One-week token unlocking preview: 9 projects unlocked, 3 of which have a scale of over 10 million US dollars
Organize - Odaily
Editor - Loopy Lu
The token unlocks of 9 projects next week are worthy of attention, and some of them are worth paying attention to, such as GAL, ACA, OP, IMX, and DYDX.
GAL is the project with the largest unlocking scale, and the number of tokens unlocked next week will account for about 16% of the circulating supply. The OP unlocks a huge amount, exceeding $30 million in unlocking scale.
In addition, various tokens will also receive regular unlocks, accounting for less than 1% of the circulation.
The specific unlocking details are as follows:
Large amount unlocked
Galxe
Project official website:https://galxe.com/
Official Twitter:https://twitter.com/Galxe
Number of unlocked coins this time: 7.61 million
Amount unlocked this time: (approximately) US$10.66 million
Galxe is a platform that helps Web3 projects build communities. Galxe can help project parties acquire users through reward programs, and users can obtain rewards from project parties by completing designated tasks. In addition, Galxe also provides digital voucher functions for users and project parties. The project aims to build an open and collaborative credential data network to help Web3 developers leverage credential data to build better products and more engaging communities. Galxe also has solutions, multi-chain identity Galxe ID and other products.
The GAL token is the payment and governance token of the Galxe ecosystem. Developers use GAL to pay platform fees, such as query fees for Galxe Oracle Engine and Galxe Credential API.
According to GAL token economics, 2 million of the tokens unlocked this time are used for marketing, 1.77 million are used for growth support Round 1, 1.49 million are used for growth support Round 2, 910,000 GAL will belong to consultants and partners. In addition, the foundation will also receive 1 million GAL, and the team will receive 400,000 GAL.
From the perspective of token distribution,The GAL unlocked this time will flow to the project party or entities with strong connections to the project party.
Currently, 51% of the total GAL supply remains locked.
The unlocking curve of GAL is staircase-shaped. From the perspective of circulation share, the amount unlocked this time is as high as 16% of the circulation, which is an extremely large amount.
However, judging from the unlocking history, this unlocking is no different from the previous unlockings. Historical unlocks of similar size occur approximately once a month. Investors have ample historical data for reference.
Acala
Project official website:https://acala.network/
Official Twitter:https://twitter.com/AcalaNetwork
Number of unlocked coins this time: 27.43 million
Amount unlocked this time: (approximately) US$1.36 million
Acala is a veteran project in the Polkadot ecosystem, aiming to build Polkadot’s decentralized financial network and liquidity center. The project is a scalable, Ethereum-compatible smart contract platform optimized for DeFi, with built-in liquidity and ready-made financial applications. With its trustless exchange, decentralized stablecoin (aUSD), DOT Liquid Staking (LDOT) and EVM+, Acala gives developers access to the core functionality of Ethereum and the full power of Substrate.
The amount of ACA unlocked this time is relatively large, accounting for approximately 3.31% of the circulating market value. In terms of token ownership, approximately $550,000 of tokens belong to the team, and approximately $800,000 of tokens belong to strategic partners.
Judging from the unlocking history, this unlocking is no different from previous unlocks. Unlocks of the same scale as this unlock occur once a month. Investors have ample historical data for reference.
Optimism
Project official website:https://www.optimism.io/
Official Twitter:https://twitter.com/optimismFND
Number of unlocked coins this time: 24.16 million
Amount unlocked this time: (approximately) US$33.34 million
Optimism is one of the Ethereum Layer 2 solutions now online and the first L2 of the Optimistic Rollup route that is compatible with EVM. Optimism runs parallel to Ethereum and is able to process transactions at scale while inheriting the security of Ethereum.
Of the more than 24 million tokens released this time, more than 12.75 million belong to core contributors. The remaining 11.4 million coins belong to investors.
This also means that all the tokens unlocked this time have flowed to “project parties” with potential sell-off risks.
Judging from the number of unlocks, this unlock accounts for 3.03% of the circulation. Although its number is already considerable, compared with the previous large-amount unlocks, its number is still far behind.
ImmutableX
Project official website:https://www.immutable.com/
Official Twitter:https://twitter.com/Immutable
Number of unlocked coins this time: 18.08 million
Amount unlocked this time: (approximately) US$11.95 million
Immutable X is billed as Ethereum’s first ZK-rollup layer 2 protocol for trading and transferring NFTs, with instant transaction confirmations, zero gas fees, and massive scalability as it can accommodate 9,000 transactions per second. Immutable X does all this without compromising user ownership. The protocol was built by the Starkware team using StarEx technology.
The unlocking of IMX this time is quite considerable. Judging from the amount alone, it has reached a certain scale. The unlocked amount is worth nearly 10 million US dollars, accounting for more than 1% of the circulating market value. But this unlocking situation also happens often.
Judging from the release model, this unlock is not too special. Unlocks of similar size or magnitude are happening every month. And there will be no larger-scale unlocks in the future that are different in magnitude from such regular unlocks. Investors have ample historical data for reference.
dYdX
Project official website:
https://dydx.exchange/Project Twitter:https://twitter.com/dYdX
Number of unlocked coins this time: 6.52 million
Amount unlocked this time: (approximately) US$13.63 million
dYdX exchange is a decentralized perpetual contract exchange that runs on the L2 blockchain system and provides spot/leverage/lending services.
dYdX utilizes a hybrid infrastructure model, primarily non-custodial, on-chain settlement and an off-chain low-latency matching engine with an order book.
The circulating market value of DYDX exceeds US$440 million.
The lock-up of dYdX tokens is huge, with 58% of dYdX tokens currently still locked. Calculated in terms of circulation, this unlock accounts for 3.81% of the total circulation and is worth over US$13 million. This number is quite impressive and deserves attention.
However, judging from the unlocking history, the token is still undergoing the usual normal unlocking process and is unlocked once a month. However, it should be noted that in the near future, DYDX will usher in the largest token unlock in history in December.
General unlock
In addition to the large-amount unlocking of the above-mentioned tokens, 1INCH, NYM, TORN, and LQTY also have regular unlockings that account for less than 1% of the circulating supply. 1INCH is particularly small, even less than 0.1% of the circulating supply. The TORN project has already been offline due to US sanctions.
Judging from the magnitude of this unlocking, it is difficult for its unlocking scale to have an impact on the market. It doesnt deserve much attention from investors.
