Crypto tokens worth more than $773 million will enter the market over the next seven days. Notably, three major ecosystems, Sui (SUI), EigenCloud (EIGEN), and Ethena (ENA) will release significant new token supply into circulation in the first week of October.
The token unlocks will inject fresh liquidity into the market and can also trigger price swings and volatility. So, here is a breakdown of what to watch for in each project.
1. Sui (SUI)
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- Unlock Date: October 1
- Number of Tokens to be Unlocked: 44 million SUI (0.44% of Total Supply)
- Current Circulating Supply: 3.568 billion SUI
- Total Supply: 10 billion SUI
Sui is a high-performance Layer-1 blockchain. It utilizes the Move programming language to enable scalable, secure, and efficient decentralized applications (dApps). Moreover, the network focuses on parallel execution for high throughput, making it suitable for gaming, decentralized finance (DeFi), and Web3 ecosystems.
On October 1, Sui will unlock 44 million SUI tokens as part of its ongoing monthly vesting schedule. This stack represents 1.23% of the released supply. Furthermore, it is worth approximately $145.18 million.
SUI Token Unlock in October. Source: TokenomistOf the unlocked supply, 19.32 million SUI will go to Series B investors. Community reserve and early contributors will get 12.63 million and 9.98 million SUI, respectively. Lastly, Mysten Labs will receive 2.07 million altcoins.
2. EigenCloud (EIGEN)
- Unlock Date: October 1
- Number of Tokens to be Unlocked: 36.82 million EIGEN (2.1% of Total Supply)
- Current Circulating Supply: 339.49 million EIGEN
- Total Supply: 1.749 billion EIGEN
EigenCloud (formerly EigenLayer) is a verifiable cloud platform built on the EigenLayer protocol. It offers developers a unified infrastructure to create trustless, verifiable Web3 applications and services.
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On October 1, the network will unlock 36.82 million EIGEN tokens, worth around $64.80 million. The unlocked tokens represent 13.77% of the released supply.
EIGEN Token Unlock in October. Source: TokenomistThe team will split the unlocked supply two ways. Investors will gain 19.75 million tokens. Moreover, early contributors will get 17.07 million EIGEN.
3. Ethena (ENA)
- Unlock Date: October 2
- Number of Tokens to be Unlocked: 40.63 million ENA (0.27% of Circulating Supply)
- Current Circulating Supply: 6.889 billion ENA
- Total Supply: 15 billion ENA
Ethena is a synthetic dollar protocol built on Ethereum (ETH). The protocol’s flagship product is USDe, a synthetic dollar stablecoin. Furthermore, ENA is the protocol’s governance token.
The team will release 40.63 million ENA tokens on October 2 via its cliff vesting schedule. The tokens, worth $23.42 million, account for 0.62% of the released supply.
ENA Token Unlock in October. Source: TokenomistEthena will award the entire unlocked supply to the Foundation. In addition to these three, Immutable (IMX), ZetaChain (ZETA), and IOTA (IOTA) will also experience new supply entering the market in the first week of October.
Source: https://beincrypto.com/crypto-token-unlocks-first-week-of-october/
