thecryptobasic.com
Cardano (ADA) and Solana (SOL) are set to unlock a combined value exceeding $85 million worth of tokens to their circulating supplies this month.
According to data from Token Unlocks, collated and shared by blockchain reporter Colin Wu, this development would occur from Oct. 8 to Oct. 14. These unlocks could affect market conditions as they will increase the circulating supplies of both tokens, although the impact may vary.
Solana and Cardano Token Unlocks
Specifically, Solana, one of the largest token unlocks during this period, is poised to release 524,030 SOL tokens, worth an estimated $78.57 million in linear unlocks over the next week. Data confirms that this represents 0.11% of Solana’s circulating supply.
Solana’s past token unlock events have been a regular annual process designed to boost the circulating supply and gradually reduce inflation. Even though the proportion of new tokens added may appear minimal, the substantial financial impact could be significant, particularly during periods of market instability.
Most recently, Solana also experienced the unlocking of $340 million worth of tokens in August 2024. This event is important for Solana’s mission to stabilize its inflation rate over the coming three years.
Meanwhile, the latest data confirms that Cardano will unlock 18.53 million ADA tokens valued at $6.5 million in a single cliff unlock over the next seven days. This value constitutes just 0.05% of its circulating supply.
Cardano’s tokenomics strategy is more conservative compared to Solana, with unlocks typically tied to its developmental milestones. Notably, such unlocks for Cardano have not led to significant market volatility, as the percentage of unlocked tokens is relatively small.
The Crypto Basic confirmed late last month that Cardano and Solana would witness large token unlocks from Oct. 1 to 7, amounting to a combined value of nearly $96 million. Of this figure, Cardano accounted for $14.34 million, amounting to 15%, while Solana’s unlocks totaled $81.56 million.
Over $451M in Token Unlocks
The latest token unlocks, set for the next seven days, are part of a broader trend in the crypto market, with more than $451 million worth of tokens from various projects becoming available.
Among these projects, Worldcoin (WLD) will release 37.23 million tokens, accounting for 7.32% of its circulating supply. Other notable unlocks include Bittensor (TAO), Avalanche (AVAX), and NEAR Protocol (NEAR), with values ranging from $15 to $74 million.
Meanwhile, at press time, the crypto market is in an indecisive state, with a few altcoins seizing the moment to record unique gains. However, SOL and ADA are only witnessing meager price increases, respectively up 4.29% and 3.53% over the last 24 hours.