The final week of June will bring a wave of new tokens to the market. Overall, assets worth $84.64 million will be unlocked. Three major projects, Blast (BLAST), Venom (VENOM), and Across Protocol (ACX), will release a large portion of previously locked tokens into circulation.
Token unlocks are known to fuel market volatility. Thus, the influx of new supply could lead to significant price fluctuations.
1. Blast (BLAST)
Unlock Date: June 26Number of Tokens to be Unlocked: 10.5 billion BLAST (10.5% of Total Supply)Current Circulating Supply: 30 billion BLASTTotal supply: 100 billion BLAST
Blast is an Ethereum-based Layer 2 (L2) solution offering automatic ETH and stablecoin yield generation. It integrates Ethereum staking and T-Bill yield for stablecoins and shares gas revenue with decentralized application (dApp) developers, enhancing yield opportunities.
On June 26, the network will unlock 10.5 billion tokens, valued at $22.6 million. This massive release represents 34.94% of BLAST’s current circulating supply.
The unlocked tokens will be distributed among core contributors and investors. Core contributors will receive 6.37 billion BLAST tokens, representing 21.2% of the market capitalization. Moreover, 4.13 billion tokens will go to investors, equivalent to 13.7% of the current market cap.
As the unlock nears, BLAST’s market performance has been underwhelming. Over the past week, its value has declined by 15.3%.
2. Venom (VENOM)
Unlock Date: June 25Number of Tokens to be Unlocked: 59.26 million VENOM (0.74% of Total Supply)Current Circulating Supply: 2 billion VENOMTotal supply: 8 billion VENOM
Venom is a blockchain built on the Threaded Virtual Machine (TVM). It aims to enable the development of Web3 applications and next-gen digital infrastructure.
Furthermore, the blockchain utilizes dynamic sharding and Mesh network technology for enhanced efficiency and scalability. On June 25, the project will release 59.26 million VENOM tokens worth $9.9 million.
The project will allocate the majority of the unlocked tokens (17.92 million) for ecosystem development. Early backers will receive 15 million tokens, while the community will get 15.8 million tokens. Additionally, the team will receive 10.5 million tokens.
Meanwhile, VENOM has been up 0.1% over the past week. However, the token unlock could test these small gains.
3. Across Protocol (ACX)
Unlock Date: June 30Number of Tokens to be Unlocked: 100 million ACX (10% of Total Supply)Current Circulating Supply: 441.7 million ACXTotal supply: 1 billion ACX
Across is an interoperability protocol that uses intents to offer fast, low-cost cross-chain transfers without security trade-offs. It aims to solve fragmentation in rollups and L2s through an intent-based architecture.
On the last day of this month, the network will release 100 million ACX tokens. Strategic Partnerships and Fundraising will receive the entire unlocked supply worth $14 million. The tokens represent 22.6% of the current market capitalization.
Meanwhile, the ACX token is down 19.4% over the past week, reflecting a bearish market sentiment surrounding it.
Other prominent token unlocks that investors can look out for this week include Soon (SOON), AltLayer (ALT), and Undeads Games (UDS). These unlocks could test market resilience, especially with shaky macro conditions. Potential short-term headwinds may emerge, particularly for tokens with high unlock percentages like BLAST and ACX.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
