Token Unlocks to Watch Next Week: ENA, IMX and More

Token unlocks free up tokens previously restricted under fundraising agreements. Projects schedule these events strategically to reduce market pressure and stabilize prices.

Watch for these three major token unlocks happening next week.

Ethena (ENA)

• Unlock date: December 25
• Number of tokens unlocked: 12.86 million ENA
• Current circulating supply: 2.93 billion ENA

Ethena, a synthetic currency protocol on Ethereum, delivers a solution independent of traditional banking. It also offers global users a dollar-denominated savings tool called the “Internet Bond.”

The protocol’s native token ENA enables holders to participate in governance decisions. On December 25, Ethena will unlock over 12 million ENA valued at $13.73 million, with the allocation directed toward ecosystem development.

Cardano (ADA)

• Unlock date: December 26
• Number of tokens unlocked: 18.53 million ADA
• Current circulating supply: 35.83 billion ADA

Cardano, known for its emphasis on sustainability, security, and scalability, plays a key role in advancing decentralized applications and smart contracts. On December 26, the project will unlock over 18 million ADA tokens, valued at $16.92 million, allocated for staking and the treasury fund reserve.

Immutable (IMX)

• Unlock date: December 27
• Number of tokens unlocked: 24.52 million IMX
• Current circulating supply: 1.69 billion IMX

Immutable, a Layer-2 solution for scaling NFTs on Ethereum, raised $12.5 million in just one hour during its IMX token sale on CoinList in September 2021. By March 2022, it secured $60 million in an investment round, followed by $200 million from investors including ParaFi Capital, Declaration Partners, and Tencent Holdings.

On December 27, Immutable will release 24.52 million IMX tokens. These tokens are designated to support project development and drive growth within the broader Immutable ecosystem.

Next week’s cliff token unlocks will also include Yield Guild Games (YGG), Eigen Layer (EIGEN), and Artificial Superintelligence Alliance (FET), among others, with a total combined value exceeding $120 million.