In June, approximately $3.3 billion worth of cryptocurrency tokens are expected to be unlocked into the market, as the lock-up periods for some projects are coming to an end. In comparison, this figure represents a 32% decrease from the $4.9 billion in May.
Cryptocurrency projects use tokens for various purposes. For example, a company may promise to issue tokens to team members as a reward for their contributions, or sell them to early investors. However, to prevent early holders from selling off their tokens before the project matures, project teams typically lock these tokens for a period of time.
Data shows that $1.4 billion worth of tokens will be released through "cliff unlocking," while $1.9 billion will be gradually released through "linear unlocking." Cliff unlocking refers to the one-time release of a large amount or all of the vested tokens at a specific moment, while linear unlocking refers to the gradual release of tokens over time.
| Token | Unlock Amount | Percentage of Current Circulating Supply | Unlock Date | |-------|---------------|------------------------------------------|--------------| | ENA | 40.63 million | 0.70% | June 2 | | EIGEN | 1.29 million | 0.42% | June 3 | | IOTA | 8.63 million | 0.23% | June 4 | | MOCA | 2.43 million | 0.09% | June 6 |
Overview of core data for unlocking next week (June 2 to June 8). Source: Tokenomist
Ethena (ENA)
ENA is a governance token for a decentralized finance (DeFi) project based on the Ethereum blockchain, aimed at providing governance rights and incentive mechanisms for its ecosystem. One of the project's core products is USDe, a stablecoin pegged to the US dollar. ENA token holders can participate in governance decisions for the project, such as proposal voting and parameter adjustments.
In 2024, Ethena launched an airdrop campaign to encourage users to earn rewards by staking ENA or participating in the USDe ecosystem. For example, in collaboration with the Pendle protocol, users can stake ENA in Pendle's liquidity pool to earn additional yield bonuses. It is important to note that assets participating in these activities must remain in the wallet to qualify for the Ethena airdrop campaign.
Moca Network (MOCA)
MOCA is the native token of Moca Network, issued by the Moca Foundation, aimed at supporting an interoperable cultural economy network spanning multiple cultural verticals such as music, sports, gaming, education, and governance. The network is led by the Mocaverse project launched by Animoca Brands, dedicated to building an ecosystem composed of partner "subnets" and corresponding users.
Core Features
MOCA token unlocking curve. Source: Tokenmist
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Original article: “Token Unlock Weekly Report | Only 4 Projects Set for Unlock Next Week”
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