明年，許多加密貨幣項目將釋放出用於預備和社區目的的大量代幣，從而為加密貨幣市場提供一些主要的供應方面的逆風。

由於其不太循環的狀態不受限制，現在有850萬個ETH可以跨越市場以影響價格動態。

In the ever-shifting landscape of cryptocurrency, the year ahead will witness a unique challenge as several projects release substantial quantities of tokens previously set aside for reserve and community purposes. This move, while crucial for a project’s development, might also bring forth significant supply-side headwinds, particularly in the current market climate.

在不斷變化的加密貨幣景觀中，即將到來的一年將看到一個獨特的挑戰，因為幾個項目釋放了大量以前用於預備和社區目的的代幣。這一舉動雖然對項目的開發至關重要，但也可能帶來巨大的供應方面的逆風，尤其是在當前市場的氣氛下。

Among the projects preparing for noteworthy token unlocks in the next 12 months are $CONX, $GUN, $PARTI, $BMT, $AI, $WLD, and $ELX. Together, these projects will be introducing a total of more than $1 billion in tokens back into circulation. To put this into perspective, if we were to convert all of these tokens to US dollars at their current market prices, the total value would be approximately $866 million. In essence, this sum is almost half of the entire cryptocurrency holdings reportedly held by U.S. retail investors.

在接下來的12個月中為值得注意的令牌解鎖準備的項目包括$ conx，$ gun，$ parti，$ bmt，$ ai，$ wld和$ elx。這些項目將共同引入總計超過10億美元的代幣流通。為了看一看，如果我們以當前的市場價格將所有這些代幣轉換為美元，總價值約為8.66億美元。從本質上講，這筆款項幾乎是美國零售投資者持有的整個加密貨幣持有的一半。

Unfettered by their not-quite-circulating status, there are 8.5 million ETH that could now crisscross the market to affect price dynamics. They are 8.5 million ETH—which, if every last one of them were to be folded back into the market, might statistically amount to half of what retail investors are now holding—more than enough to upset the market for small-token floats.

由於其不太循環的狀態不受限制，現在有850萬個ETH可以跨越市場以影響價格動態。它們是850萬ETH（如果將最後一個都折回市場，從統計學上講，這可能是零售投資者現在所持有的一半，這遠遠足以使小型浮雕市場的市場感到不滿。

Of course, internal token unlocks are not always associated with immediate price drops or token dumps. However, a “next-level” understanding of not just these unlocks, but also of their scale relative to the current circulating supply, can help us investors gauge the real risks. This is especially true in projects with some mix of: (1) aggressive emission schedules; (2) a near-term number of actual tokens that have a minimal market float.

當然，內部令牌解鎖並不總是與立即價格下降或令牌轉儲相關聯。但是，不僅對這些解鎖，而且相對於當前循環供應的規模，也可以幫助美國投資者衡量實際風險。在以下組合的項目中尤其如此：（1）積極的排放時間表； （2）近期的實際令牌數量最少，市場浮動。

$CONX and $GUN: High Risk, High Supply Impact

$ CONX和$ GUN：高風險，高供應影響

The next year will see the most spectacular unlocking for $CONX, with a stunning $507.3 million in tokens up for release—equivalent to a breathtaking 2,050% of its current circulating supply. While this supply should already be technically unlocked, it hasn’t yet entered the actual circulating market. The actual unlocking could cause major price disruption. If demand doesn’t keep pace, $CONX could experience some rough seas ahead. Holders and watchers of $CONX, prepare for volatility times two.

第二年，$ CONX的最壯觀的解鎖將是$ 5.073億美元的代幣釋放，與目前循環供應的2,050％相同。儘管該供應在技術上應該已經解鎖，但尚未進入實際循環市場。實際解鎖可能會導致重大價格中斷。如果需求不跟上步伐，$ CONX可能會經歷一些崎sea的海洋。 $ conx的持有人和觀察者，為第二次波動率做準備。

Next in line is $GUN, with $65.75 million in tokens set to unlock, constituting 171.9% of its circulating supply. Here we have an extreme case of a low float token facing a high emission curve. With a fully diluted valuation (FDV) that is hard to fathom and a limited supply to work with, any upward move in GUN’s price could see an equally large down leg when one factors in that unlocked tokens serve as a makeshift treasury for the GUN project.

