Major Token Unlocks This Week: 132 Million Tokens Released
- This week, the release of $132 million worth of tokens across multiple projects, including Space ID, AltLayer, Yield Guild Games, SingularityNET, and Ethena.
- The unlocked tokens are largely aimed at ecosystem growth and community incentives, with significant allocations for foundations and development.
- AltLayer's Major Unlock of 684.21 million ALT tokens on July 25, representing 42% of its current circulating supply.
Key Token Unlocks Impacting Crypto Markets This Week
The crypto world is abuzz with excitement as this week witnesses a $132 Million token unlocks event, an essential moment for investors and project teams alike. These unlocks represent the release of tokens previously held in escrow, impacting the overall token supply and potentially influencing market prices.
Breakdown of the key Tokens Unlocks This Week
Space ID (ID)
On July 22, Space ID, a universal decentralized identity protocol, will unlock 18.49 million ID tokens, increasing the current circulating supply of 430.5 million ID. These tokens will be distributed among the Space ID Foundation, ecosystem fund, airdrop participants, and for marketing purposes. Space ID enables users to use a single domain name to represent their identity across various applications and networks, connecting people, assets, and dApps across different blockchains.
AltLayer (ALT)
On July 25, AltLayer, a decentralized protocol enhancing blockchain scalability through Restaked Rollups, will unlock 684.21 million ALT tokens, which is 42% of its current circulating supply of 1.62 billion ALT. These tokens will be allocated to the treasury, investors, team, advisors, community members, and protocol development. This significant token unlock, representing 84.5% of all cliff unlocks for the next seven days, could negatively impact the price due to the relatively small circulating supply compared to the total supply.
Yield Guild Games (YGG)
On July 27, Yield Guild Games (YGG), a play-to-earn gaming community, will unlock 14.08 million YGG tokens, adding to its current circulating supply of 376.25 million YGG. These tokens will be distributed among the community, founders, investors, and the treasury to support the guild's growth and ecosystem development. YGG enables gamers worldwide to earn cryptocurrency rewards by participating in blockchain games and invests in NFT assets, such as in-game items and virtual land, for guild members to use.
SingularityNET (AGIX)
On July 28, SingularityNET will unlock 8.45 million AGIX tokens, adding to its current circulating supply of 639.66 million AGIX. These tokens will be circulated to participants in the AGIX-ADA rewards program, which seeks to incentivize and reward community engagement and contributions to the platform's development. AGIX is crucial for transactions, governance, and rewarding node operators, and supports cross-chain functionality on both the Cardano and Ethereum networks.
Ethena (ENA)
On July 28, Ethena (ENA) will unlock 14.89 Million ENA tokens, counting to its current circulating supply of 1.7 Billion ENA. These tokens are dedicated to ecosystem development. Ethena provides a native cryptocurrency solution independent of traditional banking and offers a dollar-denominated savings instrument called the 'Internet Bond.' The ENA token also allows holders to vote on governance proposals.
Conclusion
This week is pivotal for the crypto market with a total of $132 million in token unlocks across several projects. These events will increase the circulating supply of tokens for Space ID, AltLayer, Yield Guild Games, SingularityNET, and Ethena, potentially influencing their market prices. Investors and project teams are closely monitoring these developments, as the release of previously escrowed tokens could have significant impacts on the market dynamics and the respective ecosystems' growth.
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