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 three major unlocks to watch next week.
Venom (VENOM)
- Unlock date: September 25
- Number of tokens unlocked: 235.36 million VENOM
- Current circulating supply: 1.85 billion VENOM
Venom is a proof-of-stake blockchain designed for scalability and security. It uses a Byzantine Fault Tolerant consensus algorithm to validate blocks and secure the network. Dynamic sharding increases its transaction capacity, allowing for higher throughput as the network grows.
Recently, Venom began unlocking its tokens, with the pace of unlocking expected to increase over time. This phase will release 219.52 million tokens to support the ecosystem, valued at approximately $23.45 million. Additionally, the community will receive 15.84 million tokens, worth about $1.76 million.
Read more: Byzantine Fault Tolerance (BFT) Explained
Yield Guild Games (YGG)
- Unlock date: September 27
- Number of tokens unlocked: 14.08 million YGG
- Current circulating supply: 386.22 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, Yield Guild Games will unlock over 14 million YGG. These tokens will be distributed across the community, founders, investors, and the treasury, fueling the guild’s growth and ecosystem development.
Read more: Top 6 Crypto Gaming Coins To Buy in 2024
SingularityNET (AGIX)
- Unlock date: September 28
- Number of tokens unlocked: 8.19 million AGIX
- Current circulating supply: 502.88 million 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.
In September, a key event for AGIX token holders will take place with the distribution of unlocked tokens to participants in the AGIX-ADA rewards program. This initiative aims to incentivize and reward community members who actively contribute to the platform’s growth and development.
Read more: How To Invest in Artificial Intelligence (AI) Cryptocurrencies?
Other next-week cliff unlocks include Galxe (GAL), Acala (ACA), Euler (EUL), and Tornado Cash (TORN), with a total value exceeding $48 million. While many see token unlocks as bearish, a well-structured schedule can actually support a project’s long-term success. Tied to key milestones and development, unlocks can motivate the team, engage the community, and drive ecosystem growth.
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Source: https://beincrypto.com/token-unlocks-september-23-29-september/