Next week, there are 5 projects in the crypto market worth keeping an eye on for their token unlocks.
Among them, HFT and GAL will usher in large amounts of millions of dollars in unlocking. In addition, LQTY, EUL, and 1INCH will also be unlocked in small amounts.
The specific unlocking conditions are as follows:
Large amount unlocked
Hashflow
Project official website:https://www.hashflow.com/
Official Twitter:https://twitter.com/hashflow
Number of unlocked coins this time: 13.62 million
Amount unlocked this time: (approximately) US$4.52 million
Hashflow is a decentralized exchange designed to enable zero-slippage and MEV-protected trading. Hashflow is currently available on multiple chains such as Ethereum, BNB Chain. Polygon, Avalanche, Arbitrum and Optimism; by introducing professional market makers to manage liquidity, it provides better transaction prices and smaller slippage.
As far as this unlock is concerned, the scale of this unlock is relatively large. However, if we refer to historical data, this unlock is far inferior to the last unlock. In early November this year, HFT had just completed its largest unlock in history. The last unlock was also the largest single unlock in the entire life cycle of the token.
Judging from the unlocking history, HFT tokens have previously been unlocked linearly in an orderly manner, and there will be an unlock of a similar scale every month. As of now, there are still 58% of the total supply of tokens waiting to be unlocked.
From the perspective of circulation, the tokens unlocked this time account for 5.59% of the current circulation. This unlock will belong to the core team, community rewards, ecological development, and early investors. Among them, ecological development and early investors received the largest number of unlocked tokens, with 5.58 million and 5.21 million tokens respectively, accounting for a total of 4.42% of the current circulation.
If you compare other projects horizontally, HFTs unlocking scale is quite large, but if you compare it with its unlocking history, HFTs unlocking this time does not seem to be significant. How will this unlocking affect the market trend of HFT? Investors should seize trading opportunities or avoid related risks in a timely manner.
Galxe
Project official website:https://galxe.com/
Official Twitter:https://twitter.com/galxe
Number of coins unlocked this time: 2.03 million
Amount unlocked this time: (approximately) US$3.1 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.
On the 1st of this month, Galxe announced the launch of a mobile application that can be downloaded on Android and TestFlight. The Galxe mobile app supports exploring new Web3 projects, managing Galxe ID Profiles, participating and contributing, claiming rewards, and more. Additionally, the Galxe app supports WalletConnect and all EVM chains and also allows social login using X and Discord accounts.
The GAL token is the payment and governance token of the Galxe ecosystem. The amount of GAL unlocked this time accounts for 2.26% of the circulating supply.
According to GAL token economics, the tokens unlocked this time will belong to the foundation (1.03 million), the team (410,000), and the community (580,000). Among them, the foundation and team’s tokens together account for 1.6% of the current circulation.
Currently, 52% of the total supply of GAL is still locked, the circulating market value of GAL is approximately US$134 million, and the FDV is approximately US$306 million.
Although the number of tokens unlocked this time is large, based on historical data, there is no significant difference between this unlock and previous unlocks. And the number of unlocks this time is significantly lower than the last unlock in early November. Odaily reminds users that despite this, they still need to pay attention to market fluctuations, even to capture trading opportunities or prevent risks.
General unlock
There are not many well-known projects that will have unlock events next week. In addition to Hashflow and Galxe, only Liquity, Euler, and 1inch will still receive token unlocks. Moreover, the unlocked amounts of these three projects are less than 1% of the circulating supply. 1inch is maintaining its previous tradition of micro-amount unlocks every week, and will conduct ultra-small unlocks of less than US$10,000.
Regarding the impact of token unlocking on the market, please refer to several articles previously published by Odaily:
How does token unlocking affect price? Big data analysis based on 5000 projects》
Token Unlocks Report: What will be the impact of unlocking crypto projects in 2023? 》
