysten Labs treasury.
ZetaChain (ZETA)
- Unlock date: January 1
- Number of tokens unlocked: 53.89 million ZETA
- Current supply in circulation: 576.11 million ZETA
ZetaChain is a decentralized blockchain platform that facilitates seamless interoperability between different blockchain networks. Its key functionality enables cross-chain communication, enabling the transfer of tokens and data between blockchains like Ethereum and Binance Smart Chain.
On January 1, ZetaChain will unlock nearly 54 million ZETA tokens. These tokens will fund initiatives such as a user growth pool, ecosystem growth fund, rewards for key contributors, advisory roles, and liquidity incentives.
dYdX (DYDX)
- Unlock date: January 1
- Number of tokens unlocked: 8.33 million DYDX
- Current circulating supply: 712.3 million DYDX
In early 2023, dYdX, the largest decentralized perpetual futures trading protocol, announced changes to its initial tokenomics. According to the update, 27.7% of the total dYdX offering will go to early investors, 26.1% to treasury, 15.3% to the team and 7.0% to future dYdX employees and consultants .
Most of the DYDX unlocked on January 1 will be distributed among founders and investors, with the remaining tokens reserved for current and future employees.
Ethena (ENA)
- Unlock date: January 1
- Number of tokens unlocked: 12.86 million ENA
- Current supply in circulation: 2.93 billion ENA
Ethena, a synthetic currency protocol on Ethereum, provides a banking-agnostic solution and offers users around the world a dollar-denominated savings tool known as the Internet Bond.
The protocol’s native token, ENA, allows holders to be involved in governance decisions. On January 1, Ethena will unlock over 12 million ENA tokens, worth $12.16 million, allocated for the development of the ecosystem.
Next week’s cliff token unlocks will also include Celo (CELO), Eigen Layer (EIGEN), Manta (MANTA), and Moca Network (MOCA), among others, with a combined total value exceeding $440 million.
Disclaimer
In accordance with the Trust Project guidelines, BeInCrypto is committed to providing unbiased and transparent reporting. This news article aims to provide accurate and current information. Readers are, however, advised to independently verify the facts and seek professional advice before making any decision based on this content. Please note that our Terms and Conditions, Privacy Policy and Disclaimer have been updated.
