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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 eight major token unlocks to watch next week.
Yield Guild Games
- Unlock date: August 27
- Number of tokens unlocked: 14.08 million YGG
- Current circulating supply: 380.83 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 (YGG) will unlock a substantial portion of its tokens. 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: August 28
- Number of tokens unlocked: 8.32 million AGIX
- Current circulating supply: 527.10 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 August, 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?
Optimism (OP)
- Unlock date: August 31
- Number of tokens unlocked: 31.34 million OP
- Current circulating supply: 1.18 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 August 31, Optimism will increase its circulating supply by 31.34 million OP. According to TokenUnlocks, the project will distribute these tokens among core contributors and investors.
Read more: Optimism vs. Arbitrum: Ethereum Layer-2 Rollups Compared
Echelon Prime (PRIME)
- Unlock date: August 31
- Number of tokens unlocked: 750,000 PRIME
- Current circulating supply: 44.52 million PRIME
Echelon Prime (PRIME) is the native token of the Echelon Prime Foundation, which focuses on advancing Web3 gaming ecosystems. The foundation provides tools and resources for new gaming models and economies, with its first major adoption in the sci-fi trading card game Parallel.
On August 31st, Echelon Prime will unlock 750,000 PRIME tokens reserved for investors in Parallel Studios. This release is part of a larger token vesting schedule that began on July 31, 2023. These tokens are part of a monthly unlock for investors and are expected to continue until July 2025.
Read more: Top 7 Metaverse Games to Play in 2024
dYdX (DYDX)
- Unlock date: September 1
- Number of tokens unlocked: 8.33 million DYDX
- Current circulating supply: 227.34 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.
On September 1, approximately 8.33 million DYDX tokens will be unlocked. The majority of these tokens will be distributed among investors and the project team, while a portion is reserved for future employees.
Read more: GMX vs. dYdX: A Comparison of Two Popular Decentralized Exchanges
Sui (SUI)
- Unlock date: September 1
- Number of tokens unlocked: 64.19 million SUI
- Current circulating supply: 2.59 billion SUI
Sui is a high-performance Layer-1 blockchain that utilizes a Proof-of-Stake consensus to increase network operation and security. The project was developed by Mysten Labs, a company founded in 2021 by former Novi Research employees who created the Diem blockchain and the Move programming language.
The SUI token facilitates governance, enabling token holders to vote on important proposals and shape the platform’s future. The next unlock will happen on September 1, releasing a large portion of tokens set aside for Series A and B participants, community reserve, and the Mysten Labs treasury.
Read more: A Guide to the 10 Best Sui (SUI) Wallets in 2024
ZetaChain (ZETA)
- Unlock date: September 1
- Number of tokens unlocked: 53.89 million ZETA
- Current circulating supply: 343.07 million ZETA
ZetaChain is a decentralized blockchain platform that enables seamless interoperability across various blockchain networks. One of its main features is cross-chain communication, which allows for the exchange of tokens and data between different blockchains, such as Ethereum and Binance Smart Chain.
On September 1, it will unlock nearly 54 million ZETA tokens. The newly released coins will be allocated across several initiatives, including a user growth pool, an ecosystem growth fund, support for core contributors, advisory roles, and liquidity incentives.
Read more: What Is Blockchain Interoperability?
Ethena (ENA)
- Unlock date: September 1
- Number of tokens unlocked: 14.89 million ENA
- Current circulating supply: 1.80 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 September 1, the project will unlock almost 15 million ENA dedicated to ecosystem development.
Read more: What Is Ethena Protocol and its USDe Synthetic Dollar?
Other next-week cliff unlocks include Tornado Cash (TORN), Euler (EUL), 1inch (1INCH), and Manta (MANTA), with a total value exceeding $179 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.