DeFi
1inch, a decentralized exchange aggregator, is about to experience a massive unlock that will see tokens currently worth $111 million released from their vesting schedule, according to data from TokenUnlocks.
The website’s dashboard shows that nearly 227.2 million 1inch tokens — that account for almost 15% of the total supply of 1.5 billion tokens — will be unlocked on Dec. 30. There are over 800 million 1inch tokens currently locked.
The DEX aggregator launched its native token in December 2020. Only 6% of the total supply was released then, with the remaining tokens locked in a four-year vesting schedule ending in December 2024. Tokens were initially distributed among entities including the core team, investors, advisors and the community, as with other DeFi projects.
1inch token is down 80% this year. Image: CoinGecko
The last 1inch token unlock was in June. At the time, the spot price of the coin dipped 25% from $0.81 to $0.60. The token price is down more than 80% this year as crypto prices have tumbled.
A whale wallet deposited 15 million tokens to Binance in the days leading up to the June unlock. Data from Etherscan show this same wallet deposited another batch of 15 million 1inch tokens to Binance on Dec. 2.
Sourced from cryptonews.net.
