加密货币市场正在从一些大的代币解锁活动中造成严重的震动

最引人注目的解锁情况之一是埃塞纳实验室（Ethena Labs）（$ ena），该实验室的下降幅度高达价值7.18亿美元，占其市值总资本化的近66％。

The cryptocurrency market is getting a serious jolt from some big token unlock events, with certain projects set to unleash a hefty chunk of their circulating supply into the market.

加密货币市场正在从一些大的代币解锁事件中造成严重的震动，某些项目将释放出大量的循环供应到市场。

Among the most talked-about scenarios is the upcoming release of $ENA tokens, which could have a significant bearing on the token’s price and overall market sentiment.

最容易被说明的情景之一是即将发布的$ ena令牌，这可能与代币的价格和整体市场情绪有关。

What Are Token Unlocks?

什么是令牌解锁？

Essentially, token unlocks occur when previously locked tokens, typically held by project founders, core team members, and early investors, become transferable and available for trading on exchanges.

从本质上讲，当先前由项目创始人，核心团队成员和早期投资者持有的锁定令牌时，就会发生代币解锁，并可以转移并可用于交易交易。

Usually, these tokens are released in batches over a predetermined schedule, with the aim of providing liquidity to the market and facilitating broader participation in the project.

通常，这些代币会按预定时间表批量发布，目的是为市场提供流动性并促进更广泛参与该项目。

Why Are Token Unlocks Important?

为什么令牌解锁很重要？

These events are crucial because they can have a bearing on the short-term price volatility of the tokens. In some instances, large token unlocks have pushed a project’s price down as early investors and core team members have exited their trades.

这些事件至关重要，因为它们可能与代币的短期价格波动有关。在某些情况下，随着早期投资者和核心团队成员退出交易，大的代币解锁已将项目的价格降低。

However, in other cases, token unlocks have served as a launch moment for projects as project teams and core contributors have used the opportunity to rally the community and drive up demand for the token.

但是，在其他情况下，由于项目团队和核心贡献者已经利用机会集结社区并提高对令牌的需求，因此代币解锁是项目的启动时刻。

The $ENA Unlock: A Critical Moment for Ethena Labs

$ ena解锁：埃塞纳实验室的关键时刻

Ethena Labs ($ENA) is now in the process of unlocking 65.3% of its market cap, putting it at the forefront of the next wave of token releases. A total of $718 million worth of $ENA tokens are due to be unlocked, making this one of the largest events in recent memory for the project itself. This large-scale rolling out of tokens will impact Ethena's investors and core contributors most of all, as they have been holding their tokens for nearly a year in anticipation of the event.

Ethena Labs（$ ENA）现在正在解锁其市值的65.3％，将其处于下一波浪潮的最前沿。总计价值7.18亿美元的$ ENA令牌将被解锁，这是该项目本身最近记忆中最大的事件之一。从代币中推出的大规模滚动将影响埃塞纳的投资者和核心贡献者，因为他们在此活动中已经持有将近一年的代币。

These token releases might have a bearing on $ENA's price. Right now, $ENA languishes 75% down from its last swing high, which seems to be keeping long-term holders from selling. But we're not so sure what's going on with the insiders and early investors. Will they unload their token haul in the wake of the unlocking event? If they do, we could see the price head south. And if they don't … or if we get a nice little rebound in $ENA … could we see the price run up in the near term?

这些代币发行可能对$ ENA的价格有任何影响。目前，$ ena比最后一个秋千高点降低了75％，这似乎使长期持有人无法销售。但是，我们不确定内部人士和早期投资者发生了什么。在解锁事件之后，他们会卸载令牌拖船吗？如果他们这样做，我们可以看到南方的价格。而且，如果他们没有……或者如果我们在$ ena中获得了一个不错的篮板……我们可以看到价格上涨吗？

Even with these obstacles, there is still a chance for the value of $ENA to go back up, especially if demand increases. As the unlock event moves forward and more tokens become available for trading, it will be very important for Ethena Labs to keep market confidence high and not let the price keep declining for a long time. There might be some way to avoid a situation where price momentum going upward after the unlock is also re-established following what might be a somewhat expected price event resuming downward just after the unlock with some new sort of price momentum. If some positive news events should happen—if some nice developments or partnerships should occur in the future—those could help ease the situation somewhat.

