As the summer progresses, the crypto ecosystem is set to witness significant token unlocks from several major projects, injecting substantial liquidity into the market. According to data from Token.Unlocks, these releases, worth $10 million or more at current prices, are poised to impact the circulating supply of various cryptocurrencies.
Wormhole Unlocks $180 Million Worth of Tokens
Wormhole, a prominent cross-chain project, will unlock 600 million tokens on August 3, amounting to one-third of its circulating supply. Valued at approximately $180 million, this unlock follows a significant airdrop in April, where Wormhole distributed over 670 million tokens. As a communication bridge between Solana and other top DeFi projects, Wormhole has a unicorn valuation and continues to attract investor interest.
Optimism to Unlock $55 Million in Tokens
Optimism, an Ethereum Layer 2 network, will unlock 31.3 million tokens for core contributors and investors on July 31. This release, valued at around $55 million, represents nearly 2.8% of its circulating supply. Optimism also supports Layer 3 networks on its ‘Superchain,’ enhancing its scalability and utility.
dYdX Unlocks $11 Million for Investors and Staff
Decentralized exchange dYdX is set to unlock 8.33 million tokens on August 1, valued at nearly $11 million. This unlock will benefit investors, founders, staff, and future employees, comprising 3.65% of its circulating supply. Despite recent security challenges, dYdX remains a significant player in the decentralized trading space.
Sui and Aptos Compete with Significant Unlocks
Layer 1 network Sui will unlock 64 million tokens on August 1, valued at approximately $50 million, marking 2.56% of its circulating supply. Aptos, another Layer 1 project, will release 11.31 million tokens on August 12, worth around $80 million. Both projects, staffed by former members of Facebook’s Libra currency project, continue to drive innovation in the blockchain space.
ZetaChain Unlocks $35 Million in Tokens
ZetaChain, a Layer 1 chain focused on integrating multiple blockchains, will unlock 54 million tokens on August 1. This release, representing 18.92% of its circulating supply, is valued at about $35 million. The project aims to facilitate seamless interoperability across diverse blockchain networks.
ImmutableX, The Sandbox, and StarkNet Unveil Major Unlocks
Web3 gaming firm ImmutableX will unlock 32.5 million tokens on August 9, valued at $49 million. The Sandbox, another Web3 gaming platform, will release 205 million tokens on August 14, worth about $69 million. Ethereum Layer 2 network StarkNet will unlock 64 million tokens on August 15, valued at approximately $35 million.
Arbitrum and Avalanche Join the Token Unlock Frenzy
Arbitrum, a leading Layer 2 network, will unlock 92.6 million tokens on August 16, valued at around $67 million. Avalanche will unlock 9.5 million tokens on August 20, worth an impressive $268 million. Both projects continue to enhance their networks’ scalability and transaction efficiency.
Other Notable Unlocks
August 2: Galxe will unlock 4 million tokens, valued at about $13 million.
August 17: ApeCoin will release 15.6 million tokens, worth around $12 million.
August 18: Oasis Network will unlock 151 million tokens, valued at about $13 million.
August 19: Pixels will release 54 million tokens, worth around $11 million.
These significant token unlocks across various projects underscore the dynamic and rapidly evolving nature of the crypto market. As these tokens enter circulation, investors and stakeholders will closely monitor their impact on liquidity, market sentiment, and project development.