接下來是$槍支，$ 6575萬美元的代幣將解鎖，佔其循環供應的171.9％。在這裡，我們有一個極端的情況，即面向高排放曲線的低浮標令牌。憑藉完全稀釋的估值（FDV），很難理解和有限的供應供應，當槍支價格上升的任何向上移動都可能看到同樣大的下降腿，而該因素中的一個因素是槍支項目的臨時財政部。

Mid-Cap Pressure: $PARTI, $BMT, and $AI

中盤壓力：$ parti，$ bmt和$ ai

Mid-cap projects are also witnessing substantial unlock events that could remodel their supply dynamics. $PARTI is about to distribute $97.96 million worth of tokens, which is equivalent to 109.9% of its circulating supply. In effect, this means that more than double the currently tradable amount of $PARTI could be in circulation within a year. For investors, that’s pointing to potential dilution of our assets unless we see some equally aggressive growth in the ecosystem or demand that would absorb all those tokens.

中股項目還目睹了可以重塑其供應動態的實質性解鎖事件。 $ Parti即將分配價值9796萬美元的代幣，相當於其循環供應量的109.9％。實際上，這意味著，當前可交易的$ parti的兩倍以上可能會在一年內流通。對於投資者而言，這表明我們的資產潛在稀釋，除非我們看到生態系統中的某些同樣積極的增長或需求吸收所有這些令牌。

In the same way, the token with a smaller market cap, $BMT, faces an unlock of $27.95 million—equal to 102.8% of its circulating supply. Small-cap tokens are usually more vulnerable to unlocks because they have thin order books and very little liquidity. Even moderately heavy distribution can lead to an unlock that feels like a concentrated dump. And unless the project has a clear, staggered release mechanism, this is likely to happen, with the manner of the unlock ensuring that it feels like some sort of concentrated dump.

同樣，具有較小市值的代幣（$ bmt）面臨2795萬美元的解鎖，相當於其循環供應量的102.8％。小型代幣通常更容易受到解鎖的影響，因為它們的訂單較薄，流動性很少。即使是中等重量的分佈也會導致一種感覺像集中的垃圾場。而且，除非該項目具有清晰，交錯的釋放機制，否則可能會以解鎖的方式發生這種情況，從而確保感覺像某種集中的垃圾場。

Next is $AI, another project that’s gaining attention with the rise of AI in Web3. Yet, it has $25.07 million in reserves, and community tokens that are set to be unlocked constitute 99.4% of the current supply. While the AI sector is surging, $AI’s supply could very well outstrip its demand unless the token’s adoption and utility burgeon in kind.

接下來是$ ai，另一個在Web3中AI的興起而引起關注的另一個項目。然而，它擁有2507萬美元的儲備金，而將被解鎖的社區代幣佔當前供應量的99.4％。儘管AI部門正在飆升，但除非代幣的採用和實物繁忙，否則$ AI的供應可能會超過其需求。

Long-Term Emissions: $WLD and $ELX

長期排放：$ WLD和$ elx

Although it is not as extreme in relative terms, WLD leads in absolute value with 1.15 billion dollars worth of tokens that are scheduled to be unlocked, representing 88.6 percent of its circulating supply. The difference here is its slow emission model, which distributes the tokens in a consistent, monthly curve. Whereas sudden shocks to supply cause immediate price impacts (as seen with BICO), a long

儘管從相對方面並不那麼極端，但WLD以絕對價值領先，價值11.5億美元的代幣計劃被解鎖，佔其循環供應的88.6％。這裡的區別在於其緩慢的排放模型，該模型以一致的每月曲線分配令牌。而供應突然的衝擊會造成立即的價格影響（如BICO所見），但很長