In August 2024, the cryptocurrency market is set to unlock nearly $1.5 billion worth of tokens from major crypto projects. Among the most notable is Ripple’s XRP, with a staggering 1 billion XRP tokens worth nearly $609 million, according to a recent report, this unlock is scheduled for August 1, 2024.
Ripple set to unlock 1 billion XRP token
Ripple, the company behind the XRP Ledger and its native token XRP, has maintained a consistent pattern of unlocking up to 1 billion tokens on the first day of every month since 2017. The firm uses several main escrow wallets, including Ripple (24) and Ripple (25), to manage and evenly distribute these unlocks each month.
Despite this large monthly token unlock, Ripple often re-locks a massive portion of the newly unlocked tokens. For example, in June 2024, Ripple re-locked 800 million out of the 1 billion tokens unlocked but still sold approximately 300 million XRP, worth $182 million at the time.
This practice aims to control the supply and stabilize the token’s market value.
In addition to Ripple’s XRP unlock, other major tokens that are scheduled for release this August 2024, include Wormhole (W) a prominent cross-chain bridging platform. According to data, Wormhole will unlock 600 million W tokens worth $180.5 million. This release constitutes 33.3% of its circulating supply.
Whereas, Avalanche, a well-known layer-1 network, will unlock 9.4 million AVAX tokens on August 20, 2024, amounting to $268 million. This release represents 2.4% of AVAX’s circulating supply.
Crypto project tokens unlock in August 2024
Besides Ripple’s XRP, Wormhole (W), and Avalanche (AVAX) several other projects are also set to unlock substantial portions of their token supplies on August 1, 2024.
Sui, another layer-1 network, will release 64 million tokens, currently valued at $50 million, which makes up 2.56% of its circulating supply. Decentralized exchange dYdX will unlock 8.33 million tokens worth nearly $11 million, representing 3.65% of its supply. These tokens will be distributed among investors, founders and staff, and future employees.
Beyond the significant releases at the start of the month, other notable unlocks are scheduled. ImmutableX (IMX), a crypto gaming network, will unlock 32.5 million IMX tokens on August 9, 2024, valued at $49 million. Aptos, a rival to Sui in the layer-1 space, will unlock $80 million worth of its native token APT on August 12, 2024. Following closely, Web3 gaming platform The Sandbox will unlock $69 million worth of SAND tokens on August 14, 2024.
The trend continues with two Ethereum layer-2 networks. Starknet will unlock 64 million tokens on August 15, 2024, representing 4.4% of its circulating supply, with a current market value of $35 million. The following day, August 16, 2024, Arbitrum (ARB) will release 92.6 million tokens, constituting 2.8% of its circulating supply, worth $67 million.