即使存在这些障碍，$ ena的价值仍然有可能恢复，尤其是在需求增加的情况下。随着解锁事件向前发展，更多的令牌可以用于交易，对于埃塞纳实验室来说，保持市场信心很高，而不是让价格在很长一段时间内保持下降非常重要。可能有一些方法可以避免在解锁解锁之后的价格势头上升，这可能是在以某种新的价格势头解锁后恢复的预期价格事件。如果应该发生一些积极的新闻事件（如果将来应该发生一些不错的发展或伙伴关系），这些事件可能会有所帮助缓解情况。

Other Token Unlocks to Watch

其他令牌解锁要观看

While the center stage is occupied by the $ENA unlock, several other tokens are also moving close to their own events, which could add to the market fluctuations we are already experiencing. Here are some of the more notable token unlocks coming up and the effects they are expected to have.

尽管中心舞台被$ ENA解锁所占据，但其他几个令牌也正在接近他们自己的活动，这可能会增加我们已经经历的市场波动。以下是一些更值得注意的令牌解锁以及预期的效果。

Kaspa ($KAS): Kaspa's much smaller (0.63% of its circulating supply) is likely to lead to less immediate compared with $ENA. Still, we have to recognize that KAS is becoming rather popular due to its speed and scalability, features that could well help it avoid nasty sell-offs right after the unlock.

Kaspa（$ kas）：与$ ENA相比，Kaspa小得多（占其循环供应量的0.63％）可能会导致立即的立即。尽管如此，我们必须认识到，由于其速度和可扩展性，KAS变得相当受欢迎，这些功能很可能有助于它避免在解锁后立即避免出现令人讨厌的抛售。

– MOVE ($MOVE): MOVE, with $19.9 million (2.08% of circulating supply) being unlocked, is another token to watch. While the percentage of total supply being unlocked is relatively small, any large transactions could still lead to brief price fluctuations.

- 移动（$ MOVE）：移动，解锁的1,990万美元（占循环供应量的2.08％）是另一个值得关注的象征。尽管解锁总供应的百分比相对较小，但任何大型交易仍然可能导致价格短暂的波动。

Aptos ($APT) is preparing to unlock $61.86 million worth of tokens, amounting to 1.92% of its circulating supply. Aptos has solid institutional backing and innovative technology at its core, which should lend it some stability as its development ecosystem continues its growth after this unlock.

Aptos（$ apt）准备解锁价值6186万美元的代币，占其循环供应量的1.92％。 Aptos的核心具有扎实的机构支持和创新技术，这应该使其具有稳定性，因为其开发生态系统在解锁后继续增长。

– Strike Protocol ($STRK): The release of $11.98 million worth of $STRK tokens (2.33% of its circulating supply) is also significant, but the potential impact may be limited compared to larger events.

- 罢工协议（$ strk）：释放价值1198万美元的$ strk代币（占其循环供应供应的2.33％）也很重要，但与较大的事件相比，潜在影响可能受到限制。

– Sei Network ($SEI): Unlocking of $12.04 million (1.19% of circulating supply) will likely have more moderate effects on its market. Reason: Project appears to be in early stages of adoption.

- SEI网络（$ SEI）：解锁1204万美元（占循环供应量的1.19％）可能对其市场产生更为中等的影响。原因：项目似乎处于采用的早期阶段。

– Arbitrum ($ARB): Lastly, Arbitrum's event will likely be a key focus for investors, momentous in that it will release tokens totaling $34.87 million (2.10% of

- 仲裁（$ arb）：最后，仲裁活动可能是投资者的重点，重点是，它将释放总计3487万美元的代币（占2.10％