Market
SUI, IO, ENA and More
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 six major token unlocks to watch next week.
dYdX (DYDX)
- Unlock date: July 1
- Number of tokens unlocked: 8.33 million DYDX
- Current circulating supply: 268.29 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 July 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
Sui (SUI)
- Unlock date: July 1
- Number of tokens unlocked: 64.19 million SUI
- Current circulating supply: 2.42 billion SUI
Sui is a high-performance Layer-1 blockchain that utilizes a Proof-of-Stake consensus to increase 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 July 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
io.net (IO)
- Unlock date: July 1
- Number of tokens unlocked: 7.5 million IO
- Current circulating supply: 65 million IO
Io.net is a DePIN protocol built on the Solana blockchain infrastructure, focusing on providing computing power from GPUs to artificial intelligence (AI) and machine learning (ML) companies. The project gained significant attention after successfully raising $30 million in a Series A round led by Hack VC.
IO is the utility and governance token of the io.net. Users utilize it for staking, delegating, paying fees, rewarding node runners, and accessing DAO voting within the platform. On July 1, io.net will distribute 7.5 million IO tokens to its community members.
Read more: What Is DePIN (Decentralized Physical Infrastructure Networks)?
Galxe (GAL)
- Unlock date: July 5
- Number of tokens unlocked: 3 million GAL
- Current circulating supply: 115 million GAL
Galxe (previously Project Galaxy) is a Web3 credential data network that empowers developers to leverage digital credentials. It enables projects to reward and engage their users through various credential-based activities.
The GAL token is the native utility token of the Galxe platform, used for governance, staking, and accessing premium features.
On July 5, the project will unlock and distribute 3 million GAL tokens among the Galxe Foundation, team, and community.
Read more: Decentralized Identity and the Future of Web3: What To Know
Hashflow (HFT)
- Unlock date: July 7
- Number of tokens unlocked: 13.62 million HFT
- Current circulating supply: 406 million HFT
Hashflow is a decentralized exchange (DEX) that facilitates seamless cross-chain trading and asset swaps with zero slippage. It leverages advanced market-making techniques to pr efficient and accurate pricing. The HFT token is the native utility token of the Hashflow platform, used for governance, staking, and rewarding users.
On July 7, the project will increase the circulating supply by 13.62 million HFT. According to TokenUnlocks, early investors and the core team will receive 7.63 million tokens. The remaining coins will be used for community rewards and ecosystem development.
Read more: 17 Best No KYC Crypto Exchanges: Top Choices in 2024
Ethena (ENA)
- Unlock date: July 7
- Number of tokens unlocked: 14.89 million ENA
- Current circulating supply: 1.61 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 July 7, the project will unlock almost 15 million ENA dedicated to ecosystem development.
Read more: What Is Ethena Protocol and its USDe Synthetic Dollar?
Other next-week unlocks include Maverick Protocol (MAV), ZetaChain (ZETA), and Acala (ACA) with a total value exceeding $122 million.
Although many consider token unlocks bearish, a well-planned schedule can strengthen 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 Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Polymarket Faces Ban in France as US Election Betting Ends
According to a report from The Big Whale, the National Gaming Authority (ANJ), France’s gambling regulator, is preparing to block the prediction markets platform Polymarket.
Polymarket, the decentralized platform that allows users to bet on the outcome of political events, sports, and other occurrences using cryptocurrency, has gained popularity in recent months, especially with bets surrounding the US presidential election. More than $3.2 billion was reportedly wagered on the platform during this high-stakes period, with a record-breaking $294 million in volume on November 5 alone.
France Users May No Longer Access Polymarket
According to The Big Whale, a French website that covers the crypto industry, the ANJ’s impending ban comes after a French trader placed a $30 million bet on a Trump victory, reportedly attracting the regulator’s scrutiny.
The trader’s wager positioned him to make approximately $19 million in profits, a sum that has intensified concerns over Polymarket’s compliance with French gambling laws. A source close to the ANJ stated that despite Polymarket’s use of blockchain and cryptocurrency, its activities are akin to gambling, making it subject to restrictions under French law.
“We are aware of this site and we are currently examining its operation as well as its compliance with French gambling legislation,” The Big Whale reported, citing an ANJ spokesperson.
