Token Unlocks Dashboard Shows That Several Crypto Projects—Avalanche, Wormhole, Aptos, Sandbox, Arbitrum, Optimism, and Others—Are Set to Unlock Tokens Valued at About $1 Billion in August
- WBOYOriginal
- 2024-08-01 22:00:18743browse
Approximately $260 million will be released in the first three days of the month.
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Several crypto projects set to unlock over $1 billion in tokens in August
These include Wormhole, Avalanche, Sui, dYdX, Aptos, Sandbox, Arbitrum, and Optimism.
According to Token Unlocks data, several crypto projects are set to unlock tokens valued at about $1 billion in August.
Around $260 million will be released in the first three days of the month.
Crypto projects often plan token unlocks to control the asset's supply and prevent oversaturation in the market. This gradual release helps avoid significant sell-offs by early investors or team members holding large quantities of the crypto asset.
Wormhole, Avalanche to release over $400 million worth of tokens
The largest unlocks this month will come from Wormhole and Avalanche.
On Aug. 3, Wormhole, a cross-chain messaging protocol, will release 600 million tokens valued at $151.67 million, which is 33.33% of its circulating supply.
Avalanche will follow on Aug. 20, unlocking 9.54 million AVAX tokens valued at approximately $251 million, which is 2.42% of its circulating supply.
According to the Token Unlocks dashboard, 4.5 million AVAX, or $118.53 million, will go to the Avalanche team, 2.25 million AVAX, or $59.27 million, to strategic partners, and the rest will be allocated to the Foundation and as airdrops.
Farid Rached, the former Ecosystem Growth Manager at Avalanche, pointed out that this planned unlock is the most bullish in its history because “it is the last major one for team and public/private investors.”
Other major unlocks
Sui, a layer-1 network, will unlock 64 million tokens valued at $50 million, which is 2.56% of its circulating supply, on Aug. 1.
Similarly, the decentralized exchange dYdX will release 8.33 million tokens valued at nearly $11 million, which is 3.65% of its circulating supply. These tokens will be distributed to investors, founders, staff, and future employees.
Aptos will unlock 11.31 million APT tokens valued at $74.64 million on Aug. 12. These will be allocated among the Aptos Community, Core Contributors, Foundation, and Investors, with Core Contributors receiving the most significant share—3.96 million APT valued at $26 million.
On Aug. 14, Sandbox will release 205.6 million SAND tokens valued at $66.75 million. This release will be divided among the team, advisors, and a company reserve.
Finally, Ethereum’s layer-2 networks Arbitrum and Optimism will collectively unlock over $110 million worth of tokens by Aug. 16 and Aug. 31, respectively.
Mentioned in this article
Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
Liam 'Akiba' Wright
Also known as "Akiba," Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
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