- Hedera Hashgraph will go through a token unlock on May 31st.
- Optimism will unlock crypto tokens worth over $572 million on the same day.
- 1inch Network will also unlock tokens equivalent to 16%.
Cryptocurrency prices were relatively mixed on Tuesday as American stocks jumped after the debt ceiling deal. AI-focused tokens like SingularityNET, The Graph, and Fetch AI also drifted upwards while Bitcoin and Ethereum retreated. 1Inch, Optimism, and Hedera Hashgraph prices retreated ahead of major events in their ecosystems.
Hedera Hashgraph (HBAR) token unlock
Hedera Hashgraph is a major layer-1 blockchain that makes it possible for developers to build dApps in key industries like DeFi and non-fungible tokens (NFT). One of its top claims to fame is the fact that Hedera’s governance council is made up of the leading blue-chip companies in the industry like IBM, LG, and Ubisoft among others.
The main Hedera Hashgraph news this week will be a token unlock that will release more than 1.27 billion tokens on May 31st. At the current price, these tokens are worth about $67 million, which is about 2% of the total supply. Hedera has a market cap of over $1.6 billion.
Data compiled byTokenUnlocks shows that about 43% of all Hedera Hashgraph’s HBAR tokens are still locked. The vesting schedule shows that all the tokens will be unlocked by March next year.
The upcoming Hedera Hashgraph unlocks likely explain why the HBAR price has dropped sharply in the past few weeks. It has dropped by over 40% from the highest level this year.
Optimism (OP) token unlock
The other important token unlock this week will come from Optimism, the fast-growing layer-2 network. Data shows that the developers will unlock more than 386 million OP tokens on May 31st. In dollar terms, these tokens are worth over $572 million, making it one of the biggest unlocks this year. Optimism now has over 1.54 billion locked tokens, with the vesting schedule set to end in August 2027.
Optimism is one of the most important layer-2 blockchains in the world. It has been used to build Coinbase’s Base blockchain and Worldcoin. As I wrote in this article, Worldcoin was built by Sam Altman, the founder of ChatGPT.
Optimism is a major player in DeFi, where its total value locked stands at over $1.2 billion, making it the 7th biggest chain in the world. Some of the top dApps using Optimism are AAVE, Curve, and Uniswap among others.
Optimism’s OP price has also been in a strong bearish trend. It plunged to a low of $1.50, the lowest level since January 13th.
1Inch Network
1Inch is a leading platform that provides a one-stop access to decentralized finance. It provides deep liquidity and the lowest slippage for crypto traders. Other solutions offered by 1inch network are staking and the ability for people to buy cryptocurrencies using fiat currencies. Data compiled by CoinMarketCap shows that the trading volume in the ecosystem stood at over $1.2 million in the past 24 hours.
1inch Network will have a token event on June 2 when the developers will release over 249.8 million tokens valued at over $99 million. This is important since the 1INCH token has a market cap of over $600 million. This represents an additional 16% to the total circulating supply.
Like Hedera Hashgraph and Optimism, 1INCH token has plunged to a low of $0.40, the lowest point since January 6 of this year.
