Nearly $1 Billion Worth of Solana (SOL) to Be Unlocked on November 10

A massive amount of Solana (SOL) tokens valued at nearly $1 billion—equivalent to 13% of the circulating supply—will be unlocked on November 10.

Key Details of the Unlock Event

Unstaking Rush: Validators have unstaked 47 million SOL ($845 million) in preparation for withdrawal within the next 24 hours.
Supply Impact: This represents 13% of Solana’s circulating supply, marking the second-largest token unlock in the network’s history.
Market Context: The unlock coincides with a highly unfavorable market for Solana and the broader crypto space.

Update:
"47M SOL ($845M) will be unstaked by the end of epoch 370 (21h30 later), up from 18M reported earlier. This is nearly 13% of the circulating supply. In contrast, only 1.8M SOL will be staked."
— @theData_Nerd

Timeline and Mechanism

Epoch 370 Ends: The unlock concludes at 4:30 PM (Vietnam Time) on November 10, per Solana Compass.
Validator Behavior: Validators typically lock tokens for two-day epochs and can opt to unstake at each epoch’s end.

Market Reactions

SOL Price Drop: SOL fell 30% from $23** to **$16.24 in 24 hours amid broader crypto declines.
Staking Exodus: Unstaked SOL surged from 18 million to 50 million in hours, while only 1.8 million SOL ($36M) was newly staked.
Exchange Caution: Crypto.com paused USDT/USDC deposits/withdrawals via Solana, citing potential network instability.

"Anyone else just got this?"
— @lars0x

Broader Crypto Market Impact

Bitcoin (BTC): Hit a 2022 low of $17,166.
Ethereum (ETH): Dropped 20% to $1,188.
Total Market Cap: Fell below $1 trillion**, now at **$901 billion.

FAQs

1. Why is this SOL unlock significant?
It’s the second-largest in Solana’s history and could exacerbate selling pressure amid an already weak market.

2. How might this affect Solana’s network performance?
Reduced staking could slow transaction processing, though validators may restake tokens post-unlock.

3. Should investors be concerned?
Short-term volatility is likely, but long-term effects depend on validator actions and broader market recovery.

👉 Learn how Solana’s staking mechanism works

Related Events

FTX Collapse: Triggered SOL’s decline due to its ties with Alameda Research.
TVL Drop: Solana’s Total Value Locked (TVL) plunged 42% in 24 hours (DeFiLlama).

"Solana TVL"
— @0xngmi