什麼是令牌解鎖，為什麼重要？

代幣解鎖會在以前的鎖定令牌（通常由項目團隊或早期投資者持有的）可用於交易時發生。

Token unlocks, a term used in the cryptocurrency domain, occur when previously locked tokens, often held by the project team or early investors, become available for trading. These lockups, also known as "vesting," aim to align long-term interests by deferring immediate gains and gradually introducing new supply over time.

代幣解鎖是加密貨幣域中使用的一個術語，當時通常由項目團隊或早期投資者持有的鎖定令牌可用於交易。這些鎖定者（也稱為“歸屬​​”）旨在通過推遲立即收益並逐漸引入新的供應來保持一致長期利益。

The importance of these events lies in their potential impact on the circulating supply: a sudden increase can put downward pressure on the price, especially if holders decide to sell off massively. However, the market reaction will depend on the size of the unlock, the project's reputation, and the overall crypto market sentiment at the time. Therefore, investors prefer to be aware of these events and adjust their strategies accordingly.

這些事件的重要性在於它們對循環供應的潛在影響：突然增加可能會給價格下降壓力，特別是如果持有人決定大量出售。但是，市場反應將取決於解鎖的規模，項目的聲譽以及當時的總體加密貨幣市場情緒。因此，投資者更喜歡意識到這些事件並相應地調整其策略。

This increase in supply can impact prices if not absorbed by equivalent demand. Projects often structure these unlocks gradually, but nevertheless, significant unlocks remain moments of heightened vigilance in the macroeconomic picture.

如果不同等需求吸收，供應的增加可能會影響價格。項目通常會逐漸構建這些解鎖，但是儘管如此，在宏觀經濟的情況下，顯著的解鎖仍然是警惕的時刻。

A $774 Million Tsunami : Key Unlockings to Watch

一筆耗資7.74億美元的海嘯：關鍵的解鎖

The upcoming week (12 – 18 May) will see several significant unique unlocks, converging to form a substantial total value. A glance at the key events in the table reveals the scale of the unlocks:

即將到來的一周（5月12日至18日）將看到幾個重要的獨特解鎖，並融合以形成大量的總價值。一瞥表中的關鍵事件揭示了解鎖的規模：

Other projects like BounceBit (BB), CyberConnect (CYBER), and Chain (XCN) are also mentioned in the initial information as having unique unlocks, which contribute to a total of over $774 million.

在初始信息中也提到了其他項目，例如BounceBit（BB），Cyber​​Connect（Cyber​​）和Chain（XCN），因為它具有獨特的解鎖，總計超過7.74億美元。

Each of these events deserves special attention due to the potential increase in liquidity and volatility. The percentages of the unlocked circulating supply vary, modulating the actual impact on each asset.

由於流動性和波動性的潛在增加，這些事件中的每一個都應特別關注。解鎖循環供應的百分比各不相同，從而調節對每個資產的實際影響。

The Importance of Unlocks in the Midst of Linear Releases

在線性版本中解鎖的重要性

Besides these sudden shocks, many major tokens are subject to linear unlocks, regularly releasing smaller but consistent amounts.

除了這些突然的衝擊外，許多主要令牌還要進行線性解鎖，定期釋放較小但一致的數量。

The cumulative effect can influence supply and medium-term prices. Tokens undergoing major linear unlocks (daily value > $1M) include Solana (SOL), Worldcoin (WLD), Celestia (TIA), Dogecoin (DOGE), Sui (SUI), and Polkadot (DOT). For these assets, the selling pressure is more diffuse but persistent, and investors need to take it into account.

累積效應會影響供應和中期價格。進行主要線性解鎖的令牌（每日價值> 100萬美元）包括Solana（Sol），WorldCoin（WLD），Celestia（Tia），Dogecoin（Doge），Sui（Sui）（Sui）和Polkadot（dot）。對於這些資產，銷售壓力更加分散但持久，投資者需要考慮到它。

This continual token release adds to the available supply and can, if demand does not match, exert latent downward pressure. Investors must incorporate this dynamic into their fundamental analysis.

此連續的令牌發布增加了可用的供應，如果需求不匹配，則可以施加潛在的向下壓力。投資者必須將這種動態納入其基本分析。

Navigating the Storm of Token Unlocks

導航令牌解鎖的風暴

Amidst this liquidity surge, caution is advised. Not all unlocks lead to price drops; holder intentions and project communication are crucial.

在這種流動性激增中，建議謹慎。並非所有解鎖都會導致價格下跌；持有人的意圖和項目溝通至關重要。

Every month, billions in new token supply flood the crypto market…But how much new capital is actually coming in to absorb that pressure ?Let's take a look 👇🏻

每個月，新令牌供應數十億美元淹沒了加密貨幣市場……但是實際上有多少新資本來吸收這種壓力？讓我們看看

Nevertheless, the risk of increased volatility is real, especially for tokens with significant unlocks relative to their supply. It is essential to research (DYOR), understand the tokenomics, and track schedules through specialized platforms like Tokenomist or CryptoRank.

然而，波動性增加的風險是真實的，尤其是對於具有顯著解鎖的令牌而言，相對於其供應而言。研究（Dyor），了解令牌學和通過Tokenomist或Cryptorank等專業平台進行跟踪時間表至關重要。

In conclusion, while unlocks may pose short-term challenges, they are part of the life cycle of many crypto projects. Their impact will depend on the project fundamentals and supply management. Rigorous analysis and constant monitoring are the best assets for navigating these potentially turbulent times.

總之，儘管解鎖可能會構成短期挑戰，但它們是許多加密項目的生命週期的一部分。它們的影響將取決於項目基礎和供應管理。嚴格的分析和持續監控是導航這些潛在湍流時期的最佳資產。