$82M in Token Unlocks Coming for $IMX, $TAIKO, and More
This week, the blockchain ecosystem is set to witness significant token unlocks across multiple prominent projects, totaling over $82.46 million. These unlocks, which include well-known projects like Immutable (IMX), Taiko (TAIKO), and others, mark crucial milestones in the ongoing evolution of decentralized finance (DeFi) and blockchain technology.
Major Token Unlocks: Immutable (IMX) Leads the Pack
Immutable (IMX), a pioneering layer-two scaling solution for NFTs on Ethereum, is preparing for a major token unlock event on September 6, 2024. Immutable addresses critical challenges such as Ethereum’s scalability limitations, poor user experience, liquidity issues, and slow developer processes.
The Immutable token unlocks will release 32.47 million IMX tokens, equivalent to 2.06% of its circulating supply, with a total value of $46.11 million. This is the largest token unlock of the week and is allocated to the community and foundation reserve.
Source: X
Taiko (TAIKO), an open-source, permissionless ZK-Rollup that scales Ethereum while maintaining its native feel, will also see a significant token unlock. Scheduled for September 5, 2024, this event will release 12 million TAIKO tokens, accounting for 19.02% of its circulating supply.
The Taiko token unlocks, valued at $20.28 million, is the second-largest of the week and will be allocated to the community. Taiko’s decentralized approach allows the community to manage all aspects of the platform, enhancing scalability without compromising Ethereum’s core principles.
Mode (MODE), a modular DeFi Layer 2 solution integrated into the Optimism Superchain, will undergo a token unlock on September 6, 2024. This Mode token unlocks will release 1.95 million MODE tokens, representing 38.46% of its circulating supply, with a total value of $6.39 million.
The tokens will be allocated to the community. Mode, which launched its mainnet in January 2024, continues to strengthen its position within the DeFi space with this significant token release.
Ethena (ENA), a synthetic dollar protocol on Ethereum, is set for a token unlock on September 8, 2024. This Ethena token unlocks will release 14.89 million ENA tokens, or 0.82% of its circulating supply, with a total value of $3.57 million.
The tokens will be allocated to the community, further supporting Ethena’s mission to provide a crypto-native monetary solution independent of traditional banking infrastructure.
Galxe (GAL), a leading Web3 credential data network, will have a token unlock on September 2, 2024. This Galxe token unlocks will release 1.03 million GAL tokens, worth $2.31 million, and will be allocated to the Foundation Reserve.
Hashflow (HFT), a DEX aggregator providing extensive liquidity across top blockchains, will also see a token unlock on September 7, 2024.
This Hashflow token unlocks will release 13.62 million HFT tokens, valued at $1.95 million, which will be distributed among the Founder/Team, Community, and private investors.
Finally, dYdX (DYDX), a proof-of-stake blockchain network developed with the Cosmos SDK, will unlock 1.03 million DYDX tokens on September 3, 2024. This unlock, worth $1.46 million, will be allocated to the community.
Also Read: Sony Introduced Soneium Minato Testnet for Web3 Development
Disclaimer
This article is for informational purposes only and does not constitute financial advice. Please conduct your own research before making any investment decisions.
