Over $100 Million in 1INCH Tokens Set to Unlock at End of December
According to data from TokenUnlocks, the decentralized exchange 1inch is poised to see a significant unlock event, with $111 million worth of 1INCH tokens scheduled for release.
On December 30, 227.2 million 1INCH tokens—nearly 15% of the total supply of 1.5 billion tokens—will be unlocked. This release will be distributed as follows:
- Development Team: 56,250,000 1INCH (3.75%)
- Community Rewards: 56,250,000 1INCH (3.75%)
- Seed Investors: 46,250,000 1INCH (3.08%)
- Series A Investors: 30,500,000 1INCH (2.03%)
- Protocol Development Fund: 27,187,500 1INCH (1.81%)
- Advisors: 5,750,000 1INCH (0.38%)
1inch launched its 1INCH token in December 2020. At that time, only 6% of the total supply was released, with over 800 million 1INCH tokens locked and scheduled to unlock gradually over four years, ending in December 2024.
The last unlock event occurred in June. At that time, the price of 1INCH dropped 25% from $0.81 to $0.60, and it has fallen over 80% this year, reflecting the overall market downturn.
Recently, a whale wallet, believed to be associated with 1inch, quietly transferred 15 million 1INCH to Binance on December 2, according to Etherscan data. This move mirrors the June unlock when the wallet also transferred 15 million 1INCH just before the release. This is seen as a strategy to "support the price" in case of a significant downturn if stakeholders decide to take profits.
The current price of 1INCH has shown minimal reaction, stabilizing around $0.50.
1W Chart of 1INCH/USDT on Binance as of 11:40 PM, December 5, 2022
The crypto market has recently been shaken by the news of FTX filing for bankruptcy after making impressive marketing claims about lofty missions. Many investors have been left disillusioned and hesitant to trust their assets with any platform. This situation presents an opportunity for DEX platforms to capitalize on the weaknesses of centralized exchanges (CEXs) and their single-point authority. The effort is paying off, with weekly trading volumes on DEXs reaching $32 billion, and 1inch is among the platforms benefiting the most.