Read more: What is Polymarket? A Guide to The Popular Prediction Market
Legal expert William O’Rorke from ORWL Avocats explained that although Polymarket does not specifically target French users, its activities fall squarely under gambling regulations.
“Polymarket involves betting money on uncertain outcomes, which aligns with the legal definition of gambling,” O’Rorke noted.
Against this backdrop, the ANJ is well within its mandate to block the platform’s access in France. Accordingly, the French regulator may enforce the ban by blocking Polymarket’s domain name in France. It amy also pressure third-party players, like media outlets and online directories, to limit access to Polymarket links.
However, French users may still circumvent this by using virtual private networks (VPNs). This is because Polymarket’s crypto-based infrastructure allows for relatively anonymous participation.
France’s looming ban is not the first regulatory roadblock Polymarket has encountered. In 2022, the US Commodity Futures Trading Commission (CFTC) fined Polymarket $1.4 million for failing to register as a designated contract market. The CFTC also challenged Kalshi’s operations due to questions about betting on political events.
Polymarket’s Fate After US Elections
Meanwhile, the US election was a significant catalyst for Polymarket. It drove the platform to new heights in user engagement and bet volume. Polymarket’s election-related markets have been featured on major financial platforms, including Bloomberg, highlighting the platform’s appeal to mainstream finance.
As BeInCrypto reported, Polymarket’s election betting topped $3 billion, reflecting unprecedented participation. The platform, however, faces a crossroads in its path forward. Following the climax of the US election on Wednesday, data from Dune Analytics shows a steep decline in Polymarket’s activity.
Daily active addresses and transaction volumes, which soared in the election lead-up, have notably dwindled as election-related betting winds down. For instance, Polymarket’s open interest, a key indicator of active betting engagement, dropped from $350 million to $268 million after the polls closed. Similarly, monthly new accounts have also dropped by over 41% between October and November.
Against this backdrop, Polymarket may need to diversify its market offerings or potentially embrace a new model to maintain user interest. This is considering election-related activity comprised the majority of the prediction market’s volume.
Rumors are circulating about a potential move toward a decentralized governance token, which could distribute control over Polymarket’s operations to its community. This shift would reduce the liability of the central authority by decentralizing decision-making, though it remains theoretical, with no clear timeline.
Read More: How To Use Polymarket In The United States: Step-by-Step Guide
Polymarket’s fast ascent and regulatory challenges highlight broader industry tensions between innovation and compliance. With election predictions no longer a draw and an impending ban in France, Polymarket’s future remains uncertain.
Its long-term viability may depend on how well it adapts to evolving regulatory landscapes and whether it can maintain popularity beyond election season peaks.
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 Conditions, Privacy Policy, and Disclaimers have been updated.
Market
XRP Price Ready to Rally? Signs Point to a Bullish Move
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Market
Solana (SOL) Rallies Strongly, Setting Sights on $200
Solana started a fresh increase above the $172 support zone. SOL price is rising and might soon aim for a move toward the $200 level.
- SOL price started a fresh increase after it settled above the $165 level against the US Dollar.
- The price is now trading above $172 and the 100-hourly simple moving average.
- There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could continue to rise if it clears the $192 resistance zone.
Solana Price Starts Fresh Rally
Solana price formed a support base and started a fresh increase above the $162 level like Bitcoin and Ethereum. There was a strong move above the $165 and $172 resistance levels.
There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair. The price even cleared the $185 level. A high is formed at $192 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $155 swing low to the $192 high.
Solana is now trading above $172 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $192 level. The next major resistance is near the $195 level.
The main resistance could be $200. A successful close above the $200 resistance level could set the pace for another steady increase. The next key resistance is $212. Any more gains might send the price toward the $220 level.
Another Dip in SOL?
If SOL fails to rise above the $192 resistance, it could start a downside correction. Initial support on the downside is near the $188 level. The first major support is near the $180 level.
A break below the $180 level might send the price toward the $172 zone or the 50% Fib retracement level of the upward move from the $155 swing low to the $192 high. If there is a close below the $172 support, the price could decline toward the $165 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $188 and $185.
Major Resistance Levels – $192 and $200.
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