6 Major Token Unlocks to Watch Next Week: dYdX (DYDX), Sui (SUI), io.net (IO), Galxe (GAL), Hashflow (HFT), Ethena (ENA)

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.

Major Token Unlocks Next Week: DYDX, SUI, GAL, HFT, ENA

Several notable token unlocks are scheduled for the upcoming week, with a total value exceeding $122 million. Despite the bearish sentiment often associated with token unlocks, a well-planned schedule can contribute to a project’s long-term success.

Here are six key token unlocks to keep an eye on next week:

dYdX (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 be allocated 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)

Sui is a high-performance Layer-1 blockchain that utilizes a Proof-of-Stake consensus to enhance 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 occur 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)

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.

Galxe (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.

Hashflow (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)

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 notable unlocks next week include Maverick Protocol (MAV), ZetaChain (ZETA), and Acala (ACA).