Key Points
- This week is marked by five major token unlocks.
- The five token unlocks to watch include Optimism (OP), 1inch (1INCH), dYdX (DYDX), Sui (SUI), and Ethena (ENA).
There are five major token unlocks that are worth watching this week and they include Optimism (OP), 1inch (1INCH), dYdX (DYDX), Sui (SUI), and Ethena (ENA).
A token unlock involves releasing tokens that were previously blocked under fundraising terms. Crypto projects are carefully scheduling these releases in order to avoid strong market pressure and to prevent price drops for the tokens.
5 major token unlocks this week
1. Optimism (OP)
- Unlock date: May 31
- Number of tokens unlocked: 31.34 million OP ($79.9 million)
- Current circulating supply: 1.08 billion OP
Optimism (OP) is a Layer-2 scaling solution, aiming to enhance the speed and reduce transaction costs on the Ethereum mainnet.
The token allows holders to govern the Optimism ecosystem via proposals and decision voting that shape the development and management of the network.
On May 31, the project is set to add more than 30 million OP tokens to the circulating supply. TokenUnlocks noted that the distribution will allocate the tokens to investors and core contributors.
2. 1inch (1INCH)
- Unlock date: June 1st
- Number of tokens unlocked: 98.7 million 1INCH ($42.4 million)
- Current circulating supply: 1.15 billion 1INCH
1inch is a decentralized exchange aggregator that sources liquidity from DEXs in order to offer users the best trading rates on the market. The goal of the tool is to optimize and simplify trading by finding the most efficient transaction routes, minimizing slippage, and cutting trading fees.
The token unlock for 1INCH is scheduled for June 1st. This release will include almost 100 million tokens that are reserved for devs, early investors and venture capital funds.
3. dYdX (DYDX)
- Unlock date: June 1st
- Number of tokens unlocked: 33.33 million DYDX ($69.6 million)
- Current circulating supply: 279.8 million DYDX
Back in 2023, dYdX the largest decentralized perpetual futures trading protocol revealed changes made to the initial tokenomics. These are the following:
- 27.7% of dYdX’s total supply will go to early investors
- 26.1% goes to the treasury
- 15.3% goes to the team
- 7.0% goes to future dYdX employees and consultants
Most of the DYDX unlocked on June 1st will be distributed among investors and the project team/ The remaining tokens are reserved for future employees.
4. Sui (SUI)
- Unlock date: June 1st
- Number of tokens unlocked: 65.08 million SUI ($69 million)
- Current circulating supply: 2.33 billion SUI
Sui is a high-performance Layer-1 blockchain that uses a PoS consensus algorithm to ensure network security and smooth operation. The project was created by Mysten Labs, a company founded back in 2021 by former Novi Research employees who created the Diem blockchain and the Move programming language.
The SUI token facilitates governance and enables token holders to vote on important proposals, shaping the future of the platform. The next unlock for the token is set for June 1st and the event will release an important portion of tokens set aside for Series A and B participants, community reserve, and the Mysten Labs treasury.
5. Ethena (ENA)
- Unlock date: June 1st
- Number of tokens unlocked: 53.6 million ENA ($48.9 million)
- Current circulating supply: 1.47 billion ENA
Ethena (ENA) is a synthetic currency protocol that’s built on Ethereum. This provides a native crypto solution independent of traditional banking and also provides global users with a dollar-denominated savings instrument. This is called the Internet Bond.
The ENA token enables holders to vote on governance proposals. On June 1st, the project is set to unlock more than 50 million ENA dedicated to the development of the ecosystem.
These are the five tokens unlocked this week and the total value of tokens that will be unlocked exceeds $380 million.
