Algorand, a third-generation Proof-of-Stake (PoS) blockchain, is getting set for its next token unlock exercise. As posted on the Token Unlocks, Algorand’s next token unlock will kick-start on March 19, 2024, and run for 31 days.
According to the posted information, the project will release 2.29 million ALGO daily into the Algorand network for the duration of the token unlock exercise. By ALGO’s value as of the post, the daily unlocked volume would be approximately $516,000 in fiat value.
Token Unlock’s data shows that 9.77 billion ALGO, equivalent to about 98% of the blockchain token’s total supply, has been unlocked and is in circulation. Subsequently, 234.75 million ALGOs, reflecting about 2% of the total supply, remain locked in the project.
Unlocking 2.29 million tokens daily for 31 days sums up to 70.99 million ALGOs to be unlocked during the upcoming exercise. That would leave a balance of 163.76 million ALGOs for future unlocks.
Blockchain projects predetermine their token unlock programs to suit their tokenomics. Most projects use it as a model to check the economic dynamics of their tokens and ensure balance in the token’s supply. Algorand’s last token unlock exercise started on February 19 and lasted 29 days. The project released 2.48 million ALGOs, valued at $486,990.
Algorand traded for $0.269 at the time of writing, reflecting a 41% rally since the launch of the previous token unlock exercise, according to data from TradingView. Users look forward to the impact of future unlocks on ALGO’s price, considering its timing in connection with the upcoming altseason and the developing bull run.
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