This week's token unlocking projects overview: X2Y2, AXS large-scale unlocking; 6 projects worth attention.
This week, there are several projects unlocking, and 6 of them are worth paying attention to.
Among them, X2 Y2 will have a large-scale unlocking. ID and AXS are also worth noting. Odaily will elaborate on them in the following text.
X2Y2
Project website: https://x2y2.io/
Project Twitter: https://twitter.com/the_x2y2
This unlocking: 37.50 million tokens
This unlocking amount: (approximately) $940,000
X2Y2 is an NFT trading platform. It was once known for its zero royalties and low transaction fees. This time, 37.50 million tokens will be unlocked, worth about $940,000.
According to NFTGo data, X2Y2 currently ranks third in trading volume among all NFT trading markets, second only to Blur and Opensea.
Looking at the unlocking curve, similar-sized unlockings occur once every quarter. X2Y2's circulating market cap is only over $700,000. This unlocking of nearly a million dollars accounts for 12.75% of X2Y2's circulating supply, which is worth the attention of investors.
Euler
Project website: https://www.euler.finance/
Project Twitter: https://twitter.com/eulerfinance
Unlock Quantity for this Round: 15.4 million coins
Unlock Amount for this Round: approximately 400,000 USD
Euler is a customized permissionless lending protocol that helps users borrow and lend more Ethereum-based tokens than ever before. As a customized permissionless lending protocol, the protocol has a range of new features that help users borrow and lend more types of tokens than ever before. In terms of borrowing, there is still a significant demand for borrowing crypto assets with long tails.
The circulating market value of EUL is only 50 million USD, and the unlock amount for this round is only 400,000 USD, which is less than 1% of the circulating supply. There is no need to worry excessively.
1inch
Project website: https://1inch.io/
Project Twitter: https://twitter.com/1inch
Unlock Quantity for this Round: 36.4 million coins
Unlock Amount for this Round: approximately 138,000 USD
1inch is a decentralized trading aggregator designed to provide users with fast, low-cost, and efficient trading experience. 1inch aggregates the liquidity of multiple swaps and automatically selects the best trading path and price based on user needs. Users can seamlessly trade across different DEXs and get the best prices and liquidity.
1INCH is the native token of the 1inch protocol and can be used to pay transaction fees and obtain lower fees. 1INCH holders can participate in the governance of the 1inch ecosystem and can also be used to receive additional rewards.
According to the token economics of 1INCH, the tokens unlocked this time come from the team, early investors, and VCs. Currently, 36.97% of the total supply of 1INCH is still locked,
However, the unlock amount this time is not worth paying too much attention to. It is only around 150,000 USD, which is negligible compared to the market value of 360 million.
SPACE ID
Project website: https://space.id/
Project Twitter: https://twitter.com/SpaceIDProtocol
Unlock Quantity for this Round: 1515 million coins
This unlock amount: (approximately) 4.02 million US dollars
Project Introduction:
Space ID is a relatively new project. Although the project was launched in April 2022, the token issuance was not completed until this year. In March 2023, Binance officially announced that ID token is its 30th Launchpad project.
Space ID is a decentralized domain name project that provides users with domain name services such as ".bnb", ".eth", and ".arb". The intention is to create this project as users' decentralized multi-chain identity. In addition, the project also provides users with a domain name trading market.
Unlock overview:
ID, the governance token of SPACE ID, has a total supply of 2 billion. ID has three main functions.
ID can be staked to obtain trading fee discounts and domain registration discounts in the market. It is used as a payment method in the SPACE ID ecosystem and Web3 name SDK integration. Participate in the governance of SPACE ID DAO.
Its token economics are as follows:
20% for seed round sales; 8% for strategic sales; 15% allocated to the core team; 7% allocated to advisors; 10% for the ecosystem; 13% for marketing; 12% allocated to the foundation; 10% for community airdrops; 5% for Binance Launchpad.
The specific release curve is as follows:
Currently, as high as 86% of ID tokens are still locked.
This unlock releases over 15 million ID tokens, which only accounts for 0.7% of the total supply. However, considering that the majority of these tokens are not yet in circulation, the unlock amount is still substantial. Based on the current circulating supply, it accounts for approximately 5.3% of the circulating supply. The market value of the unlocked tokens is approximately 4.02 million US dollars.
From the point of circulation, this unlocking scale may have a certain impact on the ID token trading. However, such unlocking scales have occurred multiple times before, and since the token issuance, there has been a similar unlocking scale once every month.
Axie Infinity
Project website: https://axieinfinity.com/
Project Twitter: https://twitter.com/AxieInfinity
Unlocking quantity this time: 3.43 million tokens
Unlocking amount this time: (approximately) 21.51 million USD
Axie Infinity was once the most attention-grabbing GameFi product in the industry. After experiencing a long market cycle, the AXS token has dropped significantly from its historical high. However, AXS is still a relatively large project, with a circulating market value of up to 700 million USD.
Currently, most of the AXS tokens have been released, but there is still 25% of the tokens locked. The unlocking of 3.43 million tokens this time is worth over 20 million USD, accounting for about 3% of the circulating market value.
Although the unlocking scale is relatively large, the token economics show that the tokens unlocked this time are all staking rewards. After this unlocking, the staking returns of AXS tokens may increase, and a large number of tokens will not enter the market immediately.
Cartesi
Project website: https://cartesi.io/
Project Twitter: https://twitter.com/cartesiproject
Unlock Quantity: 1.54 million tokens
Unlock Amount: (approximately) $235,000
Cartesi provides developers with Layer 2 solutions that allow them to build scalable decentralized applications (DApps) using mainstream software stacks such as Python, NumPy, and Rust. Cartesi Rollups address the computing limitations of blockchain and the lack of mature software stacks for decentralized applications by offering modular application-specific optimistic rollups and interactive dispute solutions.
The official introduction of the product states that it provides the first "blockchain operating system." This product allows developers to build scalable and more powerful decentralized applications using Linux and mainstream software stacks.
In terms of the unlock scale, the value of the unlocked tokens in this unlocking is less than 1% of the circulating market value, and the unlocking scale is relatively small, making it difficult to impact the market significantly.
In addition, the tokenomics show that the tokens unlocked this time are owned by the foundation.
