Avalanche (AVAX), one of the largest altcoins in the crypto money world, which Turkish users also follow closely, is facing a major unlocking event next week.
According to Avalanche's official website, 9,541,800 AVAX tokens ($138.3 million) will be unlocked at 3:00 am on May 28, 2023. This amount represents 1.325% of the total AVAX supply capped at 720 million tokens.
Avalanche is an Ethereum rival blockchain platform that aims to provide scalability, security and decentralization for smart contracts and decentralized applications (dApps).
The altcoin claims to have a higher transaction throughput of up to 6,500 transactions per second without sacrificing scalability. AVAX is the native token of the Avalanche blockchain used to pay transaction fees, secure the network, and act as a basic unit of account between blockchains on the Avalanche network.
The unlocked tokens belong to the initial supporters and contributors of the Avalanche project who received them during the private sale and public sale in 2020.
The unlock event can have a significant impact on the price and liquidity of AVAX, as unlocked tokens represent a significant portion of the circulating supply. As of May 21, 2023, AVAX has a market cap of $4.84 billion and a price per token of $14.48.
*Not investment advice.