Major Token Unlocks of Next Week: SUI, IO, ENA and More

Token unlock involves releasing tokens that were previously blocked under fundraising terms. Projects carefully schedule these releases to avoid market pressure and prevent a drop in token prices.

However, factors like lack of liquidity or early investor profit-taking can significantly impact an asset’s dynamics. Here are six major token unlocks to watch next week.

dYdX (DYDX)

Unlock date: July 1
Number of tokens unlocked: 8.33 million DYDX
Current circulating supply: 268.29 million DYDX

In early 2023, dYdX, the largest decentralized perpetual futures trading protocol, announced changes to its initial tokenomics. According to the update, 27.7% of dYdX’s total supply will go to early investors, 26.1% to the treasury, 15.3% to the team, and 7.0% to future dYdX employees and consultants.

Most DYDX unlocked on July 1 will be distributed among investors and the project team, with the remaining tokens reserved for future employees.

Sui (SUI)

Unlock date: July 1
Number of tokens unlocked: 64.19 million SUI
Current circulating supply: 2.42 billion SUI

Sui is a high-performance Layer-1 blockchain that utilizes a Proof-of-Stake consensus to increase network operation and security. The project was developed by Mysten Labs, a company founded in 2021 by former Novi Research employees who created the Diem blockchain and the Move programming language.

The SUI token facilitates governance, enabling token holders to vote on important proposals and shape the platform’s future. The next unlock will happen on July 1, releasing a significant portion of tokens set aside for Series A and B participants, community reserve, and the Mysten Labs treasury.

io.net (IO)

Unlock date: July 1
Number of tokens unlocked: 7.5 million IO
Current circulating supply: 65 million IO

Io.net is a DePIN protocol built on the Solana blockchain infrastructure, focusing on providing computing power from GPUs to artificial intelligence (AI) and machine learning (ML) companies. The project gained significant attention after successfully raising $30 million in a Series A round led by Hack VC.

IO is the utility and governance token of the io.net. Users utilize it for staking, delegating, paying fees, rewarding node runners, and accessing DAO voting within the platform. On July 1, io.net will distribute 7.5 million IO tokens to its community members.

IO unlock — IO Unlock. Source: token.unlocks

Galxe (GAL)

Unlock date: July 5
Number of tokens unlocked: 3 million GAL
Current circulating supply: 115 million GAL

Galxe (previously Project Galaxy) is a Web3 credential data network that empowers developers to leverage digital credentials. It enables projects to reward and engage their users through various credential-based activities.

The GAL token is the native utility token of the Galxe platform, used for governance, staking, and accessing premium features.
On July 5, the project will unlock and distribute 3 million GAL tokens among the Galxe Foundation, team, and community.

GAL unlock — GAL Unlock. Source: token.unlocks

Hashflow (HFT)

Unlock date: July 7
Number of tokens unlocked: 13.62 million HFT
Current circulating supply: 406 million HFT

Hashflow is a decentralized exchange (DEX) that facilitates seamless cross-chain trading and asset swaps with zero slippage. It leverages advanced market-making techniques to pr efficient and accurate pricing. The HFT token is the native utility token of the Hashflow platform, used for governance, staking, and rewarding users.

On July 7, the project will increase the circulating supply by 13.62 million HFT. According to TokenUnlocks, early investors and the core team will receive 7.63 million tokens. The remaining coins will be used for community rewards and ecosystem development.

Ethena (ENA)

Unlock date: July 7
Number of tokens unlocked: 14.89 million ENA
Current circulating supply: 1.61 billion ENA

Ethena is a synthetic currency protocol built on Ethereum. It provides a native cryptocurrency solution independent of traditional banking, and also offers global users a dollar-denominated savings instrument called the ‘Internet Bond.’

The ENA token enables holders to vote on governance proposals. On July 7, the project will unlock almost 15 million ENA dedicated to ecosystem development.

Other next-week unlocks include Maverick Protocol (MAV), ZetaChain (ZETA), and Acala (ACA) with a total value exceeding $122 million.

Although many consider token unlocks bearish, a well-planned schedule can strengthen a project’s long-term viability. Aligned with milestones and development progress, unlocks will motivate team members, boost community engagement, and promote ecosystem growth.

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Daria Krasnova

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Daria Krasnova is a seasoned editor with over 8 years of writing and editing experience. She has collaborated with both big names, including exchanges and ETF providers, and innovative startups. Daria is a firm believer in the positive impact of blockchain technology on the financial system and our daily lives.