- Optimism, Sui, and other projects have token unlocks next week.
- The total value of tokens unlocked this week exceeds $450 million.
- Token prices may experience fluctuations around large unlocks.
Token unlocks release previously restricted tokens tied to fundraising agreements. Projects schedule these events strategically to limit market pressure and stabilize prices.
Here are five large token unlocks scheduled for next week.
Ethena (ENA)
- Unlock date: January 29
- Number of tokens unlocked: 12.86 million ENA
- Current circulating supply: 3.03 billion ENA
Ethena, a synthetic currency protocol on Ethereum, delivers a solution independent of traditional banking. It also offers global users a dollar-denominated savings tool called the “Internet Bond.”
Ethena’s native token, ENA, allows holders to take part in governance decisions for the protocol. On January 29, Ethena will unlock over 12 million ENA tokens, valued at $11 million, with the funds allocated to ecosystem development.
Optimism (OP)
- Unlock date: January 31
- Number of tokens unlocked: 31.34 million OP
- Current circulating supply: 1.35 billion OP
Optimism, a Layer-2 scaling solution, speeds up transactions and reduces costs on Ethereum. Its OP token is essential for governance, letting holders vote on proposals and influence the network’s future.
On January 31, Optimism will unlock 31.34 million OP tokens. According to Tokenomist (formerly TokenUnlocks), these tokens will be distributed to core contributors and investors.
Sui (SUI)
- Unlock date: February 1
- Number of tokens unlocked: 64.19 million SUI
- Current circulating supply: 3 billion SUI
Sui is a high-performance Layer-1 blockchain built 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 platform’s future. On February 1, a major token unlock will release tokens allocated to Series A and B participants, the community reserve, and the Mysten Labs treasury.
ZetaChain (ZETA)
- Unlock date: February 1
- Number of tokens unlocked: 44.26 million ZETA
- Current circulating supply: 634.37 million ZETA
ZetaChain is a decentralized blockchain platform that facilitates seamless interoperability across different blockchain networks. Its key feature allows cross-chain communication, enabling the transfer of tokens and data between blockchains like Ethereum and Binance Smart Chain.
On February 1, ZetaChain will unlock nearly 45 million ZETA tokens. These tokens will fund initiatives such as a user growth pool, an ecosystem growth fund, core contributor rewards, advisory roles, and liquidity incentives.
dYdX (DYDX)
- Unlock date: February 1
- Number of tokens unlocked: 8.33 million DYDX
- Current circulating supply: 722 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 dYdX’s total supply will go to early investors, 26.1% to the treasury, 15.3% to the team, and 7.0% to future dYdX employees and consultants.
Most DYDX unlocked on February 1 will be distributed among founders and investors, with the remaining tokens reserved for current and future employees.
Next week’s cliff token unlocks will also include Eigen Layer (EIGEN), Celo (CELO), and Moca Network (MOCA), among others, with a total combined value exceeding $450 million.
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