1inch Network (1INCH), a leading decentralized exchange (DEX) aggregator and liquidity protocol, is gearing up for a major token unlock event on June 2, 2021.
According to the token unlock data, 249 million 1inch tokens worth approximately $99.1 million at the current price of $0.3967 will be released from the locked supply. This represents 16.7% of the circulating supply.
The 1inch token is the governance and utility token of the 1inch Network that allows users to manage protocols and participate in the development of the network. The token was launched on 25 December 2020 with an initial circulating supply of 6% of the total supply. The remaining tokens were locked for various purposes such as liquidity mining, ecosystem growth, development funding, and community incentives.
The unlocked tokens will be distributed to various stakeholders such as liquidity providers, team members, advisors, investors and foundations. Token holders will be able to stake their tokens and vote for key protocol parameters through the 1inch DAO.
Similarly, as Bitcoinsistemi.com, we said that there will be a very large token unlock event in the OP token on Wednesday.
*Not investment advice.