Surprising Token Unlocks This Week: What Investors Need to Know Now
In this article, we discuss the major unlocks of the first week of October. Projects like Connext (Everclear), Galxe, Insurable, and more are in our scope for potential impact.
🔒 Interesting Token Unlocks This Week:
- $1INCH - 2.16% of the total supply will enter circulation on Oct 01, 2024.
- $NEXT - 3.78% of the total supply will enter circulation on Oct 05, 2024.
- $GAL - 1.23% of the total supply will enter circulation on Oct 05, 2024.
- $INSR - 2.08% of the total supply will enter circulation on Oct 07, 2024.
- $HFT - 1.63% of the total supply will enter circulation on Oct 07, 2024.
1Inch - $1INCH Token Unlock
1Inch ($1INCH) Network is a decentralized finance (DeFi) project that focuses on providing users with the most efficient trading routes across multiple platforms. Their key offering is the 1inch Aggregation Protocol, which scours the DeFi market for the best cryptocurrency prices and pools them on one platform. The $1INCH token operates as both a governance and utility token within the 1inch Network.
On Oct 01, 2024, is set for the following unlocks:
- 5,083,374 $1INCH tokens valued at $1,482,580 will be released to the "Backers 2" allocation group, increasing the circulating supply by 0.34%
- 958,341 $1INCH tokens valued at $279,502.85 will be released to the "Small Backers" allocation group, increasing the circulating supply by 0.06%
- 7,708,395 $1INCH tokens valued at $2,248,175 will be released to the "Backers 1" allocation group, increasing the circulating supply by 0.51%
- 9,375,075 $1INCH tokens valued at $2,734,267 will be released to the "Core Contributors" allocation group, increasing the circulating supply by 0.63%
- 9,374,850 $1INCH tokens valued at $2,734,201 will be released to the "Community Incentives" allocation group, increasing the circulating supply by 0.62%
Connext (Everclear) - $NEXT Token Unlock
Everclear, previously known as Connext, is an innovative cross-chain settlement protocol designed as a public good mechanism for executing intents across different blockchain networks. The platform introduces a novel approach to interoperability by allowing "fillers" (liquidity providers) to socialize rebalancing costs through netting settlements against other fillers and users within the network.
On Oct 05, 2024, Connext is set for the following unlocks:
- 9,674,961 $NEXT tokens valued at $1,442,827 will be released to the "Early Team and Advisors" allocation group, increasing the circulating supply by 0.97%
- 9,366,629 $NEXT tokens valued at $1,396,845 will be released to the "Ecosystem and Strategic Backers" allocation group, increasing the circulating supply by 0.94%
- 18,691,592 $NEXT tokens valued at $2,787,476 will be released to the "Early Backers" allocation group, increasing the circulating supply by 1.87%
Project Galxe - $GAL Token Unlock
Galxe ($GAL) is a cryptocurrency token associated with the Galxe platform, a Web3 credential data network. The platform allows users to build, manage, and leverage digital credentials across various blockchain ecosystems. GAL tokens are used for governance, staking, and accessing certain features within the Galxe ecosystem. The project aims to facilitate the creation and verification of on-chain and off-chain credentials for decentralized applications and services.
On Oct 05, 2024, Project Galaxy is set for the following unlocks:
- 586,667 $GAL tokens valued at $1,315,913 will be released to the "Community Treasury" allocation group, increasing the circulating supply by 0.72%
- 416,667 $GAL tokens valued at $934,597.48 will be released to the "Team" allocation group, increasing the circulating supply by 0.51%
Insurabler - $INSR Token Unlock
Insurabler ($INSR) aims to enhance security for cryptocurrency projects during their pre-sale phase by providing a unique insurance model. Project owners can establish their own insurance pools on the Insurabler platform, allowing them to offer a safeguard for their project's backers. Users who participate by holding INSR tokens are granted a layer of protection against the inherent risks associated with new crypto projects, such as project failure or fraud.
On Oct 07, 2024, Insurabler is set for the following unlocks:
- 250,000 $INSR tokens valued at $85.33 will be released to the "Rewards" allocation group, increasing the circulating supply by 2.08%
Hashflow - $HFT Token Unlock
Hashflow ($HFT) is a decentralized exchange (DEX) that facilitates trading across multiple blockchains like Ethereum, BNB Chain, and others without the need for bridges. It uses a request-for-quote model to ensure traders get guaranteed price quotes from market makers. Hashflow offers revenue sharing to HFT stakers, gamified DAO experiences through Hashverse, and employs a vote-escrow model for governance.
On Oct 07, 2024, Hashflow is set for the following unlocks:
- 7,027,834 $HFT tokens valued at $1,173,849 will be released to the "Investors" allocation group, increasing the circulating supply by 0.7%
- 5,992,600 $HFT tokens valued at $1,000,935 will be released to the "Ecosystem Development" allocation group, increasing the circulating supply by 0.6%
- 3,250,065 $HFT tokens valued at $542,853.62 will be released to the "Team" allocation group, increasing the circulating supply by 0.33%
Honorable Mentions
- On Oct 1st BitMex ($BMEX) will be releasing 0.7% of its total supply to the “Long-term reserve” vesting group.
- On Oct 1st Covalent Query ($CQT) will be releasing 0.9% of its total supply to the “Team”, “Ecosystem” and “Staking” vesting groups.
- On Oct 7th Automata ($ATA) will be releasing 6.5% of its total supply to the “Team” and “Strategic Partners and Advisors” vesting groups.
About Vesting and Token Unlocks
Both traditional finance and Web3 emerging projects often issue a share of tokens or stocks to their shareholders. These shareholder groups can for example be the developer team, founders, advisors, and so on.
Tokens issued for shareholder groups and other use cases are often not available immediately after launch - instead, they are locked for a specified amount of time (vesting) and released into circulation according to a predetermined schedule.
Token Unlocks refer to the moments when these vested tokens become accessible or "unlocked."
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