明年，许多加密货币项目将释放出用于预备和社区目的的大量代币，从而为加密货币市场提供一些主要的供应方面的逆风。

由于其不太循环的状态不受限制，现在有850万个ETH可以跨越市场以影响价格动态。

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.

在不断变化的加密货币景观中，即将到来的一年将看到一个独特的挑战，因为几个项目释放了大量以前用于预备和社区目的的代币。这一举动虽然对项目的开发至关重要，但也可能带来巨大的供应方面的逆风，尤其是在当前市场的气氛下。

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.

在接下来的12个月中为值得注意的令牌解锁准备的项目包括$ conx，$ gun，$ parti，$ bmt，$ ai，$ wld和$ elx。这些项目将共同引入总计超过10亿美元的代币流通。为了看一看，如果我们以当前的市场价格将所有这些代币转换为美元，总价值约为8.66亿美元。从本质上讲，这笔款项几乎是美国零售投资者持有的整个加密货币持有的一半。

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.

由于其不太循环的状态不受限制，现在有850万个ETH可以跨越市场以影响价格动态。它们是850万ETH（如果将最后一个都折回市场，从统计学上讲，这可能是零售投资者现在所持有的一半，这远远足以使小型浮雕市场的市场感到不满。

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.

当然，内部令牌解锁并不总是与立即价格下降或令牌转储相关联。但是，不仅对这些解锁，而且相对于当前循环供应的规模，也可以帮助美国投资者衡量实际风险。在以下组合的项目中尤其如此：（1）积极的排放时间表； （2）近期的实际令牌数量最少，市场浮动。

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

$ CONX和$ GUN：高风险，高供应影响

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的最壮观的解锁将是$ 5.073亿美元的代币释放，与目前循环供应的2,050％相同。尽管该供应在技术上应该已经解锁，但尚未进入实际循环市场。实际解锁可能会导致重大价格中断。如果需求不跟上步伐，$ CONX可能会经历一些崎sea的海洋。 $ conx的持有人和观察者，为第二次波动率做准备。

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.

接下来是$枪支，$ 6575万美元的代币将解锁，占其循环供应的171.9％。在这里，我们有一个极端的情况，即面向高排放曲线的低浮标令牌。凭借完全稀释的估值（FDV），很难理解和有限的供应供应，当枪支价格上升的任何向上移动都可能看到同样大的下降腿，而该因素中的一个因素是枪支项目的临时财政部。

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

中盘压力：$ 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.

中股项目还目睹了可以重塑其供应动态的实质性解锁事件。 $ Parti即将分配价值9796万美元的代币，相当于其循环供应量的109.9％。实际上，这意味着，当前可交易的$ parti的两倍以上可能会在一年内流通。对于投资者而言，这表明我们的资产潜在稀释，除非我们看到生态系统中的某些同样积极的增长或需求吸收所有这些令牌。

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.

同样，具有较小市值的代币（$ bmt）面临2795万美元的解锁，相当于其循环供应量的102.8％。小型代币通常更容易受到解锁的影响，因为它们的订单较薄，流动性很少。即使是中等重量的分布也会导致一种感觉像集中的垃圾场。而且，除非该项目具有清晰，交错的释放机制，否则可能会以解锁的方式发生这种情况，从而确保感觉像某种集中的垃圾场。

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.

接下来是$ ai，另一个在Web3中AI的兴起而引起关注的另一个项目。然而，它拥有2507万美元的储备金，而将被解锁的社区代币占当前供应量的99.4％。尽管AI部门正在飙升，但除非代币的采用和实物繁忙，否则$ AI的供应可能会超过其需求。

Long-Term Emissions: $WLD and $ELX

长期排放：$ 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

尽管从相对方面并不那么极端，但WLD以绝对价值领先，价值11.5亿美元的代币计划被解锁，占其循环供应的88.6％。这里的区别在于其缓慢的排放模型，该模型以一致的每月曲线分配令牌。而供应突然的冲击会造成立即的价格影响（如BICO所见），但很长