$3.1 Billion in Vested Crypto Assets Set for Release in May by Key Projects
Summary:
In May, various crypto projects including Sui and Pyth Network will release over $3.1 billion in vested assets. The largest releases come from Sui, about to unlock nearly one billion tokens worth around $1.15 billion for its investors, early contributors, Mysten Labs treasury, and community reserve. Pyth Network plans to unlock over two billion tokens valued at approximately $1.1 billion. Several other projects such as Avalanche, Aptos, Arbitrum, Starknet, Optimism, and Immutable will collectively release over $700 million.
In May, cryptocurrency assets amounting to over $3.1 billion are slated for release, including over $1 billion each in tokens from the Sui and Pyth Network projects. While the concept of cryptocurrency vesting helps to foster long-term commitment to a crypto project, vested crypto tokens are themselves locked to deter early investors or team members from impulsively selling off their tokens and exiting the project. Among the projects queued for a vested crypto assets release, Sui, a layer-1 blockchain platform, will release the largest sum. The project is set to unlock close to one billion tokens, designated for its Series A and Series B investors, early contributors, the Mysten Labs treasury, and its community reserve on May 31. The present value of these tokens stands at approximately $1.15 billion. On a related note, market data platform Pyth Network is poised to release the second-highest amount in May. The crypto project will unlock over two billion tokens for protocol development, ecosystem expansion, publisher rewards, and its private sale investors on May 20. The Pyth Network (PYTH), currently valued at approximately $0.51 per token, is set to release tokens worth roughly $1.1 billion. Besides Sui and Pyth Network, projects such as Avalanche (AVAX), Aptos (APT), Arbitrum (ARB), Starknet (STRK), Optimism (OP), and Immutable (IMX) will collectively release over $700 million in tokens. On May 12, Aptos is scheduled to release 11.3 million APT tokens, currently worth $101 million, to its foundation, community, core contributors, and investors. Similarly, Avalanche plans to unlock 9.5 million AVAX, valued around $321 million, for its strategic partners, foundation, team, and airdrop on May 22. On May 16, layer-2 blockchain network Arbitrum will release another $95 million in ARB tokens, set aside for the project's team and investors, following the release of $2.3 billion in tokens to its team and investors back in March. Moreover, on May 15, Starknet will unlock $84 million in tokens for its investors and early contributors, whereas on May 17, Immutable will unlock $56 million in crypto tokens for ecosystem and project development. Layer-2 scaling solution Optimism is also set to unlock 24.1 million OP tokens on May 29, currently valued at approximately $70 million in the current market. Optimism previously released $587 million in OP tokens for its early investors and contributors in May 2023.
Published At
5/3/2024 3:07:48 PM
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