Approximately $3 billion worth of tokens will be unlocked during this week, the highest token unlock in a week since September. Out of the $3 billion, around $2 billion in tokens were unlocked on Monday.
The rest $1 million tokens are apportioned to be unlocked through the rest of the 6 days. As such, today $46 million fresh tokens are scheduled to hit the market.
50 million SIGN to hit market
SIGN is the native token of Sign Protocol – a blockchain infrastructure platform focused on on-chain attestations, credential verification, and mass token distribution/vesting/airdrops.
The protocol is “omni-chain,” meaning it aims to work across multiple blockchains, enabling identities, credentials, distributions, and attestations to be verified or executed across chains.
SIGN is an ERC-20 token (and equivalent BEP-20/Base) — so technically it’s a standard fungible token on Ethereum (and interoperable across EVM-compatible blockchains) rather than a token native to a separate blockchain.
The Sign project will unlock almost 50 million tokens in one round on November 28. Around 0.5% of the total supply, worth about $2 million, will be released. With the release of the new batch of tokens in two days, the unlock supply will cross above 17%.
Eigen layer will unlock 22 million tokens
Eigen layer is a protocol that opens the door for a new concept of re-staking. This protocol allows the stakers to use their staked ETH or Liquid Staking Tokens (LST) across various decentralized services within the EigenLayer ecosystem.
Eigen will unlock more than 36 million tokens, which is worth about $22 million in four days. Priced at $0.6, EIGEN has been crashing since the beginning of October. With more supply on the way in a few days, the token might further crash.
Jupiter to unlock 50 million tokens
Built on the Solana blockchain, Jupiter Network is a decentralized finance (DeFi) protocol. It started operating as a DEX aggregator in 2021, which goes through many decentralized exchanges on Solana and finds the best route for token swaps, giving users the best price with minimal slippage.
Jupiter will unlock more than 52 million JUP tokens into the open market in two days. The project has unlocked around 31.7% of the total supply of tokens and will continue unlocking 52 million tokens on the 28th of every month in two rounds.
The release of the token could not have come at a better time. This week, the US economic data will be released, and the Fed’s interest rate decision will be made on December 10. The upcoming events will dictate how the crypto markets will behave in the future.
