ALT, WLD, ID, GAL, and ACA Token Unlocks Next Week
- AltLayer (ALT) will unlock $104.17M worth of tokens on July 25, representing 42.08% of its circulating supply.
- Space ID (ID) will release $8.53M worth of tokens on July 22, representing 4.29% of its circulating supply.
- Galxe (GAL) unlocked $2.35M worth of tokens on July 24.
Upcoming Token Unlocks: ALT, WLD, ID, GAL, ACA Next Week
The crypto market is gearing up for another round of token unlocks next week. Altlayer (ALT), Worldcoin (WLD), Space ID (ID), Galxe (GAL), and Acala (ACA) are all scheduled to release new tokens into circulation.
Starting on Sunday, several crypto projects will unlock new tokens, potentially increasing market volatility. FORT, GALA, and ENA will unlock $449.03K, $438.31K, and $7.27 million worth of tokens, respectively. Later in the week, ALT will add $115 million, WLD $80 million, and ID $8.89 million to their circulating supplies.
Combined, these unlocks will introduce over $200 million worth of new tokens. Despite potential price impacts, all tokens set for unlocks have seen price increases in the past 24 hours, with ALT gaining over 12%. Worldcoin faced criticism for extending its unlock schedule, and ARB recently released $70 million worth of tokens.
AltLayer (ALT)
AltLayer is an open, decentralized protocol designed for rollups. It introduces the innovative concept of Restaked Rollups, which enhances rollups (originating from any rollup stack like OP Stack, Arbitrum Orbit, Polygon CDK, ZK Stack, etc.) by providing improved security, decentralization, interoperability, and fast crypto-economic finality through a restaking mechanism.
The ALT token unlock is scheduled for July 25, 2024, with a massive $104.17m worth of tokens being unlocked. This represents 42.08% of the token's circulating supply. The unlocked tokens will be distributed among the founder/team, private investors, advisors, foundation reserves, and community members.
Space ID (ID)
SPACE ID is developing a comprehensive name service network, offering an all-in-one identity platform for discovering, registering, trading, and managing web3 domains. This platform includes a Web3 Name SDK and API for developers across various blockchains, providing a multi-chain name service that simplifies the creation and management of web3 identities for everyone.
The ID token unlock is set to take place on July 22, 2024, with a total of $8.53m worth of tokens being unlocked. This represents 4.29% of the token's circulating supply. The unlocked tokens will be distributed among community members, foundation reserves, and marketing and partnership initiatives.
Galxe (GAL)
Galxe, launched on April 28, 2022, via Binance Launchpool, is the premier Web3 credential data network.
Built on an open and collaborative infrastructure, Galxe enables Web3 developers and projects to leverage credential data to enhance their products and communities. Data curators earn rewards when their credentials are used in Project Galaxy's Application Modules, Credential Oracle Engine, and Credential API simultaneously. GAL token unlock was on 24 july 2024 where GAL tokens are valued at $2.35 million.
Acala (ACA)
Acala is developing a sustainable and integrated liquidity layer for web3 finance, focusing on both crypto and real-world assets. It provides infrastructure for Hybrid Finance (HyFi), combining DeFi and CeFi solutions. Acala's Universal Asset Hub supports multichain liquid staking token (LST) protocols, such as liquid DOT (LDOT), and features an AMM decentralized exchange. Additionally, it offers a highly customizable, EVM-compatible app platform built on Substrate. Secured by Polkadot, Acala serves as the liquidity gateway for Polkadot parachains and various L1/L2 blockchains.
On July 25, 2024, the ACA token will unlock, releasing $341.18k worth of tokens into circulation. This represents 0.46% of the token's circulating supply. The unlocked tokens will be allocated to public investors.
Worldcoin (WLD)
Worldcoin aims to create the largest global identity and financial network, functioning as a public utility that grants ownership to all.
Central to the Worldcoin system is World ID, a privacy-focused global identity network. World ID allows users to confirm their human identity online ("Proof of Personhood") while safeguarding their privacy using zero-knowledge proofs. WLD token unlock was worth of 80 Million but rescheduled.
Conclusion
The upcoming token unlocks in the crypto market, featuring projects like AltLayer (ALT), Space ID (ID), Galxe (GAL), Acala (ACA), and Worldcoin (WLD), are set to introduce over $200 million worth of new tokens into circulation. These unlock, scheduled to begin on July 22, 2024, and continue throughout the week, have the potential to increase market volatility.
