Compiled by | Odaily Planet Daily
Editor | Loopy
During the National Day holiday, the number of token unlocking projects worth paying attention to in the crypto market has increased significantly. This week, 11 projects will unlock tokens, which is the largest number since the release of the Odaily Planet Daily Token Unlocking Weekly column.
This week, both Sui and IMX will see large-scale unlocking of over 10 million US dollars. Sui’s unlocking is quite large in both amount and share, accounting for over 4% of the circulating supply.
In addition, there are many projects that have large unlocking of more than 1% of the circulating shares, such as DYDX, NYM, HFT, etc.
Millions of dollars unlocked
Come on
Project official website: https://sui.io/
Official Twitter: https://twitter.com/SuiNetwork
Number of unlocked tokens this time: 34.62 million
Amount unlocked this time: (approximately) 17.15 million US dollars
Sui is a next-generation smart contract platform with high throughput, low latency, and an asset-oriented programming model powered by Move.
Sui and Aptos are both Layer 1 of the Move system and were once famous for their novel technologies. Sui’s original contributor Mysten Labs 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 unlocking, with the unlocking amount exceeding 17 million US dollars. In terms of circulation, this data accounts for about 4% of the circulation, which is a large amount.
As a newer public chain, Sui has a large lock-up scale and a relatively small circulating supply.
Although the scale of this unlocking is large, judging from the token unlocking curve, Sui’s unlocking has been carried out regularly in recent times. A similar scale of unlocking is carried out every month.
ImmutableX
Project website: https://www.immutable.com/
Official Twitter: Immutable/>https://twitter.com/Immutable
Number of unlocked tokens this time: 18.08 million
Amount unlocked this time: (approximately) 10.99 million US dollars
Immutable X claims to be Ethereum’s first ZK-rollup layer 2 protocol for trading and transferring NFTs, with instant transaction confirmation, zero gas fees, and huge 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 unlocking amount is worth more than 10 million US dollars, accounting for nearly 1.55% of the circulating market value. However, this unlocking situation also happens frequently.
From the perspective of the release model, this unlocking is not too special. Unlocking of similar scale or magnitude occurs every month. And there will be no larger-scale unlocking of magnitude different from such regular unlocking in the future. Investors have sufficient historical data for reference.
Large amount unlocking
dYdX
Project official website: https://dydx.exchange/
Project Twitter: https://twitter.com/dYdX
Number of unlocked tokens this time: 2.16 million
Amount unlocked this time: (approximately) 4.51 million US dollars
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 token lock-up scale is huge, and currently 75% of dYdX tokens are still locked.
If calculated by circulation, this unlocking accounts for 1.21% of the total circulation, worth about 4.5 million US dollars. This figure is quite impressive and worthy of attention.
However, judging from the unlocking history, the token is still in the conventional normalized unlocking process and is unlocked once a month.
Looking back at the past unlocking history, although this unlocking is huge in scale, there have been many precedents of unlocking far more than this one. Take the last unlocking (early September) as an example, 6.52 million tokens were unlocked at one time, which is about three times the number of tokens unlocked this time.
Nym
Project official website: https://nymtech.net/
Official Twitter: https://twitter.com/nymproject
Number of unlocked tokens this time: 12.5 million
Amount unlocked this time: (approximately) 1.43 million US dollars
NYM is a privacy infrastructure project. NYM's technology is based on traditional VPN or TOR, but it is different. Unlike common privacy projects that focus on the underlying blockchain and upper-layer applications, Nym focuses on privacy protection at the lower-level network transmission level. The protocol aims to prevent such data leakage by protecting the metadata of each data packet at the network and application layers.
Developers can directly bind their applications to the Nym system through Mixnet, thereby achieving privacy protection at the network transmission level. For the crypto ecosystem, any public chain or Dapps can integrate Mixnet to achieve functional combination with Nym, and use Nym to provide a new level of privacy protection services to its users.
NYM tokens are used in its hybrid network privacy system. Only NYM holders who access the hybrid network can run hybrid nodes, ensuring the high quality of operators. Hybrid node operators can receive NYM token rewards.
Token economics shows that the total supply of NYM is 1 billion. The token will be distributed 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 cases where the scale was much higher than this unlocking.
Although the scale of this unlocking is relatively normal, it is worth noting that next month Nym will usher in a large-scale token unlocking that will far exceed the scale of this week.
Hashflow
Project official website: https://www.hashflow.com/
Official Twitter: https://twitter.com/hashflow
Number of unlocked tokens this time: 3.23 million
Amount unlocked this time: (approximately) $1.13 million
Hashflow is a decentralized exchange designed to achieve zero slippage and MEV-protected transactions. 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 their unlocking is currently proceeding in an orderly manner, with a similar-sized unlocking occurring every month.
The 3.23 million tokens unlocked this time account for about 0.3% of the total, but if viewed in terms of the circulating supply, it accounts for 1.84% of the circulating supply.
From the perspective of the release model, although the scale of this unlocking is relatively large, it still provides the market with sufficient historical data for reference.
The release curve shows that although this unlocking is relatively "routine", 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
Number of unlocked tokens this time: 12.5 million
Amount unlocked this time: (approximately) $152,000
X2Y2 is an NFT trading platform. When it was first launched, it was known for its zero royalties and low transaction fees. This time, 37.5 million tokens will be unlocked, worth about $940,000.
NFTGo data shows that X2Y2’s current trading volume ranks third among all NFT trading markets, with trading volume only lower than Blur and Opensea.
From the unlocking curve, similar-scale unlocking occurs once every quarter. Although the unlocking share is large (accounting for more than 4% of the circulation), the market value of X2Y2 is small, less than 4 million US dollars. From the unlocking history, X2Y2 has experienced ultra-large-scale unlocking of more than 10% of the circulation.
Regular unlock
In addition to the large-scale unlocking mentioned above, there are many regular unlockings worth paying attention to this week.
The unlocking scale of TORN tokens accounts for about 1.5% of the circulation. From the unlocking ratio, this unlocking level deserves attention. However, the project has long been declared "dead" by the US judicial authorities. It is currently a small currency with a market value of less than 5 million US dollars and has very little market attention.
In addition, the old 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 all in hundreds of thousands of US dollars.
The DEX project 1inch is still continuing to unlock ultra-small amounts, with each unlocking amount being less than 0.1% of the circulating supply.