Axie Infinity, Jito Labs, Xave Unlock Millions in Tokens This Week
1min read Token unlocks are pivotal events in the crypto market, influencing liquidity, price volatility, and investor sentiment. These events involve the release of previously locked coins or tokens into the open market, making them available for trading. This week, three significant projects—Axie Infinity (AXS), Jito Labs (JTO), and Xave (XAV)—are set to release locked tokens into circulation.
Axie Infinity, a blockchain-based game featuring digital creatures called Axies, will unlock 10.72 million axs tokens on April 12. This represents 3.97% of the total supply, valued at approximately $29 million. The majority of these tokens will be allocated for staking rewards and the team. Axie Infinity combines elements of blockchain, nfts, and ERC-20 tokens, offering players the chance to collect, battle, and trade unique creatures in a virtual world.
Jito Labs, a liquid staking service on Solana, will unlock 11.31 million JTO tokens on April 7. This constitutes 1.13% of the total supply and is currently worth around $20 million. The project will allocate the majority of the unlocked tokens for ecosystem development, core contributors, and community growth. Additionally, 10% of the tokens will be used for airdrops. Jito distributes MEV rewards to holders, enhancing the liquidity and utility of the Solana network.
Ask Aime: What impact does the upcoming token unlock event of Axie Infinity, Jito Labs, and Xave have on the crypto market and their respective projects?
Xave, a DeFi platform focusing on decentralized foreign exchange (FX) markets, will unlock over 313 million XAV tokens on April 11. This represents 3.13% of the total supply. Xave enhances stablecoin liquidity through an automated market maker (AMM) model. The unlocked tokens will be distributed to the team, investors, and treasury, supporting the platform's growth and development.
These token unlocks are significant events that can impact the crypto market by increasing liquidity and potentially influencing price movements. Investors and traders should monitor these developments closely, as they can provide opportunities for both short-term trading and long-term investment strategies.
