Unlocking $215M+: 7 Crypto Projects Set to Release Tokens

2024/01/28 18:17

Token Unlock, a leading tracker of locked tokens, has revealed details about upcoming token unlocks in various crypto projects scheduled for January 29 and February 4. The disclosed information highlights the substantial value of tokens, surpassing $215.03 million, expected to enter the crypto market within the next seven days.

Decentralized Exchange dYdX (DYDX) Leading the Way

The renowned decentralized exchange, dYdX (DYDX), plans to release 33.3 million DYDX tokens on February 1. With a current market value of $92.67 million, these tokens constitute 10.63% of its circulating supply, making it a significant move in the crypto space.

Breakdown of dYdX Token Distribution

Token Unlock provides a detailed breakdown of the recipients of the impending unlock event. dYdX investors are set to receive $51 million, while founders, employees, advisors, and consultants will acquire $28 million. Additionally, $13 million is allocated for future employees, emphasizing the diverse distribution of unlocked tokens.

Optimism (OP) Follows Suit with a $75M Unlock

Optimism (OP) closely follows dYdX, scheduling an unlock event for the last week of January. On January 30, the OP team plans to release 24.16 million units of OP, valued at $75 million. The distribution includes $39 million for core contributors and 35 million units allocated to investors.

Other Projects Unlocking Tokens in Late January and Early February

Several other projects are set to unlock tokens in the last days of January and early February. These include NYM ($9.48 million), SUI ($45.56 million), and Acala (ACA, $2.11 million). Euler (EUL, $0.38 million) and Tornado Cash (TORN, $150k) plan to unlock tokens on February 1, with EUL and TORN having already unlocked 81.19% and 78.92% of their tokens, respectively.

In Summary: A Wave of Token Unlocks

As the crypto market gears up for significant token unlocks, totaling over $215 million, investors and stakeholders await the impact on individual projects and the broader market.

While token unlocks can bring liquidity and opportunities, investors should remain vigilant, considering the potential market dynamics and the need for responsible token distribution strategies to maintain project stability.