Token unlocks refer to the release of previously locked or restricted tokens into the market As the blockchain ecosystem continues to evolve, the anticipation surrounding token unlocks intensifies. Next week promises a flurry of activity as several notable projects unleash tokens into circulation. The VR Soldier editors have selected 5 important unlocks to keep an eye on next week. Among them are: Yield Guild Games (YGG), SingularityNET (AGIX), Optimism (OP), Echelon Prime (PRIME), and Sui (SUI).
5 important token unlocks to keep an eye on next week:
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Yield Guild Games (YGG)
Unlock date: March 27
Number of tokens unlocked: 16,690,000 YGG
Current circulating offer: 309 807 925 YGG
Yield Guild Games is a gaming community focused on blockchain games with a play-to-earn model. It brings together users from all over the world who invest in NFT assets. The native token of the YGG platform is used to pay for services within the network. It can also be staked to earn rewards, used to unlock exclusive content on the Discord server, or used for voting. The tokens, which will be unfrozen in a few days, will be distributed among the community, developers, investors and treasury.
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SingularityNET (AGIX)
Unlock date: March 28
Number of tokens unlocked: 8,840,000 AGIX
Current circulating supply: 1,279,381,312 AGIX
SingularityNET is a decentralized blockchain platform for creating applications based on artificial intelligence (AI). The AGIX project’s native token is used to pay for services, and node operators receive a portion of the fees as compensation for their contribution to maintaining and developing the network. The coins unlocked on February 28 will be distributed among participants in the AGIX-ADA rewards program.
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Optimism (OP)
Unlock date: March 29
Number of tokens unlocked: 24,160,000 OP
Current circulating supply: 1,006,141,600 OP
Optimism is a second layer solution designed to increase the speed and scalability of the Ethereum network. According to DefiLlama, it is one of the leaders among L2 networks in terms of the number of running protocols and the volume of blocked funds (TVL). The OP token is used for voting, managing projects within the Optimism Collective community, and developing the ecosystem.
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Echelon Prime (PRIME)
Unlock date: March 31
Number of tokens unlocked: 1,660,000 PRIME
Current circulating supply: 35,743,282 PRIME
Echelon Prime is an open, decentralized, community-driven ecosystem for P2E gaming. The native PRIME token is used to reward developers and users, as well as vote for project development and staking. The token unlock will be next week for Parallel Studios reserves and investors.
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Sui (SUI) Token Unlock
Unlock date: March 31
Number of tokens unlocked: 4,000,000 SUI
Current circulating supply: 1,230,916,717 SUI
Sui is a high-performance layer-one ( L1) blockchain. The operation and security of the network is ensured by the Proof-of-Stake consensus algorithm. The project was developed by Mysten Labs – it was founded in 2021 by a group of former Novi Research employees who were responsible for creating the Diem blockchain and the Move programming language.
Since December 2021, Mysten Labs has raised $336 million across two funding rounds. The project’s main investors include Binance Labs, Franklin Templeton and a16z Crypto.
At The End
Token unlocks refer to releasing previously locked cryptocurrency tokens into circulation. This can impact price stability, with a potential short-term dip due to increased supply. However, strong projects with engaged communities might see price increases due to heightened interest and trading activity. Understanding token unlock schedules is crucial for crypto investors, as they can influence price movements. While increased supply can lead to dips, strong projects might see price surges due to boosted liquidity and community excitement.
