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Cryptocurrency News Articles
October Token Unlocks: Cardano (ADA), Solana (SOL), Aptos (APT), and More
Sep 30, 2024 at 11:47 pm
In early October, crucial token unlocks are scheduled for both the Cardano (ADA) and Solana (SOL) ecosystems, triggering attention from market participants.
Several crucial token unlocks are lined up for early October, attracting the attention of market participants within the crypto domain.
According to a recent disclosure from blockchain reporter Colin Wu, Cardano (ADA) will witness the unlocking of approximately 37.06 million tokens, valued at $14.34 million, and constituting a small fraction (0.10%) of the circulating supply.
Meanwhile, Solana (SOL) is preparing for a much larger unlock, with 524.03 million tokens, valued at $81.56 million, set to be added to the circulating supply, accounting for 0.11% of the total supply.
Although the percentages of tokens being unlocked may seem minimal, they could have implications for the market. In Cardano’s case, the unlock is unlikely to cause drastic price volatility, given the relatively small portion of circulating supply involved.
However, Solana’s larger unlock could potentially impact the market more significantly.
Both Solana and Cardano have had several notable token unlock events in the past. For Solana, a significant unlock occurred in July 2022, when 27.62 million tokens were added to the circulating supply, marking a 7% increase.
This was part of Solana’s yearly inflationary mechanism, which aims to gradually reduce the inflation rate until it stabilizes at 1.5%.
By July 2023, Solana’s circulating supply had grown to around 422.32 million tokens, and similar unlocks are expected annually until 2027. These token unlocks are designed to help Solana’s ecosystem grow while maintaining a steady inflation rate.
However, questions about transparency, especially regarding tokens held by the Solana Foundation and early investors, have raised some concerns in the community.
On the other hand, Cardano has had a more conservative tokenomics model. Historically, its unlock events have not been as frequent or as large as those of Solana.
Since its launch in 2015, Cardano has followed a more deliberate and slow release of tokens, with major unlocks tied to the project’s various development phases.
Other notable token unlocks happening in early October include Aptos (APT), which will see 34.09 million tokens, worth approximately $134.42 million, released, accounting for about 4.54% of the circulating supply.
Immutable X (IMX) will unlock 32.47 million tokens, with a value of $55.86 million, representing 2.02% of the circulating supply. Sui (SUI) will unlock 68.79 million tokens, valued at $120.38 million, constituting 2.57% of the circulating supply.
For Avalanche (AVAX), the scheduled unlock involves 700,000 tokens, amounting to $19.98 million. Additionally, DYDX will unlock 9.88 million tokens, valued at $10.70 million, while Mode will see a massive 500 million tokens unlocked, though with a lower value of $6.62 million.
Lastly, NEAR Protocol (NEAR) will unlock 2.9 million tokens, valued at $15.42 million, representing 0.26% of the circulating supply.
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