The latest crypto platform to unlock tokens this week is the decentralized builder economy project BitDAO. Unlike some of its peers, its native token BIT has held steady throughout the process.
On Feb. 14, BitDAO unlocked 187.5 million BIT tokens as part of its scheduled release program. At prices at the time, the token unlock was valued at around $106 million.
លើសពីនេះទៀត ដោះសោ represented around 2% of the entire supply of BIT tokens. The next unlock is scheduled for March 15.
The BitDAO unlock schedule plans to release a similar number of tokens every month until June 2024. This trickle-feeding of assets aims to align investor interests but often causes short-term price ភាពប្រែប្រួល.
When large chunks of tokens flood the markets, it increases the circulating supply, decreasing demand and, consequently, the asset price. Additionally, this effect is much more prominent in a bear market.
BitDAO Building Decentralized Economy
BitDAO is a platform that aims to support builders of the decentralized economy. It is an “open platform for proposals that are voted upon by BIT token holders, and is agnostic to chains and projects,” according to the official docs.
នេះ និមិត្តសញ្ញា of its governance token, BIT, are not as venture capital controlled as other crypto projects. Currently, around 70% of the total supply of 10 billion tokens is unlocked, but not all are in circulation. The 1.16 billion tokens circulating gives it a market capitalization of around $661 million.
Around 45% of the entire supply will be released over the next 16 months. Furthermore, 30% of the total is allocated to the BitDAO treasury for governance purposes.
On Feb. 14, BitDAO detailed its latest governance vote and funding request. Mantle is a BitDAO product that offers a high-performance Ethereum layer-2 network with a modular design.
Source: https://beincrypto.com/bitdao-bit-prices-hold-steady-following-106m-token-unlock/