Weekly Token Unlocks: KITE Unlocks 27.9% of Circulating Supply
- Key Takeaways: This article summarizes the upcoming token unlock events for three blockchain projects, spanning algorithmic stablecoins, Bitcoin ecosystem DeFi, and AI agent infrastructure, with a combined unlock value of approximately $210 million.
- Key Elements:
- Ethena Labs' USDe hedges Delta by collateralizing BTC and stETH and establishing BTC/ETH short positions, utilizing spot yield and funding rates to maintain its peg and generate returns; this unlock involves 140 million tokens, worth approximately $25.64 million.
- Bitway builds a Bitcoin-compatible application chain based on Cosmos-SDK and CometBFT, enabling non-custodial native Bitcoin lending through DLC and featuring a built-in FROST signature cross-chain bridge; this unlock involves 100 million tokens, worth approximately $110 million.
- Kite AI builds the foundational layer for a decentralized agent internet, providing unified identity, payment, and governance rails that enable autonomous agents to complete verification, transactions, and collaboration without intermediaries; this unlock involves 670 million tokens, worth approximately $76.84 million.
- The three projects respectively cover the three major tracks of stablecoins, Bitcoin DeFi, and AI agents, with Bitway having the highest unlock value.
Ethena
Project Twitter: https://x.com/ethena_labs
Project Website: https://www.ethena.fi/
Unlock Amount This Time: 140 million tokens
Unlock Value This Time: Approximately $25.64 million
Ethena Labs' algorithmic stablecoin USDe currently relies on collateral in BTC, stETH, and their inherent yield, while simultaneously creating short positions in Bitcoin and ETH to balance Delta and utilizing perpetual/futures funding rates to maintain the peg and provide yield. In other words, it uses the yield from spot holdings to offset the losses from a 1x short position, thereby achieving balance while capturing ETH staking yield and short position funding rates.
The specific release curve is as follows:
Bitway
Project Twitter: https://bitway.com/
Project Website: https://x.com/BitwayOfficial
Unlock Amount This Time: 100 million tokens
Unlock Value This Time: Approximately $110 million
Bitway is a Bitcoin-compatible appchain built on Cosmos-SDK and CometBFT, designed to provide native DeFi infrastructure for the Bitcoin ecosystem. It supports native Bitcoin lending, enables non-custodial collateral through Discreet Log Contracts (DLC), and features a built-in FROST signature cross-chain bridge ɃTCT run by validators, enabling seamless transfers between Bitcoin and other chains.
The specific release curve is as follows:
KiteAI
Project Twitter: https://x.com/GoKiteAI
Project Website: https://gokite.ai/
Unlock Amount This Time: 670 million tokens
Unlock Value This Time: Approximately $76.84 million
Kite AI is building the foundational layer of the Agentic Internet. This is an open, decentralized network that enables autonomous agents to operate in an environment with interoperability and verifiability. Through a network design that incentivizes both the supply and use of agent services, Kite provides unified identity, payment, and governance rails, enabling agents to securely complete identity verification, transactions, and collaboration without intermediaries.
The specific release curve is as follows:
