5 Token Unlocks to Watch Next Week

Token unlock involves releasing tokens that were previously blocked under fundraising terms. Projects carefully schedule these releases to avoid market pressure and prevent a drop in token prices.

However, factors like lack of liquidity or early investor profit-taking can significantly impact an asset’s dynamics. Here are five major token unlocks to watch next week.

AltLayer (ALT)

Unlock date: June 25

Number of tokens unlocked: 105.21 million ALT

Current circulating supply: 1.5 billion ALT

AltLayer is a decentralized protocol that increases blockchain scalability through the concept of Restaked Rollups. It integrates rollups from multiple stacks, such as OP Stack and Arbitrum Orbit, enhancing their security, decentralization, and interoperability by leveraging a restaking mechanism​.

On June 25, AltLayer is set to unlock over 100 million ALT tokens. These tokens are allocated for treasury, community, and ecosystem development.

Read more: Ethereum Restaking: What Is It And How Does It Work?

ALT Unlock. Source: token.unlocks

Yield Guild Games (YGG)

Unlock date: June 27

Number of tokens unlocked: 16.69 million YGG

Current circulating supply: 372 million YGG

Yield Guild Games (YGG) is a gaming community that operates on a play-to-earn model. It brings together gamers worldwide, enabling them to earn cryptocurrency rewards by participating in various blockchain games. YGG invests in NFT assets, such as in-game items and virtual land, making these available for guild members to borrow and use in their gaming endeavors.

In a few days, YGG will unlock a significant portion of its tokens. These tokens will be distributed among the community, developers, investors, and the treasury, further supporting the guild’s growth and ecosystem development. 

Read more: Top 6 Crypto Gaming Coins To Buy in 2024

YGG Unlock. Source: token.unlocks

SingularityNET (AGIX)

Unlock date: June 28

Number of tokens unlocked: 8.57 million AGIX

Current circulating supply: 1.28 billion AGIX

SingularityNET is a decentralized blockchain platform designed to develop and host AI applications. The platform’s native token, AGIX, is essential for transactions, governance, and rewarding node operators who maintain and develop the network. SingularityNET also supports cross-chain functionality, enabling the AGIX token to operate on both the Cardano and Ethereum networks.

On June 28, a significant event for the AGIX token holders will occur: the distribution of unlocked tokens to participants in the AGIX-ADA rewards program. This initiative aims to incentivize and reward community engagement and contributions to the platform’s development and expansion.

Read more: How To Invest in Artificial Intelligence (AI) Cryptocurrencies?

AGIX Unlock. Source: token.unlocks

Optimism (OP)

Unlock date: June 30

Number of tokens unlocked: 31.34 million OP

Current circulating supply: 1.08 billion OP

Optimism is a Layer-2 scaling solution designed to improve the speed and lower the costs of transactions on the Ethereum mainnet. The OP token plays a crucial role in governance, allowing holders to vote on proposals and decisions that shape the network’s development and management.

On June 30, Optimism will increase its circulating supply by over 30 million OP tokens. According to TokenUnlocks, the project will distribute these tokens to investors and core contributors, further supporting its growth and development. Сrypto community members, however, are warning of the possible consequences of this unlock, citing a situation with liquidity on major cryptocurrency exchanges.

“Liquidity spread is so bad on Binance right now that price of assets like $OP $ARB $APT $SUI could dump by 30-70% if their investors decide to dump only 5% token from their monthly unlock…and they could have done that too in the whole downtrend..you never know,” hiteshi.eth noted.

Read more: Optimism vs. Arbitrum: Ethereum Layer-2 Rollups Compared

OP Unlock. Source: token.unlocks

Ethena (ENA)

Unlock date: June 30

Number of tokens unlocked: 14.89 million ENA

Current circulating supply: 1.7 billion ENA

Ethena is a synthetic currency protocol built on Ethereum. It provides a native cryptocurrency solution independent of traditional banking, and also offers global users a dollar-denominated savings instrument called the ‘Internet Bond.’

The ENA token enables holders to vote on governance proposals. On June 30, the project will unlock almost 15 million ENA dedicated to ecosystem development.

Read more: What Is Ethena Protocol and its USDe Synthetic Dollar?

ENA Unlock. Source: token.unlocks

Other next-week unlocks include Echelon Prime (PRIME), Acala (ACA), and Tornado Cash (TORN), with a total value exceeding $108 million. Although many consider token unlocks bearish, a well-planned schedule can strengthen a project’s long-term viability. Aligned with milestones and development progress, unlocks will motivate team members, boost community engagement, and promote ecosystem growth.

The post 5 Token Unlocks to Watch Next Week appeared first on BeInCrypto.

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