Unlocking this Week: $NYM, $1INCH and $BMEX set to Flood the Market
Discover the biggest token unlocks of the 5th week of 2024 (Jan 29 to Feb 4). You can look forward to significant $PREME and $NYM unlocks, accompanied by $1INCH and $BMEX.
🔒 Interesting Token Unlocks This Week:
- $1INCH - 2.5% of the total supply will enter circulation on Feb 1st at 00:00.
- $BMEX - 1.5% of the total supply will enter circulation on Feb 1st at 00:00.
- $PREME - 6.8% of the total supply will enter circulation on Feb 2nd at 00:00.
- $NYM - 6.8% of the total supply will enter circulation on Feb 3rd at 00:00
1INCH - $1INCH Token Unlock
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 February 1, 2024, the 1INCH network will experience a significant vesting event, releasing 2.5% of its total token supply across various stakeholder groups. This release, valued at over $14.5 million, represents a strategic distribution to entities like Backers, Core Contributors, and Community Incentives, potentially affecting $1INCH price per token.
BitMex - $BMEX Token Unlock
The $BMEX token is the utility token of the BitMEX trading platform, designed to enhance the user experience by offering benefits such as trading fee discounts, priority product access, and staking rewards. It's an integral part of the BitMEX ecosystem, aimed at adding value to its users' trading activities and participation in the platform's community and offerings.
On February 1, 2024, a significant token vesting event is set to take place for $BMEX, impacting the circulating supply with two distinct allocations. Employee Incentives are due to release 3,750,030 tokens, resulting in an 0.83% increase in circulating supply and equating to $1,808,633. Concurrently, the Long-term Reserve allocation group will unlock 3,125,025 tokens, adding 0.69% to the circulating supply, valued at $1,507,194.
Preme - $PREME Token Unlock
Preme ($PREME) is a project aimed at transitioning businesses and individuals from Web2 to Web3 environments. It positions itself as a gateway for growth, offering NFT and Web3 solutions to help partners expand in the new digital landscape. With a focus on strategic services, Preme targets a global audience of businesses seeking to integrate into the decentralized web, thereby fostering mutual growth within the ecosystem.
On February 2, 2024, the Preme token ($PREME) is set to unlock 20,000,000 tokens from the 'PREME 6 MONTH LOCK' allocation group, marking a 6.78% increase in circulating supply. This unlock, valued at approximately $136,205.97, represents a notable influx of tokens into the market and may be a key moment for assessing investor sentiment and the future trajectory of the Preme project.
NYM - $NYM Token Unlock
Nym is a decentralized, open-source platform that significantly enhances privacy for all internet traffic, including messaging, transactions, and digital services. The project, supported by prominent venture capitalists and validators, addresses a critical issue of the internet: the visibility of communication patterns even when encrypted. Nym operates a multi-layered network called a mixnet, which encrypts and relays internet traffic, ensuring privacy at the network layer.
On February 3, 2024, the NYM network will undergo a significant token release event, with 43,750,000 tokens allocated to Backers and 25,000,000 to the Team, amounting to valuations of approximately $8.6 million and $4.9 million respectively. This distribution could have a notable impact on the market as it represents a critical phase in the network's lifecycle.
Honorable Mentions:
- Bware $INFRA - Jan 30th unlocking 0.4% to protocol incentives
- Covalent Query Token $CQT - Feb 1st unlocking 1% to multiple vesting groups.
- Seedify NFT Space $SNFTS - Feb 3rd unlocking 0.9% to vesting group 3.
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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