Hours to Major Altcoin Unlock: Millions to Enter the Market

Millions of AVAX tokens, the native altcoin project of the Avalanche Blockchain, will be unlocked. In other words, it will be distributed to key players in the ecosystem, resulting in a significant increase in total supply. Here are the details…

Millions of dollars will enter the market in the popular altcoin project

On Sunday, 9.3 million AVAX tokens will go into circulation. That amount is worth about $130 million at the time of writing. Unlock is expected to take place around 10:00 Turkish time tomorrow. So, 23 hours into this unlock process. According to Patrick Sutton, Avalanche’s chief communications officer, the tokens will be allocated to various buyers through the Avalanche Foundation, strategic partners, Ava Labs and an airdrop. However, it should be noted that unlocked tokens will not automatically be used immediately. The Foundation has the authority to determine when and how they will be used.

AVAX serves as fuel for Avalanche’s smart contracts ecosystem and plays an important role in ensuring Blockchain security through staking. Despite the token influx, AVAX remained stable and its price hovered around $14.33 in the last 24 hours. Token unlocking often causes anxiety among investors. However, Avalanche unlocking was planned long in advance and most investors in the crypto space have adjusted their strategies accordingly.

96 million AVAX remain locked

Lindsey Winder, CEO of token infrastructure firm Hedgey Finance, stated that the upcoming unlock is expected, and data from crypto analytics firm Token Insights shows that 358.55 million AVAX tokens remain locked. However, Sutton disputes this figure, stating that the actual number of locked tokens is 96.06 million, which is about a quarter of Token Insights’ estimate.

3 Altcoins Based on AVAX

As AVAX tokens are distributed, stakeholders and participants in the Avalanche ecosystem will be watching closely how these additional tokens will be used. The strategic allocation and use of these tokens could have an impact on the further development and growth of the Avalanche Blockchain.

The latest developments in the Avalanche ecosystem

Meanwhile, cryptocoin.com As we have also reported, there are many innovations in the Avalanche ecosystem. Circle, for example, recently launched the Euro Coin on the Avalanche Blockchain. Circle expects this launch to be the first of multi-chain launches for the stablecoin, which is reportedly fully supported in euros. Like USDC, Euro Coin is designed to maintain price stability by being fully backed by fiat euros and can be redeemed on demand.

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Circle has made public its latest audit report, prepared by Deloitte, to confirm that euro reserves are fully supported. The integration of Euro Coin into the Avalanche Blockchain is expected to support euro liquidity and increase transaction flexibility for users around the world. This development can facilitate euro-denominated transactions using Euro Coin alongside existing US dollar transactions with USDC. The partnership in smart contract designs for stablecoins, USDC, and Euro Coin released by Circle provides a seamless integration process for Avalanche developers.

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