A recent unlocking of tokens from the vesting schedule of 1inch, a decentralized exchange aggregator, has resulted in tokens that are currently valued at $111 million being released.
On December 1, nearly 227.2 million 1inch tokens, or roughly 15% of the 1.5 billion tokens in circulation overall, were unlocked.
In December 2020, the DEX aggregator launched its native token. Only 6% of the total supply was then made available, and the remaining tokens were locked in a vesting schedule that would not end until December 2024.
As with other DeFi projects, tokens were initially distributed to various groups, including the core team, investors, advisors, and the community.
June saw the most recent 1inch token unlock. The spot price of the coin dropped by 25% at that time, from $0.81 to $0.60. The decline in cryptocurrency prices has caused a more than 80% decline in token price this year.
Following the unlock in June, a whale wallet transferred 15 million tokens to Binance. According to Etherscan data, this wallet also transferred 15 million 1inch tokens to Binance on December 2.