In the latest developments in the crypto market, XAI, the native token of the Arbitrum Layer 3 blockchain, has seen a significant unlocking event, accounting for 6.3% of its total circulating supply. This move is part of a series of token unlocks scheduled for the coming week, with 12 projects set to release their tokens, though XAI’s unlock stands out in terms of volume.
XAI: Bridging Traditional Gaming to Web3
XAI is the first Layer 3 blockchain within the Arbitrum ecosystem, designed to introduce traditional gamers to web3 gaming. The project aims to empower these gamers by allowing them to engage in open trading of in-game items without the need for interaction with crypto wallets. The XAI network is open and decentralized, enabling anyone to operate nodes, earn network rewards, and participate in governance.
Token Unlock Details
The latest unlock involves 35.81 million XAI tokens, valued at approximately $6.41 million. The distribution is spread across various stakeholders, including investors, the team, reserves, and the ecosystem. Specifically, investors will receive 17.33 million tokens (worth $3.1 million), the team will get 11.9 million tokens ($2.13 million), reserves will account for 3.38 million tokens ($604,000), and the ecosystem will receive 3.27 million tokens ($586,000).
The release schedule is as follows:
CyberConnect: Empowering User Data Ownership
In other token unlocking news, CyberConnect, a decentralized social graph protocol based on blockchain technology, has also released a batch of its tokens. CyberConnect enables users to migrate their identity information and social relationships across different networks and platforms, ensuring that personal data remains under user control and can create value.
Token Unlock Details
CyberConnect’s governance token, CYBER, saw the release of 880,000 tokens, valued at approximately $2.73 million. The distribution includes 720,000 tokens for ecosystem development (worth $2.26 million) and 163,000 tokens for the community treasury (worth $509,000).
The release schedule is as follows:
Starknet: Enhancing Ethereum Transactions
Starknet, Ethereum’s Layer 2 solution that leverages zk-STARKs technology to make transactions faster and cheaper, also had a significant token unlock this week. Starknet is developed by StarkWare, a company founded in 2018 and based in Israel.
Token Unlock Details
The latest unlock involves 6.4 million STRK tokens, valued at approximately $2.796 million. This unlock period is specifically for investors, with 3.357 million tokens going to early contributors (worth $1.323 million) and 3.043 million tokens to investors (worth $1.199 million).
The release schedule is as follows:
Conclusion
The unlocking of tokens across various blockchain projects is a regular occurrence that allows investors and stakeholders to realize the value of their investments. XAI’s significant unlock event, accounting for 6.3% of its circulating supply, highlights the growing maturity of the project and its increasing integration into the web3 gaming ecosystem. As the crypto market continues to evolve, such token unlocks will play a crucial role in shaping the future of decentralized applications and platforms.
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