Organize - Odaily
Editor - Loopy Lu
Next week, token unlocks for 6 projects are worth keeping an eye on.
Among these projects, all three tokens will be unlocked on a large scale, especially INJ. The unlocking scale of INJ tokens exceeds 100 million US dollars, which is a rare unlocking event with a scale of 100 million. And this unlocking is also special. It is the last unlocking of INJ. After unlocking, it will become fully circulated.
In addition to INJ, the unlocking scale of AXS and APE is also considerable, both exceeding US$20 million.
The specific unlocking details are as follows:
Injective
Project official website:https://injective.com/
Project Twitter:https://twitter.com/Injective_
Number of unlocked coins this time: 3.67 million
Amount unlocked this time: (approximately) US$133 million
Injective Protocol is an interoperable L1 blockchain optimized for DeFi applications. It comes with out-of-the-box features such as a fully decentralized order book, making it possible to develop applications such as exchanges and prediction markets. Built using the Cosmos SDK, Injective leverages Tendermint consensus for instant transaction finalization and facilitates fast cross-chain transactions with major networks such as Ethereum and IBC-enabled chains.
Injective Hub is a platform and gateway for interacting with Injective, providing wallet, governance, staking and INJ burning auction functions. The native token INJ is used for governance, staking and dApp value acquisition. The initial supply is 100 million tokens, and a deflation mechanism is implemented through burning auctions.
INJ token growth has seen significant growth in 2023, with an increase of more than 3000%. At a low of $1.4 in January 2023, ATH hit $45 and is currently trading below $40. In next week’s token unlock event, INJ is the token with the largest amount of unlocks and is also the most special one in the unlock event.
This unlock will be the last unlock of INJ. After the unlock, INJ will complete full circulation and 100% of the tokens will be unlocked. The approximately 3.67 million tokens unlocked this time are worth over US$133 million, accounting for approximately 4.33% of the circulating market value.
INJ is also the largest token unlock to be launched next week. Both the unlock amount and the circulation share are much higher than other unlock projects.
Token economics shows that more than 330,000 tokens (approximately $12.15 million) in this unlock will belong to the advisor, and 3.33 million tokens will belong to the team, worth more than $121 million.
After this unlocking, full circulation is a good thing for the long-term trend of the token, but short-term selling pressure may pose a threat to the short-term currency price trend. The scale of this unlocking is large, and investors should pay attention to the risk of market fluctuations.
Axie Infinity
Project official website:https://axieinfinity.com/
Project Twitter:https://twitter.com/AxieInfinity
Number of unlocked coins this time: 3.43 million
Amount unlocked this time: (approximately) US$26.96 million
Axie Infinity was once the GameFi product that attracted the most industry attention. After a long market cycle, the AXS token has fallen significantly from its all-time highs. But AXS is still a pretty massive project, with a circulating market capitalization of over $1 billion.
Currently, most AXS tokens have been released, but 18% of tokens are still locked. The approximately 3.43 million tokens unlocked this time are worth over US$26.96 million, accounting for approximately 2.53% of the circulating market value.
Token economics shows that this unlock will all be attributed to staking rewards.
From the perspective of ownership, the tokens did not directly flow into the market at once. And compared with previous unlocks, this unlock does not exceed previous large-amount unlocks. Compared with previous unlocks, the scale of this unlock does not deserve special attention.
ApeCoin
Project official website:https://apecoin.com/
Official Twitter:https://twitter.com/apecoin
Quantity unlocked this time: 15.6 million
Amount unlocked this time: (approximately) US$22.31 million
ApeCoin (APE) is the governance and utility token of the APE ecosystem, with a total supply of 1 billion coins. The project is controlled and established by the community, and the ApeCoin DAO is its governance organization, allowing all APE holders to vote on governance decisions. In addition to DAO, Yuga also established the APE Foundation as the legal supervisor of DAO. The Foundation Board of Directors consists of 5 members. When this token was initially issued, a large number of APE tokens were airdropped to BAYC holders.
APE is famous for its issuer Yuga Labs. As the parent company of BAYC, Yuga Labs has become famous in the NFT ecosystem. Yuga has stated that it will actively adopt APE as the main token for all new products and services. In addition to BAYC, Yuga also owns two major IPs, CryptoPunks and Meebits.
APE token economics shows that 41% of its tokens are still waiting to be unlocked, and the current circulating supply is only about 60% of the total.
The amount unlocked this time accounts for 4.23% of the circulating supply, which is a considerable amount. However, the scale of APE unlocking has been relatively large for a long time. Unlockings of similar scale have occurred many times before, and there is enough historical data for reference.
