Last Updated on May 31, 2023 by Bitfinsider
This week, the token unlocks scheduled for the cryptocurrency networks Optimism and Sui will dramatically increase each of their circulating token supplies.
Layer 2 network on Ethereum According to Token Unlocks, Optimism is experiencing the biggest unlock, with 387 million tokens expected to be issued on May 31 and valued at $590 million. With this, the supply of tokens will increase by 114% and account for 9% of the entire token supply. The main recipients of the tokens will be investors and primary contributors.
This occurs a week before Optimism’s Bedrock upgrade, which is planned to save costs and boost performance. Despite this, the cost of Optimism’s native token, OP, has decreased by 6% over the past 24 hours from $1.64 to $1.52, ahead of the unlock.
First-layer blockchain On June 3, a slightly lower amount of tokens—61 million ($62 million)—will be unlocked for Sui, raising the circulating supply by 13%. Until November, when the supply in circulation doubles, unlocks like this one for Optimism will be commonplace.
The Sui unlock differs in that tokens will be given to retail customers as part of an airdrop, as Alex, an analyst at cryptocurrency trading firm Scimitar Capital, discovered as part of the company’s community access program. Additionally, some tokens will be donated to the Sui Foundation.
Therefore, he stated on Twitter, “there are additional complex aspects you should consider when calculating the relative influence on price for these events, even though the OP unlock is for 114% of supply and SUI is for 13%.
This month has already seen a number of significant token unlocks. Avalanche released 9.5 million tokens ($139 million), or 1.3% of its total supply, on May 28. However, the price of the token was not significantly affected.
How to buy or trade SUI on ProEX
You can buy or trade SUI on ProEX. As ProEX frequently holds campaigns and events, you should check out its event page here to see if you can participate and win rewards as you trade.
On ProEX, you can trade SUI as a spot pair (SUI/USDT) in 3 simple steps:
- Sign up and register an account on ProEX
- Buy USDT via ProEX One-click Buy
- Trade SUI/USDT at ProEX Spot
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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.
