49.6 million SOL ($945 million) will be released by Solana validators after the current epoch expires in less than 24 hours. The second-largest volume of tokens to be unlocked in any Solana period, representing 13% of the coin's supply, is being released at a moment when the crypto market is experiencing significant turbulence.
An epoch is a period of time that lasts two to three days and refers to a number of slots (similar to blocks) on the chain. Epoch 370, the current Solana network epoch, is scheduled to expire on November 10 at about 8.30 AM UTC, according to information from Solana Compass. Solana epochs are the two-day intervals during which validators secure their stake in the network. At the conclusion of each epoch, validators have the option of unlocking their share.
Over 47 million SOL tokens are now slated to be unlocked by validators, according to the website's dashboard. In just a few hours, this figure rose from 18 million. The rise suggests that more validators are making the decision to delete their staked tokens from the network.
At the end of the present period, however, only 1.8 million sol ($36 million) are planned to be staked.
13% of the total supply of the coin is represented by the tokens that will be taken out of the Solana stake. The cost of a Solana token has dropped 30% in the past 24 hours, from $23 to $19. What effect the token unlocks will have on the price movement of sol is yet to be determined.
The FTX collapse led to a bigger market selloff, which included Solana's current downward trend. With ether plunging 20% from $1,425 to $1,188 on the previous day, the price of bitcoin has reached its lowest point in the past two years. The overall market value of all cryptocurrencies has likewise fallen below the $1 trillion threshold and is now $901 billion.