5 Token Unlocks to Watch Next Week

Source Beincrypto

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.

Although no significant token unlocks are scheduled for the upcoming week, here are five events to keep an eye on.

Cardano (ADA)

  • Unlock date: October 22
  • Number of tokens unlocked: 18.53 million ADA
  • Current circulating supply: 35.72 billion ADA

Cardano focuses on sustainability, security, and scalability for decentralized applications and smart contracts. On October 22, the network will unlock over 18 million ADA, allocating these tokens to staking and the treasury fund reserve. This action strengthens the staking ecosystem and supports Cardano’s long-term development.

Read more: How To Buy Cardano (ADA) and Everything You Need To Know

ADA Unlock. Source: Tokenomist

SpaceID (ID)

  • Unlock date: October 22
  • Number of tokens unlocked: 18.49 million ID
  • Current circulating supply: 430.50 million ID

Space ID is a universal decentralized identity protocol that connects people, assets, and dApps across various blockchains. It allows users to use a single domain name to represent their identity across different applications and networks.

On October 22, the project will unlock over 18 million ID tokens and allocate them between the Space ID Foundation, ecosystem fund and community.

Read more: Decentralized Identity and the Future of Web3: What To Know

ID UnlockID Unlock. Source: Tokenomist

EigenLayer (EIGEN)

  • Unlock date: October 22
  • Number of tokens unlocked: 1.29 million EIGEN
  • Current circulating supply: 186.58 million EIGEN

Ethereum-based restaking protocol EigenLayer started October by listing its EIGEN token on major exchanges. On October 22, the project will unlock 1.29 million EIGEN, valued at $4.56 million as of this writing. The team has earmarked these tokens for future community initiatives, making it unlikely that the unlock will significantly impact the token’s price.

Read more: Ethereum Restaking: What Is it and How Does it Work?

EIGEN Unlock. Source: Tokenomist

Ethena (ENA)

  • Unlock date: October 23
  • Number of tokens unlocked: 12.86 million ENA
  • Current circulating supply: 2.74 billion ENA

Ethena is a synthetic currency protocol working 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 October 23, the project will unlock almost over 12 million ENA dedicated to ecosystem development.

Read more: What Is Ethena Protocol and its USDe Synthetic Dollar?

ENA unlockENA Unlock. Source: Tokenomist

Yield Guild Games (YGG) 

  • Unlock date: October 27
  • Number of tokens unlocked: 14.08 million YGG
  • Current circulating supply: 386.40 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

YGG Unlock.YGG Unlock. Source: Tokenomist

Next week’s smaller cliff unlocks include Galxe (GAL), Acala (ACA), and Euler (EUL), among others, with a combined value surpassing $99 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.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
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