5 cryptocurrencies to watch next week

Token unlocking involves issuing cryptocurrencies that were previously locked under the terms of the fundraiser. Projects plan these releases carefully to avoid market pressure and prevent a drop in cryptocurrency prices.

However, factors such as lack of liquidity or early profit taking by the investor can significantly affect the dynamics of the asset. Here are five major token openings to watch next week.

Optimism Coin (OP)

• Opening date: May 31


• Number of cryptocurrencies unlocked: 31.34 million OP


• Current supply in circulation: 1.08 billion PO

Optimism is a Layer 2 scaling solution that aims to improve the speed and reduce the cost of transactions on the Ethereum mainnet. Authorized code OP Holders manage the Optimism ecosystem by voting on proposals and decisions that shape the development and management of the network.

On May 31, the project will add more than 30 million PO to the circulating supply. According to TokenUnlocks The distribution will allocate these digital currencies to investors and major shareholders.

Learn more: Optimism (OP) reaches the opportunity zone: buy now or wait?

1 INCH

• Opening date: June 1


• Number of cryptocurrencies unlocked: 98.7 million 1 inch


• Current supply in circulation: 1.15 billion 1 inch

1 inch It is a decentralized exchange aggregator that sources liquidity from various DEXs to provide users with the best possible trading prices. It aims to improve and simplify trading by finding the most efficient trading methods, reducing slippage and reducing trading fees.

The next 1INCH token is expected to be unlocked on June 1st. The issuance will include approximately 100 million tokens, allocated to developers, early investors and venture capital funds.

Learn more: These Tips Will Make You a DeFi Risk Management Pro

dYdX (DYDX)

• Opening date: June 1


• Number of cryptocurrencies unlocked: 33.33 million DYDX


• Current circulating supply: 279.8 million DYDX

At the beginning of 2023, it was announced dYdX, the largest decentralized perpetual trading protocol for futures, has announced changes to its top cryptocurrencies. According to the update, 27.7% of the total dYdX offering will go to early investors, 26.1% to treasury, 15.3% to the team and 7.0% to future dYdX employees and consultants . Most of the unlocked DYDX will be distributed on June 1 among investors and the project team, with the remaining cryptocurrencies reserved for future employees.

Sui (SUI)

• Opening date: June 1


• Number of cryptocurrencies unlocked: 65.08 million SUI


• Current supply in circulation: 2.33 billion SUI

Sui is a high-performance Layer 1 blockchain that uses a proof-of-stake consensus algorithm to ensure 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.

Makes things easier SUI Governance, allowing token holders to vote on important proposals and shape the future of the platform. The next unlock will be on June 1st. It will issue a significant portion of the digital currencies allocated to Series A and B participants, the community reserve and the Mysten Labs treasury.

Learn more: What is SUI coin and does it compete with Ethereum and Solana?

Ethena (ENA)

• Opening date: June 1


• Number of cryptocurrencies unlocked: 53.6 million ENA


• Current supply in circulation: 1.47 billion ENA

Ethena is a synthetic currency protocol built on Ethereum. It provides a native cryptocurrency solution independent of traditional banking services and also provides users around the world with a dollar-denominated savings instrument called “Internet Bond”.

can code ENA Holders have the right to vote on governance proposals. On June 1, the project will release more than 50 million ENA allocated to the development of the ecosystem.

Other big opens for next week include Yield Guild Games (YGG), SingularityNET (AGIX), Echelon Prime (PRIME), Manta Network (MANTA), and Acala (ACA). The total value of digital currencies issued exceeds $380 million.

Although token unlocking is often considered bearish, a well-planned schedule can improve the long-term viability of the project. In accordance with development milestones and progress, unlocks will motivate team members, improve community engagement, and promote ecosystem growth.