One-week token unlocking notice: SUI and IMX will be unlocked in large amounts worth tens of millions of dollars, and 11 projects will be unlocked within a week
Organize - Odaily
Editor - Loopy
During the National Day holiday, the number of noteworthy token unlocking projects in the crypto market increased significantly. This week, 11 projects will have their tokens unlocked, which is also the largest number since the release of Odaily’s weekly token unlock column.
This week, both Sui and IMX will usher in large-scale unlocks worth over 10 million US dollars. Suis unlocking amount and share are quite large, with the number of unlocks accounting for more than 4% of the circulating supply.
In addition, there are many projects that have large-amount unlocking of 1% of super-circulating disks, such as DYDX, NYM, HFT, etc.
Unlock a large amount of tens of millions of dollars
Sui
Project official website:https://sui.io/
Official Twitter:https://twitter.com/SuiNetwork
Number of unlocked coins this time: 34.62 million
Amount unlocked this time: (approximately) US$17.15 million
Sui is a next-generation smart contract platform with high throughput, low latency, and asset-oriented programming model powered by Move.
Sui and Aptos are both Move series Layer 1, and they once became famous for their novel technology. Mysten Labs, Sui’s original contributor, believes that Sui’s data model will make it the first blockchain platform with Internet-scale programmability.
This week Sui will usher in a large-scale unlock, with the unlock amount reaching over 17 million US dollars. From the perspective of circulation, this data accounts for about 4% of the circulation, which is a large amount.
As a relatively new public chain, Suis lock-in scale is huge and its current circulation is small.
Although the scale of this unlocking is large, judging from the token unlocking curve, the unlocking of Sui has been carried out regularly in recent times. Unlocks of similar size occur every month.
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$10.99 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 impressive. Judging from the amount alone, it has reached a certain scale. The unlocked amount is worth more than 10 million US dollars, accounting for nearly 1.55% 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.
Large amount unlocked
dYdX
Project official website:https://dydx.exchange/
Project Twitter:https://twitter.com/dYdX
Quantity unlocked this time: 2.16 million
Amount unlocked this time: (approximately) US$4.51 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.
DYDX has a circulating market value of US$367 million, but the scale of token lock-up is huge. Currently, 75% of dYdX tokens are still locked.
Calculated in terms of circulation, this unlock accounts for 1.21% of the total circulation and is worth approximately US$4.5 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.
Looking back at the past unlocking history, although this unlocking is large in scale, there have been many precedents that were much larger than this unlocking. Taking the last unlock (early September) as an example, 6.52 million tokens were unlocked at one time, which is about three times the amount unlocked this time.
Nym
Project official website:https://nymtech.net/
Official Twitter:https://twitter.com/nymproject
Quantity unlocked this time: 12.5 million
Amount unlocked this time: (approximately) US$1.43 million
NYM is a privacy infrastructure project. NYMs technology is borrowed from traditional VPN or the onion network TOR but is different. Different from common privacy projects that focus on the underlying blockchain and upper-layer applications, Nym focuses on privacy protection at the lower network transmission level. The protocol is designed to prevent this kind of data leakage by protecting the metadata of each packet at the network and application layers.
Developers can directly bind their applications to the Nym system through Mixnet to achieve privacy protection at the network transmission level. For the encryption ecosystem, any public chain and Dapps can integrate Mixnet to achieve functional combination with Nym, and use Nym to provide a new level of privacy protection services for its users.
NYM tokens are used in its hybrid network privacy system. Only those who hold NYM to access the hybrid network can run hybrid nodes, ensuring the high quality of operators. Hybrid node operators are rewarded with NYM tokens.
Token economics shows that the total supply of NYM is 1 billion. The token distribution begins on April 14, 2022.
Currently, nearly half (46%) of NYM tokens are still locked. All 12.5 million tokens unlocked this time belong to the community, accounting for 2.26% of NYM’s circulation.
Judging from the unlocking history, the scale of this unlocking is not huge. There have been many situations before that were much higher than this unlock.
Although the scale of this unlock is relatively ordinary, it is worth noting that next month Nym will usher in a large-scale token unlock that is much larger than this week.
Hashflow
Project official website:https://www.hashflow.com/
Official Twitter:https://twitter.com/hashflow
Number of coins unlocked this time: 3.23 million
Amount unlocked this time: (approximately) US$1.13 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.
74% of HFT’s tokens are still locked, and its unlocking is currently proceeding in an orderly manner, with an unlocking of similar size occurring every month.
The 3.23 million tokens unlocked this time account for about 0.3% of the total supply, but if viewed in terms of circulation, it is 1.84% of the circulation.
From the perspective of the release model, although this unlocking scale is relatively large, it still gives the market sufficient historical data for reference.
The release curve shows that although this unlocking is relatively conventional, in the coming November, HFT will usher in an unprecedented large-scale unlocking.
X2Y2
Project official website:https://x2y2.io/
Project Twitter:https://twitter.com/the_x2y2
Quantity unlocked this time: 12.5 million
Amount unlocked this time: (approximately) US$152,000
X2Y2 is an NFT trading platform. At the time of its launch, it was known for its zero royalties and low transaction fees. This time, 37.5 million tokens will be unlocked, worth approximately $940,000.
NFTGo data shows that X2Y2 currently ranks third among all NFT trading markets in terms of transaction size, with transaction volume only lower than Blur and Opensea.
Judging from the unlocking curve, unlockings of the same scale occur once every quarter. Although the share unlocked this time is large (accounting for more than 4% of the circulating supply), the market value of X2Y2 is small, less than 4 million US dollars. Judging from the unlocking history, X2Y2 has had a large-scale unlocking with a circulation volume exceeding 10%.
General unlock
In addition to the above-mentioned large-scale unlocks, there are many regular unlocks worthy of attention this week.
The TORN token unlocking scale accounts for about 1.5% of the circulating supply. From the perspective of unlocking proportion, this unlocking level deserves attention. However, the project has long been declared dead by the U.S. judiciary. It is currently a small currency with a market value of less than US$5 million and has received very little market attention.
In addition, the veteran DeFi lending project Liquity, the on-chain identity project Galxe, and the Polkadot ecosystem Layer 1 MoonBeam all have small unlockings of less than 1% of the circulating supply, and the unlocking scale is hundreds of thousands of dollars.
The DEX project 1inch is still continuing to unlock ultra-small amounts, and the scale of each unlock is less than 0.1% of the circulating supply.
