Token unlocks are crucial events in the cryptocurrency space, impacting market dynamics and investor sentiments. This blog post will cover the token unlock events of 1INCH Token Unlock Event and the Optimism OP Token Unlocking Event, shedding light on the details and implications for investors.
Exploring the 1inch Network’s Aggregation Protocol
The 1inch Network pioneers decentralized exchange (DEX) aggregation through its innovative protocol. The Pathfinder algorithm, navigates over 300 liquidity sources across 10 chains, ensuring users attain optimal rates. These chains include Ethereum, BNB Chain, Polygon, Avalanche, and more.
The 1INCH token serves dual roles as a governance and utility token. Token holders can stake their 1INCH to actively participate in the 1inch Network’s DAO governance actively, influencing decisions related to the 1inch DAO Treasury. Moreover, holders can select resolvers, earning a share of associated fees.
Key Metrics for 1INCH
As of now, 1INCH is priced at $0.3432, with a market cap of $357,293,640. The circulatory supply stands at 1,041,206,296 1INCH tokens, while the total supply is 1,500,000,000.
Decoding the 1INCH Token Unlock Event
On Dec 01, 2023, 1inch will unlock 98.74 million 1INCH tokens, valued at $33.87 million. This event covers 9.48% of the circulatory supply. These tokens will be allocated to the Team/Investors/VC, contributing to the overall ecosystem.
Unlocked and Untracked: A Snapshot
Out of the total supply, 72.39% of 1INCH tokens have been unlocked by the network, leaving 7.48% untracked. The previous unlock event on Nov 23, 2033, experienced a price decline from $0.3556 to the current value of $0.3433, marking a 3.46% change.
Optimism OP Token: Enhancing Ethereum’s Scalability
Optimism (OP) operates as a layer-two blockchain, augmenting Ethereum’s scalability through optimistic rollups. Hosting a TVL exceeding $500 million, Optimism supports 97 protocols, including Synthetix, Uniswap, and Velodrome.
Key Metrics for OP Token
At present, the OP token is valued at $1.72, with a market cap of $1,512,554,218. The circulatory supply stands at 880,917,403 OP tokens, constituting 20.51% of the total supply.
Unlocking OP Tokens: A Strategic Move
Optimism is set to unlock 24.16 million OP tokens, worth $41.55 million, covering 2.74% of the circulatory supply. Core Contributors and Investors stand to benefit from this event, with allocations of 12.75 million OP tokens ($21.93 million) and 11.41 million OP tokens ($19.62 million), respectively.
Analyzing Price Movements
Comparing the previous unlock event on Oct 30, 2023, OP’s price has surged from $1.40 to the current $1.72, indicating a significant 22.86% increase in value.
Conclusion
Token unlock events play a pivotal role in shaping the trajectory of cryptocurrency projects. As we anticipate the 1INCH and Optimism OP Token Unlock Events, investors and enthusiasts are closely watching these developments unfold, recognizing the potential impact on market dynamics.
