Token Unlock: Which Cryptocurrencies to Watch Next Week?
Date: 2023-09-24 Author: Dima Zakharov Categories: BLOCKCHAIN, CRYPTO PAYMENTS
The cryptocurrency market is always filled with events and news, and one of the key events to watch in the coming week is token unlocks. Token unlocks refer to the process of unlocking cryptocurrencies that were previously locked as part of investment rounds or other fundraising programs. Let's take a detailed look at 4 important token unlocks that will occur in the near future and may impact the cryptocurrency market.
1. dYdX (DYDX)
Number of unlocked tokens: 6,520,000 DYDX
Current circulating supply: 183,765,523 DYDX
The dYdX project, the largest decentralized derivatives trading protocol, announced changes to its tokenomics in early 2023. These changes involve the distribution of tokens among early investors, the team, community reserves, traders, and liquidity providers. Currently, only 25% of the total DYDX supply is in circulation, and the remainder will be unlocked gradually over three years. This unlock event could influence the DYDX price as a significant number of tokens become available for sale.
2. Yield Guild Games (YGG)
Number of unlocked tokens: 12,420,000 YGG
Current circulating supply: 185,125,000 YGG
Yield Guild Games is a blockchain gaming community that brings together investors in NFT assets. Their native token YGG is used for in-network payments and staking. After the unlock, a large number of tokens will be distributed among the project team, early investors, and the treasury. This event may affect the price of YGG and the participation structure in the project.
3. SingularityNET (AGIX)
Number of unlocked tokens: 9,680,000 AGIX
Current circulating supply: 11,232,684,305 AGIX
SingularityNET is a blockchain platform for creating artificial intelligence (AI)-based applications. Their token AGIX is used for service payments and compensating node operators. Unlocked tokens will be distributed among participants in the AGIX-ADA rewards program. This event could impact the SingularityNET ecosystem and investor interest.
4. Optimism (OP)
Number of unlocked tokens: 24,160,000 OP
Current circulating supply: 798,517,235 OP
Optimism is a Layer 2 solution for the Ethereum network designed to increase its speed and scalability. The OP token is used for voting and governance within the Optimism Collective community. Releasing a significant number of tokens may influence voting and the ecosystem's development.
These 4 token unlocks represent important events for their respective projects and may impact their prices and long-term prospects. Cryptocurrency investors and market participants should monitor these events and analyze their impact on the market. It's essential to remember that cryptocurrencies always carry a high level of risk, and investment decisions should be made cautiously and based on thorough research and analysis.
