August to See a Flurry of Token Unlock Events, Including From Avalanche and Arbitrum
- WBOYOriginal
- 2024-07-30 06:20:26741browse
August is shaping to be a significant month for the cryptocurrency market, with several token unlock events. These events are expected to involve nearly $1B worth of tokens becoming available.
August will witness several token unlock events, making it a crucial month for the cryptocurrency market. These events will involve nearly $1 billion worth of tokens becoming available.
Major projects like Avalanche [AVAX] and Arbitrum [ARB] will participate in these unlock events.
Here's a closer look at the significant token unlocks lined up for August:
1. Ripple (XRP) Token Unlocks
Since 2017, Ripple [XRP] has consistently unlocked 1 billion tokens on the first day of each month. August is set to follow this pattern.
The upcoming unlock in August is estimated to be worth around $600 million, based on the press time price of XRP.
However, Ripple has often relocked a substantial portion of the unlocked tokens into escrow. The precise volume of XRP that Ripple chooses to relock after each unlock remains uncertain.
2. Other Unlock Events in August
a) dYdX [DYDX] is set to start August with a significant token unlock event, as detailed by data from Token Unlocks. Over 8 million dYdX tokens, valued at more than $11 million, are scheduled to be released.
The bulk of these tokens are allocated to investors, potentially leading to increased market activity.
b) Sui Network [SUI] will have an unlock of over 64 million tokens on the 1st of August, valued at nearly $50 million at press time.
Most of these tokens are allocated to Series A and B investors, indicating a substantial distribution to early backers of the project.
c) Wormhole [W] will have one of the largest token unlocks in August, with 600 million tokens being released on the 3rd of August.
This unlock, valued at over $174 million, is designated entirely for community initiatives and launch purposes.
d) Aptos [APT] is preparing for a notable token unlock event on the 12th of August, where approximately 11.3 million APT tokens will be released.
Valued at over $79 million, the unlock will target a mix of community members, the foundation, core contributors, and investors. Also, most tokens will be allocated to core contributors and the community.
e) Arbitrum’s [ARB] August token unlock will target over 92.6 million ARB tokens, valued at more than $67 million at press time. A considerable portion of these tokens is designated for the team.
f) Finally, Avalanche [AVAX] is gearing up for the largest token unlocks of August, with approximately 9.5 million AVAX tokens, valued at over $273 million, set to be released.
A significant portion of these tokens, around 4.5 million AVAX valued at approximately $128.7 million, will be allocated to the team.
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