Watch for These 3 Major Token Unlocks Happening Next Week

Token unlocks free up tokens previously restricted under fundraising agreements. Projects schedule these events strategically to reduce market pressure and stabilize prices.

Several projects are gearing up for major token unlocks next week, an event that can significantly impact the market. These unlocks usually involve freeing up tokens that were previously restricted under fundraising agreements.

The token unlocks are scheduled strategically by projects to minimize market pressure and stabilize prices. Here are three major token unlocks to watch for next week.

Ethena (ENA)

Ethena is a synthetic currency protocol on Ethereum that offers a solution independent of traditional banking. The protocol also provides global users with a dollar-denominated savings tool known as the “Internet Bond.”

ENA is the native token of the protocol, which allows holders to participate in governance decisions. On December 25, Ethena will unlock over 12 million ENA tokens, valued at $13.73 million, which will be allocated toward ecosystem development.

Cardano (ADA)

Cardano is known for its focus on sustainability, security, and scalability, playing a key role in advancing decentralized applications and smart contracts. On December 26, the project will unlock over 18 million ADA tokens, valued at $16.92 million, which will be allocated for staking and the treasury fund reserve.

Immutable (IMX)

Immutable is a Layer-2 solution for scaling NFTs on Ethereum. The project raised $12.5 million in just one hour during its IMX token sale on CoinList in September 2021. By March 2022, it secured $60 million in an investment round, followed by $200 million from investors including ParaFi Capital, Declaration Partners, and Tencent Holdings.

On December 27, Immutable will release 24.52 million IMX tokens. These tokens are designated to support project development and drive growth within the broader Immutable ecosystem.

Next week’s cliff token unlocks will also include Yield Guild Games (YGG), Eigen Layer (EIGEN), and Artificial Superintelligence Alliance (FET), among others, with a total combined value exceeding $120 million.