Unlock (English unlock) is called the unlocking of tokens that were previously frozen under the terms of investment rounds or other funding programs.
Typically, the team carefully works out the tokenomics so as not to cause a lot of selling pressure at various stages of the unlock and thereby not bring down the price of the token. However, some factors – for example, a lack of liquidity or profit-taking by early investors immediately after the tokens are unlocked – can seriously affect the asset’s quotes.
Here’s a look at the top 3 major unlocks to watch this week.
1.Galxe (GAL)
- Unlock date: October 27
- Number of tokens unlocked: 586,670 GAL
- Current circulating offer: 46,545,329 GAL
Galxe, formerly known as Project Galaxy, is web3’s largest credential network that helps brands and developers build trusted, decentralized products. The GAL token can be used to pay for the Galaxy Oracle Engine and Credential API. In addition, its holders have the right to vote when making important decisions within the Project Galaxy DAO. Coins unfrozen during the next unlock will go to the project treasury.
2. Yield Guild Games (YGG)
- Unlock date: October 27
- Number of tokens unlocked: 12,580,000 YGG
- Current circulating offer: 185,125,000 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.
3. SingularityNET (AGIX)
- Unlock date: October 12
- Number of tokens unlocked: 9,530,000 AGIX
- Current circulating supply: 1,239,747,261 AGIX
SingularityNET is a decentralized blockchain platform for creating applications based on artificial intelligence (AI). The native token of the AGIX project 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 October 28 will be distributed among participants in the AGIX-ADA rewards program.
Source: Cryptocurrency
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