In October, attention should be paid to the unlocking of 5 important tokens that were previously frozen due to investment rounds or other fundraising programs. The project team usually plans this process carefully to avoid significant selling pressure and token price drops. However, certain factors such as liquidity shortages or profit-taking by early investors after unlocking can significantly impact token quotes. We will monitor these #unlocks and see how they will affect the market in October.
5 Unlocks to Watch in October
Sui (SUI)
Unlock Date: October 3
Number of Unlocked Tokens: 34,620,000 SUI
Current Circulating Supply: 860,392,959 SUI
Sui is a Layer 1 blockchain that boasts high performance. The network's security and operation are ensured by the Proof-of-Stake consensus algorithm. The project was developed by Mysten Labs, a company founded in 2021 by a group of former Novi Research employees who worked on the creation of the Diem blockchain and Move programming language.
Starting from December 2021, Mysten Labs managed to raise $336 million through two funding rounds. Among the project's leading investors are Binance Labs, Franklin Templeton, and a16z Crypto.
The next token unlock for #sui is scheduled for October 3rd. The unfrozen tokens will be distributed to participants of the public pre-sale.
dYdX (DYDX)
Unlock Date: October 3
Number of Unlocked Tokens: 2,160,000 DYDX
Current Circulating Supply: 175,650,537 DYDX
In early 2023, dYdX, the largest decentralized derivative trading protocol, announced changes to its tokenomics. According to the updated data, the distribution of #dydx tokens will be as follows: 30% will go to early investors, another 30% will be allocated to the team and community reserves, 28% will be used to reward traders and liquidity providers, and the remaining portion will be received by future employees, miners, and stability funds. Currently, approximately 18% of the total 1 billion DYDX supply is in circulation. The remaining tokens will be gradually unlocked over the next three years. These changes in tokenomics could attract new investors and contribute to the project's development.
ImmutableX (IMX)
Unlock Date: October 7
Number of Unlocked Tokens: 18,080,000 IMX
Current Circulating Supply: 1,167,293,573 IMX
Immutable X is a Layer 2 solution designed to scale NFTs on the #ethereum blockchain. In September 2021, the project conducted an IMX token sale on the CoinList platform and raised $12.5 million in just one hour. It then closed a $60 million investment round and, in March 2022, received an additional $200 million from companies like ParaFi Capital, Declaration Partners, and Tencent Holdings. Currently, more than half of the #imx supply is still locked. Developers and participants from the private fundraising round will receive their tokens after they are unfrozen on October 7th. The success of the Immutable X project and its attractiveness to investors are confirmed by significant interest from major companies such as ParaFi Capital, Declaration Partners, and Tencent Holdings. This could indicate the high potential of the Layer 2 solution for scaling NFTs on the Ethereum blockchain.
Aptos (APT)
Unlock Date: October 12
Number of Unlocked Tokens: 4,540,000 APT
Current Circulating Supply: 237,910,183 APT
Aptos, a first-layer blockchain, is one of this year's most successful projects, but it often faces criticism in the crypto community due to its tokenomics, where venture capital plays a significant role. A large portion of the APT token supply (over 80%) is still locked. The unlocking process will occur every month for the next ten years. Tokens that will be released on October 12th will be allocated to the Aptos Foundation and community participants.
Axie Infinity (AXS)
Unlock Date: October 20
Number of Unlocked Tokens: 15,130,000 AXS
Current Circulating Supply: 131,495,243 AXS
Axie Infinity is one of the most well-known Play-to-Earn projects, created by the studio Sky Mavis. The game takes place in a virtual environment where players battle creatures called "Axie". The platform allows for Axie breeding and creating new characters. Players earn rewards for winning battles and selling Axies. The platform's native token, AXS, is used for platform development, staking, and other tasks. Coins that will be released on October 20th will be distributed to users who have locked their assets in smart contracts, as well as to the project's team and advisors.
Liked the overview? Give it a 👍!