August is about to enter. In addition to continuing to pay attention to the performance of the Ethereum spot ETF after its listing, cryptocurrency investors will also unlock a large number of tokens next month, releasing a total value of nearly US$1 billion.
"Token unlocking" means that the tokens allocated to early investors, team members, and development contributors are released after being locked for a period of time. In other words, the holders will be able to sell the tokens for cash, so it is often regarded as "bad." event".
Cryptocurrency analysis company 10x Research has warned that the unlocking of a large number of tokens may impact the altcoin market, and venture investors may face pressure to lock in recent gains, meaning that “when tokens are unlocked, even if these tokens have positive Momentum, their upside performance will remain limited."
Token Unlocks data shows that there are multiple projects and protocols that will unlock tokens at the end of July and August, with a total value of more than 940 million US dollars. Among them, Wormhole (W) and Avalanche (AVAX) alone will unlock nearly 450 million US dollars in total. Token. The tokens and amounts that will be unlocked this month (each valued at over $10 million) are as follows:
July 31: Optimism (OP) tokens unlocked worth $55 million
Ethereum’s layer 2 network Optimism (OP) will unlock 31.3 million tokens for core contributors and investors on July 31, accounting for nearly 2.8% of its circulating supply. The tokens are currently worth approximately $55 million.
August 1: dYdX (DYDX) tokens unlocked worth $11 million
Decentralized exchange dYdX (DYDX) will unlock 8.33 million tokens worth nearly $11 million on August 1, accounting for 3.65% of its circulating supply. These tokens will be unlocked for investors, founders, employees, and future employees. dYdX was reportedly recently compromised and is currently in talks to sell its V3 software.
August 1: Sui (SUI) tokens unlocked worth $50 million
The Layer1 public chain Sui (SUI) developed by Mysten Labs unlocked tokens together with competitor Aptos (APT) in August and will unlock 64 million tokens on August 1, accounting for 2.56% of its circulating supply. The current value About $50 million.
August 1: ZetaChain (ZETA) tokens unlocked worth $35 million
The Layer 1 public chain ZetaChain (ZETA), which raised US$27 million last year and was officially launched earlier this year, will release 54 million tokens on August 1, accounting for 18.92% of the circulating supply. Based on the current currency price, it is worth approximately $35 million.
August 3: Wormhole (W) token unlocked worth $180 million
Wormhole (W) will unlock 600 million tokens on August 3, or one-third of its circulating supply, worth over $180 million at current prices. Wormhole is a cross-chain bridge protocol that allows users to transfer assets between Solana and Ethereum. The project completed an airdrop of more than 670 million tokens in April this year.
August 9: ImmutableX (IMX) tokens unlocked worth $49 million
Web3 gaming company ImmutableX (IMX) will unlock 32.5 million tokens on August 9, representing 2.11% of the circulating supply and currently worth $49 million. VanEck said in December that the launch of Web3 games like Illuvium (ILV) could propel IMX into the top 25 cryptocurrencies by market capitalization in 2024.
August 12: Aptos (APT) tokens unlocked worth $80 million
Aptos is one of the projects developed by members of the Facebook stablecoin project Libra (later renamed Diem) (the other is Sui). It will release 11.31 million tokens on August 12, accounting for 2.41% of its circulating supply. Currently Valued at approximately $80 million.
August 14: Sandbox (SAND) tokens unlocked worth $69 million
Web3 gaming platform The Sandbox (SAND) will unlock 205 million tokens on August 14, accounting for 9% of the circulating supply and currently worth approximately $69 million. A billion-dollar unicorn valuation. The platform raised $20 million in June this year, valuing it at $1 billion and reaching unicorn status.
August 15: $35M worth of StarkNet (STRK) tokens unlocked
The Ethereum Layer 2 network StarkNet (STRK) announced its 2024 roadmap in March this year, promising to increase throughput and reduce transaction fees. It will unlock 64 million tokens on August 15, accounting for 4.4% of the circulating supply of tokens. The tokens are currently valued at approximately $35 million.
August 16: Arbitrum (ARB) tokens unlocked worth $67 million
Arbitrum (ARB), which recently became the first Layer 2 network on Uniswap to reach $150 billion in total trading volume, will unlock 92.6 million tokens on August 16, accounting for 2.8% of its circulating supply and currently worth approximately 67 million Dollar.
August 20: Avalanche (AVAX) Token Unlocks Value of $268 Million
Layer 1 blockchain Avalanche (AVAX) will unlock 9.5 million tokens on August 20, representing 2.42% of its circulating supply and currently worth $268 million.
Other tokens
August 2: Galxe (GAL) will unlock 4 million tokens, representing 3.5% of its circulating supply and currently worth approximately $13 million;
August 17: ApeCoin (APE) will unlock 15.6 million tokens, representing 2.3% of its circulating supply and currently worth approximately $12 million;
August 18: Oasis Network (ROSE) will unlock 151 million tokens, accounting for 2.2% of its circulating supply and currently worth approximately $13 million;
August 19: Pixels (PIXEL) will unlock 54 million tokens, representing 7% of its circulating supply and currently worth approximately $11 million.
"Overview of token unlocking in August: "These projects" will release nearly $1 billion in tokens in total" This article was first published on "Blocker".
