CryptoRank.io has released a report on the top seven most significant token unlocks in the next seven days. Some of these unlocks are worth millions of dollars, so traders and investors need to monitor the supply of unlocks. Top unlocks include SUI, IMX, OP, and more. Full details on the unlocks are below.
Token Unlocks & Their Implications: SUI Leading the Biggest Unlock In Terms of Value
Sui Network can be categorized as a Layer 1 protocol blockchain. Sui performs its consensus and validation for transaction blocks (activity) on its networks, utilizing its native token, SUI. 0.84% of the SUI token supply will be unlocked on October 3rd, equivalent to $145.9 million. This is a great event for SUI traders and investors as it’s a significant amount of token unlock.
OP
OP Mainnet is an EVM equivalent Layer 2 blockchain connected to Ethereum. To put it simply, the Optimism token (OP) is an ERC-20 token that grants its holders the right to vote on protocol governance and the distribution of funds for public goods. One such Layer 2 platform that is compatible with Ethereum is the Optimism network, and one of its tokens is the OP. To clarify, OP is not the platform’s native cryptocurrency but a governance token.
Today, on September 30th, 0.75% of the OP tokens supply will be unlocked. This supply is equivalent to $58.7 million.
IMX
Immutable X is an NFT scaling solution that intends to offer near-instant, low-fee transactions. It is powered by the IMX Ethereum token. Staking on Immutable X, voting on the protocol’s future, and paying transaction fees can all be done with IMX.
$55.3 million worth of IMX tokens will be unlocked on October, 4th. This is equivalent to 1.62% of the token supply. This is significant to consider for traders and investors as it can largely affect the price of IMX.
DyDx
dYdX is a decentralized exchange (DEX) platform that provides investors with the opportunity to invest in more than 35 prominent cryptocurrencies. On the Ethereum mainnet, DYDX is a coin that is used for ERC-20 transactions.
The dYdX layer two scaling solution is built on the ZK-STARKS technology developed by StarkWare. Additionally, the Ethereum blockchain is utilized to verify the proofs of transactions. 2.79% of the supply of its native token, DYDX, will be unlocked on October 1st. This will be equal to approximately $12 million dollars in worth.
WLD
Worldcoin (WLD) is an innovative cryptocurrency initiative with the potential to change our views on access, participation, and identity in the global economy. According to their predictions, in the future, everyone will be able to take part in and profit from the AI era, regardless of their socioeconomic status or geographic location.
Today, 0.05% of the WLD tokens will be released into the current supply. The total worth of the unlocked tokens is around $9.87 million.
PRIME
The Echelon Prime Foundation is a Web3 ecosystem that aspires to develop the games of the future, and its native token is PRIME. The Echelon ecosystem is a blockchain-based platform that gives resources to game makers, and this utility token fuels it.
Today, 0.68% of the PRIME tokens will be unlocked, which will be equivalent to $7.69 million in terms of dollar value.
GAL
GAL is an Ethereum network ERC-20 utility token. Four key use cases surround the token: governance, application module fees, Galxe Oracle Engine and Galxe Credential API payment, and digital credential curating.
$6.92 million dollars worth of GAL tokens will be unlocked on October 5th. This unlocked supply will be around 1.50%.
Final Words
Lastly, with multi-million dollar token unlocks coming in the next seven days, it’s important for traders and investors to keep an eye on these unlocks as they can significantly impact the price of the tokens.
Source: https://blockchainreporter.net/seven-multi-million-dollar-token-unlocks-in-the-next-7-days-sui-op-imx-more/