Data shows that a large number of tokens are about to hit the crypto industry in a significant unlock event.
Recently, prominent Chinese reporter Colin Wu revealed that tokens from mainstream crypto projects will go into circulation this week.
He announced this development in a recent tweet. Wu highlighted nine crypto projects set to release millions of dollars worth of their native crypto within the next seven days.
The mentioned projects include the decentralized exchange dYdX (DYDX), Ethereum layer-2 scaling solution Optimism (OP), and Hedera Hashgraph network (HBAR), a distributed ledger technology.
According to Token Unlocks, this week AGIX, GAL, DYDX, OP, EUL, NYM, 1INCH, HBAR, and ACA tokens will be in a huge unlock. dYdX will unlock 6.52 million DYDX ($14.41 million); Optimism will unlock 24.16 million OP ($35.03 million); Hedera will unlock 1.15 billion HBAR ($67.23…
— Wu Blockchain (@WuBlockchain) August 28, 2023
Notably, Wu cited Token Unlocks as the source of the update. Token Unlocks is a dashboard that uses on-chain data to track vested tokens and notify of unlock events.
The Nine Tokens
According to the site, dYdX will unlock 6.52 million DYDX coins, representing 3.76% of its circulating supply. These tokens have a current market value of $14.08 million. The 6.52 million coin will hit the market on August 29. It is worth mentioning that dYdX has 75% of its tokens locked.
Similarly, Optimism will release 24.16 million OP tokens worth $35.55 million. Optimism’s unlocking event is going live within the next 48 hours. The project so far has unlocked 17% of its token, 26% locked, and 57% untracked.
On the other hand, the Hedera network is releasing a more significant number of its tokens, per the update. The project will unlock 1.15 billion HBAR worth $64.05 million on September 1.
At the moment, Hedera has already unlocked 59% of its tokens, with only 3% under keys. Following the 1.15 billion HBAR going live on Friday, only 115 million tokens will be left to unlock.
Other crypto projects pushing out massive tokens within the next seven days include Polkadot blockchain, DeFi platform Acala network (ACA), crypto mixer Tornado Cash (TORN), SUI, EUL, NYM, and 1INCH.
While some consider the unlock event a good opportunity to accumulate the tokens, others express concerns.