- This week marks a significant event in the crypto world with the release of $132 million in tokens across several projects.
- The tokens being unlocked are intended for ecosystem growth and community incentives, with notable allocations for foundations and development teams.
- AltLayer alone will unlock 684.21 million ALT tokens on July 25, which is 42% of its current circulating supply.
This week’s $132 million token unlock event across multiple crypto projects represents an important moment for investors and developers, with potential market price implications.
Major Token Unlocks Impacting the Crypto Market
This week, the cryptocurrency landscape is experiencing a significant event, with $132 million worth of tokens being released across various projects. Token unlock events are critical as they impact the overall token supply and potentially influence market dynamics. This development is crucial for both investors and project developers.
Space ID (ID) Token Unlock
On July 22, Space ID, known for its universal decentralized identity protocol, will release 18.49 million ID tokens. This will increase the current circulating supply, which stands at 430.5 million ID. The allocated tokens are intended for the Space ID Foundation, ecosystem fund, airdrop participants, and marketing strategies. Space ID allows users to represent their identity across various applications and networks with a single domain name, connecting people, assets, and decentralized apps across different blockchains.
AltLayer (ALT) Token Unlock
Set for July 25, AltLayer will unlock 684.21 million ALT tokens. This figure represents 42% of its current circulating supply of 1.62 billion ALT. The tokens will be dispersed among the treasury, investors, team members, advisors, community members, and for protocol development. Given the substantial volume of released tokens, this could potentially affect the price due to the relatively smaller existing circulating supply.
Yield Guild Games (YGG) Token Unlock
On July 27, Yield Guild Games will release 14.08 million YGG tokens, adding to its current circulating supply of 376.25 million YGG. These tokens will be directed towards the community, founders, investors, and the treasury, supporting the guild’s growth and ecosystem development. Yield Guild Games enables gamers globally to earn cryptocurrency rewards by participating in blockchain games and invests in NFT assets for its members’ use.
SingularityNET (AGIX) Token Unlock
SingularityNET will unlock 8.45 million AGIX tokens on July 28, increasing its current circulating supply of 639.66 million AGIX. The tokens will be distributed to participants in the AGIX-ADA rewards program, which incentivizes and rewards community engagement and contributions to the platform’s ongoing development. AGIX plays an essential role in the platform’s transactions, governance, and rewards system, supporting cross-chain operations on both Cardano and Ethereum.
Ethena (ENA) Token Unlock
Also scheduled for July 28, Ethena will release 14.89 million ENA tokens, impacting its current circulating supply of 1.7 billion ENA. These tokens are earmarked for ecosystem development. Ethena offers a native crypto solution independent of traditional banking and includes a dollar-denominated savings instrument called the ‘Internet Bond.’ ENA token holders can also participate in governance proposals, influencing the platform’s future direction.
Conclusion
This week is transformative for the crypto market with a total of $132 million in token unlocks across several significant projects, including Space ID, AltLayer, Yield Guild Games, SingularityNET, and Ethena. As these previously escrowed tokens enter circulation, investors and project teams are monitoring closely to gauge their impact on market prices and overall ecosystem growth.
