Upcoming Token Unlocks for LDO AVAX and YGG

Upcoming Token Unlocks for LDO AVAX and YGG

by

This week, the cryptocurrency landscape is poised for notable shifts as three prominent tokens prepare for scheduled unlocks. Liquid staking protocol Lido (LDO), the native token of the Avalanche Blockchain (AVAX), and the token powering the Yield Guild Games DAO (YGG) are all on the brink of unlocking, leading to an infusion of new tokens into the market.

Token unlocks involve the gradual release of previously frozen coins, a mechanism designed to prevent early investors or project team members from flooding the market with large-scale liquidations.

Lido DAO (LDO) Unlock

The forthcoming unlock for Lido’s governance token (LDO) is slated for August 26. This event will introduce 8.5 million LDO tokens into circulation, valued at approximately $14.2 million, constituting around 0.97% of the total supply.

These tokens will be distributed among investors who already possess over 300 million tokens, as reported by TokenUnlocks. The past week has seen an 8.5% decline in Lido’s LDO token price, with relative stability over the last 24 hours, based on CoinDesk data.

Avalanche Token (AVAX) Unlock

The native cryptocurrency of the Avalanche blockchain, AVAX, is set to unlock on August 26. This event will release 9.54 million AVAX tokens worth $102.86 million, accounting for 2.77% of the overall circulating supply. The last AVAX unlock occurred in May and was received fairly positively by the market.

Lindsey Winder, CEO of token infrastructure firm Hedgey Finance, noted that the upcoming AVAX unlock has been anticipated and accounted for by experienced market participants.

The distribution of AVAX’s unlocked tokens includes strategic partners (2.25 million tokens worth $24.21 million), the Foundation (1.67 million tokens), the team (4.5 million tokens worth $48.42 million), and airdrop participants (1.13 million tokens). AVAX has faced a 13% decline in the past week, with a 1.8% decrease in its daily performance.

Yield Guild Games (YGG) Token Unlock

While blockchain-based gaming has encountered challenges in gaining mainstream traction, Yield Guild Games – a significant investor in GameFi‘s DAO token – has experienced its share of market fluctuations. YGG’s token has witnessed a nearly 59% decline over the past year, although a one-month rally briefly elevated it by 49%.

However, the last week has seen an additional 30% reduction in value, with a 2% drop in daily performance. On Sunday, YGG is scheduled to release 12.2 million tokens ($2.87 million), constituting 6.6% of the circulating supply. Presently, about 30% of the token’s supply has been unlocked.

 

 

For more visit CryptoNewsBay.com