Explanation of this week’s unlocked tokens: DYDX, TORN, and 7 other projects are set to unlockThis week, DYDX, TORN, and 7 other projects are set to unlock their tokens.
HOP token’s circulating market value is 5.4 million US dollars, with 1.4 million US dollars unlocked this week.
This week, several tokens have experienced large-scale unlocks, including TORN, DYDX, EUL, HFT, HOP, 1INCH, and others. Among them, HOP has the largest proportion of unlocked amount to circulating market value, and TORN is also worth paying attention to.
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Project Twitter: https://twitter.com/TornadoCash
Amount unlocked this time: 175,000
Amount unlocked this time: (about) 630,000 US dollars
In August 2022, the Office of Foreign Assets Control (OFAC) under the US Treasury Department announced sanctions on Tornado Cash, accusing the service of laundering more than 7 billion US dollars over the past three years and helping the North Korean state-owned hacker group Lazarus Group evade US sanctions. Tornado Cash’s domain name was closed and the website became inaccessible. GitHub deleted the Tornado Cash code repository and suspended the developers’ accounts. Its developer Alexey Pertsev was arrested in Amsterdam in August 2022 on suspicion of aiding money laundering activities.
As the once most popular privacy transfer protocol, Tornado Cash disappeared. Although its decentralized version of the website can still be accessed through IPFS, the number of users and the popularity of this service have both decreased significantly.
TORN is the governance token of the Tornado Cash protocol, which can be used for voting and deciding the direction and improvement of the protocol. Users holding TORN tokens can also receive a portion of the protocol’s transaction fee income as a reward. Unfortunately, a few days after the sanctions were imposed, the Tornado Cash DAO announced its closure. At the same time, the team deleted the DAO’s multisig.
The “governance contract” received 91,667 unlocks this time, and the team and investors received 83,333 unlocks. (The team no longer exists, and they don’t intend to hold tokens and maintain the protocol, right?)
Currently, the remaining 33% of TORN tokens are still locked up.
The unlocking of TORN is relatively uniform, and there will be an unlock every month, with roughly the same amount unlocked each time.
Project website: https://dydx.exchange/
Amount unlocked in this round: 6,520,128
Amount unlocked in USD: (approx.) $70 million
The dYdX exchange is a decentralized perpetual contract exchange that operates on L2 blockchain systems and provides spot/leverage/lending services on L1. dYdX uses a hybrid infrastructure model, mainly non-custodial, on-chain settlement, and off-chain low-latency matching engine with an order book.
dYdX’s circulating market value exceeds $320 million and it is a well-known project with a high market value among the unlocked projects this week. This round will unlock approximately 6.5 million tokens, accounting for 0.65% of the total, which is not a high percentage. However, the locked size of dYdX tokens is huge, with 77% of dYdX tokens still locked. Calculated by circulating supply, the unlocked tokens this time amount to $67 million, accounting for 4% of the total circulating supply. This is a considerable number that deserves attention. Currently, the token is still in the conventional normalization unlocking process, with an unlock once a month.
Project website: https://www.euler.finance/
Amount unlocked in this round: 143,356
Amount unlocked in USD: (approx.) $27,000
There is still a huge unsatisfied demand for lending long-tail assets of encrypted assets. Euler is a customized permissionless lending agreement that helps users borrow and lend more Ethereum-based tokens than ever before.
Unlock overview: EUL’s circulating market value exceeds $34 million, and this round will unlock only $27,000, which has a minimal impact on the circulating supply.
Project website: https://www.hashflow.com/
Amount unlocked in this round: 3,230,889
Amount unlocked in USD: (approx.) $67 million
Hashflow is a decentralized exchange that aims to achieve zero slippage and MEV-protected transactions. Hashflow is currently available on multiple chains, such as Ethereum, BNB Chain, Polygon, Avalanche, Arbitrum, and Optimism; by introducing professional market makers to manage liquidity, it provides better trading prices and smaller slippage.
Similar to dYdX, HFT also has a large amount of tokens still locked, with up to 76% of the tokens still locked. The 3.23 million tokens unlocked this time account for about 0.3% of the total supply, but if viewed in terms of circulating supply, it is 0.8% of the circulating supply.
And from the release model, such unlocks occur once a month, and the market is already familiar with such unlock rhythms.
Project website: https://hop.exchange/
Amount unlocked this time: 20,000,000
Amount unlocked this time: (approximately) US$1.42 million
Through the flexible hToken algorithm, Hop allows encrypted assets to be transferred between sidechains, L2, and L1. Bonder on the Hop Protocol network acts as a liquidity provider, making assets available on both the sending and receiving chains and completing cross-chain bridge requests.
The cross-chain bridge of the Hop Protocol currently supports the Ethereum blockchain, Optimism, Arbitrum, Polygon, and Gnosis. The assets that can be bridged using this protocol include Ethereum, Polygon (Matic), USDT, DAI, USDC, and HOP.
The HOP token is the native token of the Hop Protocol and its ecosystem. It is the governance token of HopDAO and is used to vote on improvement proposals.
In terms of circulation, the unlocked amount of HOP this time is extremely large. Coingecko data shows that the current circulating supply of HOP is only 75,222,483, while the amount unlocked this time is as high as 20,000,000, which is 26% of the current circulating supply, a very large proportion. If these tokens flow into the market, it will have a significant impact on the market.
Project website: https://1inch.io/
Amount unlocked this time: 21,429
Amount unlocked this time: less than US$10,000
1inch is a decentralized trading aggregator designed to provide users with fast, low-cost, and efficient trading experiences. 1inch automatically selects the best trading path and price based on user needs by aggregating the liquidity of multiple Swaps. Users can seamlessly trade between different DEXs and get the best prices and liquidity.
The 1INCH token is the native token of the 1inch protocol and can be used to pay transaction fees and receive lower fees. 1INCH token holders can participate in the governance of the 1inch ecosystem and can also be used to receive additional rewards.
According to the 1INCH token economics, the tokens unlocked this time come from the team, early investors, and VC.
Currently, 20% of the total supply of 1INCH is still locked.
This unlocking is not worth excessive attention, with an unlocking amount of less than $10,000, which is the smallest unlocking amount among well-known projects this week.
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