Connect with us

Market

Find Out 5 Major Token Unlocks of Next Week

Published

on


Token unlock involves releasing tokens that were previously blocked under fundraising terms. Projects carefully schedule these releases to avoid market pressure and prevent a drop in token prices.

However, factors like lack of liquidity or early investor profit-taking can significantly impact an asset’s dynamics. Here are five major token unlocks to watch next week.

Optimism (OP)

  • Unlock date: May 31
  • Number of tokens unlocked: 31.34 million OP
  • Current circulating supply: 1.08 billion OP

Optimism is a Layer-2 scaling solution that aims to improve the speed and reduce the cost of transactions on the Ethereum mainnet. The OP token allows holders to govern the Optimism ecosystem by voting on proposals and decisions that shape the network’s development and management.

On May 31, the project will add over 30 million OP to the circulating supply. According to TokenUnlocks, the distribution will allocate these tokens to investors and core contributors.

Read more: Optimism vs. Arbitrum: Ethereum Layer-2 Rollups Compared

OP token unlock
OP Unlock. Source: token.unlocks

1inch (1INCH)

  • Unlock date: June 1
  • Number of tokens unlocked: 98.7 million 1INCH
  • Current circulating supply: 1.15 billion 1INCH

1inch is a decentralized exchange aggregator that sources liquidity from various DEXs to provide users with the best possible trading rates. It aims to optimize and simplify trading by finding the most efficient transaction routes, minimizing slippage, and reducing trading fees.

The next 1INCH token unlock is scheduled for June 1. The release will include nearly 100 million tokens, reserved for developers, early investors, and venture capital funds.

Read more: Top 11 DeFi Protocols To Keep an Eye on in 2024

1INCH token unlock
1INCH Unlock. Source: token.unlocks

dYdX (DYDX)

  • Unlock date: June 1
  • Number of tokens unlocked: 33.33 million DYDX
  • Current circulating supply: 279.8 million DYDX

In early 2023, dYdX, the largest decentralized perpetual futures trading protocol, announced changes to its initial tokenomics. According to the update, 27.7% of dYdX’s total supply will go to early investors, 26.1% to the treasury, 15.3% to the team, and 7.0% to future dYdX employees and consultants. Most DYDX unlocked on June 1 will be distributed among investors and the project team, with the remaining tokens reserved for future employees.

Read more: GMX vs. dYdX: A Comparison of Two Popular Decentralized Exchanges

DYDX token unlock
DYDX Unlock. Source: token.unlocks

Sui (SUI)

  • Unlock date: June 1
  • Number of tokens unlocked: 65.08 million SUI
  • Current circulating supply: 2.33 billion SUI

Sui is a high-performance Layer-1 blockchain that uses a Proof-of-Stake consensus algorithm to ensure network operation and security. The project was developed by Mysten Labs, a company founded in 2021 by former Novi Research employees who created the Diem blockchain and the Move programming language.

The SUI token facilitates governance, enabling token holders to vote on important proposals and shape the platform’s future. The next unlock will happen on June 1, releasing a significant portion of tokens set aside for Series A and B participants, community reserve, and the Mysten Labs treasury.

Read more: A Guide to the 10 Best Sui (SUI) Wallets in 2024

SUI token unlock
SUI Unlock. Source: token.unlocks

Ethena (ENA)

  • Unlock date: June 1
  • Number of tokens unlocked: 53.6 million ENA
  • Current circulating supply: 1.47 billion ENA

Ethena is a synthetic currency protocol built on Ethereum. It provides a native cryptocurrency solution independent of traditional banking, and also offers global users a dollar-denominated savings instrument called the ‘Internet Bond.’

The ENA token enables holders to vote on governance proposals. On June 1, the project will unlock over 50 million ENA dedicated to ecosystem development.

Read more: What Is Ethena Protocol and its USDe Synthetic Dollar?

ENA token unlock
SUI Unlock. Source: token.unlocks

Other big unlocks of the next week include Yield Guild Games (YGG), SingularityNET (AGIX), Echelon Prime (PRIME), Manta Network (MANTA), and Acala (ACA). The total value of released tokens exceeds $380 million.

Although token unlocks are often considered bearish, a well-planned schedule can enhance a project’s long-term viability. Aligned with milestones and development progress, unlocks will motivate team members, boost community engagement, and promote ecosystem growth.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



Source link

Market

Dark Web Criminals Are Selling Binance and Gemini User Data

Published

on


More than 100,000 users of popular crypto exchanges Binance and Gemini may be at risk after a trove of sensitive information appeared for sale on the dark web.

The leaked data reportedly includes full names, email addresses, phone numbers, and location details—raising alarms over growing cyber threats in the crypto sector.

Dark Web Actors Are Targeting Crypto Users

On March 27, a dark web user operating under the alias AKM69 listed a large database allegedly tied to Gemini, one of the largest crypto trading platforms in the US.

According to Dark Web Informer, the dataset mainly includes information about users from the United States, with a few entries from Singapore and the United Kingdom. The attacker claims the data could be used for marketing, fraud, or crypto recovery scams.

“The database for sale reportedly includes 100,000 records, each containing full names, emails, phone numbers, and location data of individuals from the United States and a few entries from Singapore and the UK,” the report stated.

It is unclear whether the leak resulted from a direct breach of Gemini’s systems or from other vulnerabilities, such as compromised user accounts or phishing campaigns.

