The most important token unlocks of the next week

We tell you which tokens will be unlocked in the coming week, and how major unlocks can affect market dynamics

Unlock (English). unlock) is the unlocking of tokens that were previously frozen under the terms of investment rounds or other programs to attract financing.

Usually the team carefully works out tokenomics so as not to cause a lot of selling pressure at various stages of the unlock and thereby not bring down the price of the token. However, some factors, for example, a lack of liquidity or profit-taking by early investors immediately after the tokens are unlocked, can seriously affect the asset’s quotes.

The BeInCrypto editors have selected 7 important unlocks to watch next week.

1. Optimism (OP)

Unlock Date: April 29 Number of Tokens Unlocked: 24,160,000 OP Current Circulating Supply: 1,045,379,867 OP

Optimism is a second-level solution designed to increase the speed and scalability of the Ethereum network. According to DefiLlama, it is among the leaders among L2 networks in terms of the number of running protocols and the volume of blocked funds (TVL). The OP token is used for voting, managing projects in the Optimism Collective community and developing the ecosystem. The coins released during the next unlock will be distributed among investors and key participants in the project.

Read also: what is Optimism — review of the Ethereum second-layer solution

2. Echelon Prime (PRIME)

Unlock Date: April 30 Number of Tokens Unlocked: 1,660,000 PRIME Current Circulating Supply: 37,523,322 PRIME

Echelon Prime is an open, decentralized community-driven ecosystem for P2E gaming. The native PRIME token is used to reward developers and users, as well as vote for project development and staking. The coins unlocked next week are for Parallel Studios reserves and investors.

3. Sui (SUI)

Unlock Date: March 31st Number of Tokens Unlocked: 4,000,000 SUI Current Circulating Supply: 1,295,901,469 SUI

Sui — high-performance first-level (L1) blockchain. The operation and security of the network is ensured by the Proof-of-Stake consensus algorithm. The project was developed by Mysten Labs — it was founded in 2021 by a group of former Novi Research employees who were responsible for creating the Diem blockchain and the Move programming language.

Since December 2021, Mysten Labs has raised $336 million in two funding rounds. The project's main investors include Binance Labs, Franklin Templeton and a16z Crypto.

The next SUI unlock will happen on March 31st. “Unfrozen” tokens will go to the community reserve.

Read also: how the Sui blockchain works a complete review of the main competitor Aptos

4. Manta Network (MANTA)

Unlock Date: April 30 Number of Tokens Unlocked: 1,870,000 MANTA Current Circulating Supply: 250,036,078 MANTA

Manta Network — a modular blockchain for zero-knowledge (ZK) applications. It includes two networks:

Manta Pacific — A modular L2 ecosystem for EVM-native ZK applications and dApps that want to provide the lowest cost and best experience for users Manta Atlantic — The fastest L1 blockchain on Polkadot that provides programmable ZK privacy IDs and on-chain credentials via zkSBTs

Unlocked at the end of next week, MANTA tokens are intended for project advisors.

5. dYdX (DYDX)

Unlock Date: May 1st Number of Tokens Unlocked: 33,330,000 DYDX Current Circulating Supply: 311,081,918 DYDX

In early 2023, the largest decentralized derivatives trading protocol dYdX announced changes to the project's original tokenomics. According to the update, 27.7% of the total DYDX supply will go to early investors, 26.1% will go to the treasury, 15.3% will be distributed among the team, 7.0% is reserved for future dYdX employees and consultants. The remaining tokens are intended for liquidity pools and user rewards.

Currently, about half of the total supply of 1 billion DYDX is in circulation.. The remaining tokens will be unlocked in small increments over the next three years.

Read also: What is DYDX? Everything you need to know about the dYdX Chain native token

6. Acala (ACA)

Unlock Date: May 1st Number of Tokens Unlocked: 27,430,000 ACA Current Circulating Supply: 962,499,997 ACA

Launched in 2019, Acala Network is a first-of-its-kind DeFi consortium formed by two teams of active participants in the Polkadot ecosystem — Laminar and Polkawallet. The platform enables smart contracts and is compatible with external blockchains (for example, Ethereum). ACA tokens unlocked on May 1 will be divided between strategic partners and the project team.

7. Galxe (GAL)

Unlock date: May 5 Number of tokens unlocked: 5,180,000 GAL Current circulating supply: 89,922,000 GAL

Galxe, formerly known as Project Galaxy, is the largest web3 credentials network helping brands and developers build trusted decentralized products. GAL token can be used to pay for Galaxy Oracle Engine and Credential API. In addition, its holders have the right to vote when making important decisions within the Project Galaxy DAO. Coins unfrozen during the next unlock will be at the disposal of the project team, the Galxe Foundation and the community.