1inch, a decentralized exchange aggregator, recently experienced a massive unlock that saw tokens currently worth $111 million released from their vesting schedule.
Nearly 227.2 million 1inch tokens — that account for almost 15% of the total supply of 1.5 billion tokens — were unlocked on Dec. 1. This figure is a quarter of the over 800 million 1inch tokens that were locked before this latest unlock event.
The DEX aggregator launched its native token in December 2020. Only 6% of the total supply was released then, with the remaining tokens locked in a four-year vesting schedule ending in December 2024. Tokens were initially distributed among entities including the core team, investors, advisors and the community, as with other DeFi projects.
The last 1inch token unlock was in June. At the time, the spot price of the coin dipped 25% from $0.81 to $0.60. The token price is down more than 80% this year as crypto prices have tumbled.
A whale wallet deposited 15 million tokens to Binance after the June unlock. Data from Etherscan show this same wallet deposited another batch of 15 million 1inch tokens to Binance on Dec. 2.
Update: This article has been corrected to state that the 1inch unlock for December happened on the first of the month.
© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.