Developers Begin Unlocking Locked Tokens in This Altcoin
Developers of a particular altcoin have recently started to release locked tokens, according to onchain data provided by Arkham. This development comes as Space ID, a company that offers web3 domains and digital identities, begins unlocking tokens for its Strategic Selling program. The first release occurred at 05:13 UTC+3 today, with a multi-signature contract (0x54…497d) unlocking 26.667 million ID tokens from the Space ID Strategic Sale Unvested contract. This release is estimated to be valued at approximately $11.92 million.
This Strategic Sale round accounts for 8% of the overall token supply of 160 million. The sale follows a structure of a 1-year interval, followed by quarterly releases for the next 3 years.
Space ID not only provides domain registration, sales, and management services for various web3 top-level domains like .eth, .bnb, and .arb, but it also offers a web3 name SDK and API service that integrates multiple web3 name services.
As of the time of writing, the ID token is trading at $0.4483, and the unlocking process has not exerted significant selling pressure thus far.
Please note that this article does not constitute investment advice.
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