Meanwhile, this incident followed another alarming listing on March 26.

According to the report, a separate dark web actor, kiki88888, allegedly offered a trove of Binance user data for sale. The database is said to hold over 132,000 entries, including the exchange users’ login information.

Threat Actor Selling Binance Users' Data.
Threat Actor Selling Binance Users’ Data. Source: X/Dark Web Informer

The Dark Web Informer suggests phishing attacks likely caused the breach rather than a compromise of the exchange’s systems.

“Some of you really need to stop clicking random stuff,” the Informer stated.

Binance and Gemini have yet to publicly comment on these incidents. However, phishing remains one of the most effective methods cybercriminals use to exploit crypto holders.

Scammers often impersonate official accounts or place misleading ads that redirect users to fake websites. Coinbase users are also being extensively targeted through phishing campaigns.

As BeInCrypto reported earlier, in March, Coinbase users lost over $46 million to social engineering scams.

Blockchain security firm Scam Sniffer revealed that phishing-related losses exceeded $15 million in the first two months of the year. This figure highlights the growing scale of the threat.

Given the rising threats, crypto users should stay vigilant and avoid unfamiliar links. They should also protect their accounts with two-factor authentication and hardware wallets whenever possible.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



Source link

Continue Reading

Market

South Carolina Could Spend 10% of Funds on Bitcoin Reserve

Published

on



Representative Jordan Pace introduced legislation to create a Bitcoin Reserve for South Carolina, joining a nationwide effort. Currently, nearly half of all US states have an active bill to create a similar Reserve.

However, the talking point that this bill “allows 10% of state funds” in Bitcoin investments is taking off like wildfire. It may scare off fiscal conservatives, which contributed to recent failures.

South Carolina Joins the Bitcoin Reserve Race

Since President Trump announced his intention to create a US Bitcoin Reserve, many state governments have attempted to create smaller models.

In the last month, these efforts have been intensifying, with more and more states joining the effort. Today, South Carolina filed its own Bitcoin Reserve bill, allowing the state to make substantial purchases:

“The State Treasurer may invest in digital assets including, but not limited to, Bitcoin with money that is unexpended, unencumbered, or uncommitted. The amount of money that the State Treasurer may invest in digital assets from a fund specified in this section may not exceed ten precent of the total funds under management,” it reads.

State Representative Jordan Pace proposed South Carolina’s Bitcoin Reserve legislation. He claimed that this bill “gives the Treasurer new tools to protect taxpayer dollars from inflation,” one of crypto’s most well-known use cases. Pace is currently the bill’s only sponsor, and it’s unclear what chances it has of passing.

Still, there may be challenges ahead. Similar proposals in other Republican-led states—like Montana and Wyoming—have already failed. This was largely due to concerns over using public funds to buy cryptocurrency.

Even though Trump backs the idea on a national level, not all GOP lawmakers are convinced at the state level.

That said, there are some signs of progress elsewhere. For example, Texas has advanced its Bitcoin Reserve bill, achieving bipartisan support. A key reason for its success is that the bill doesn’t require the state to make crypto purchases; it simply allows them at the Treasurer’s discretion.

Likewise, South Carolina’s bill wouldn’t force the state to invest 10% of its funds into Bitcoin. It just opens the door for that possibility, giving the state financial flexibility rather than a mandate.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



Source link

Continue Reading

Market

FDIC and CFTC Rescind Old Crypto Guidelines

Published

on



The FDIC and CFTC have both been working to change previous crypto guidelines. As federal regulators reconcile with the industry, they are removing old rules that specifically target crypto.

The former institution is removing the requirement that banks report crypto business, while the latter holds crypto to the same standards as other industries.

FDIC and CFTC Change Crypto Policies

The FDIC is one of the top financial regulators in the US, and it’s turning over a new leaf. After being one of the principal architects of Operation Choke Point 2.0, it recently began declassifying documents and changing rules that allowed crypto debanking.

Today, the agency is revoking a 2022 directive that impacted banks’ interactions with crypto:

“With today’s action, the FDIC is turning the page on the flawed approach of the past three years. I expect this to be one of several steps the FDIC will take to lay out a new approach for how banks can engage in crypto- and blockchain-related activities in accordance with safety and soundness standards,” said FDIC Acting Chairman Travis Hill.

Specifically, it rescinded a rule that mandated that all banks and institutions under its supervision notify the FDIC of any crypto involvement. The new guideline claims that banks “may engage in permissible crypto-related activities without receiving prior FDIC approval” without enacting any other policies.

Since Gary Gensler left the SEC, all the top US financial regulators have been trying to rework their relationship with crypto. In an apparent coincidence, the CFTC made a very similar move to the FDIC by rescinding two crypto guidelines.

Both of these actions did not establish a new policy; they merely removed the old ones.

Essentially, both of the CFTC’s rule changes are set to ensure that crypto-related derivatives are subject to the same requirements as non-crypto ones. This is somewhat surprising, considering that the industry has typically tried to insist that it necessitates specific regulations.

However, this is largely beside the point. The FDIC and CFTC are both working to remove previous guidelines that opposed the crypto industry.

These institutions will undoubtedly be amenable to creating new ones in the spirit of cooperation. In the meantime, this olive branch can help build a lot of goodwill.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



Source link

Continue Reading

Trending

Copyright © 2024 coin2049.io