When the current era expires in less than 2 hours, Solana validators are expected to unlock 49.6 million SOL ($945 million). It is the second-largest amount of tokens unlocked in any Solana timeframe, representing 13% of the coin’s supply, and it comes at a moment of significant turbulence in the crypto market.
An epoch is a set of slots (similar to blocks) on the chain that takes two to three days to complete. According to Solana Compass data, Epoch 370, the current Solana network epoch, will finish at 8.30 AM UTC on November 10. Solana epochs are a two-day period during which validators secure their stake in the network. Validators have the option of unlocking their stake at the conclusion of each era.
The dashboard of the website now displays over 47 million sol tokens due to be unlocked by validators. This figure has risen from 18 million in a matter of hours. The spike is most likely due to more validators opting to withdraw their staked tokens from the network.
In comparison, towards the conclusion of the present period, just 1.8 million sol ($36 million) is projected to be staked.
The tokens set to be removed from the Solana stake account for 13% of the coin’s total supply. SOL price has dropped 30% in the previous 24 hours, falling from $20 to $15. It remains to be seen how the token unlocks will affect the price of sol.
The present decline in Solana is part of a bigger market selloff prompted by the FTX crash. Bitcoin is presently at its lowest price in two years, with ether down 20% in the previous 24 hours from $1,425 to $1,188. The whole crypto market capitalisation has also fallen below $1 trillion, now standing at $901 billion.
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