$875M Worth of Locked Cryptocurrencies Set for June Release Amid Token Vesting Expiration
Summary:
In June, approximately $875 million worth of locked cryptocurrencies from over 30 blockchain projects are expected to be released as their token vesting periods end. Notable projects set for the biggest token unlocks include Aptos, Arbitrum, Starknet, and Sui. Crypto vesting is a standard practice preventing team members or early investors from prematurely selling their tokens. Arbitrum is set to unlock 92.65 million ARB tokens worth $105.6 million, while Aptos aims to release 11.1 million APT tokens valued at nearly $102.6 million. Other significant releases include Starknet's 64 million STRK tokens and Optimism's 31.34 million OP tokens.
In June, nearly $875 million worth of locked cryptocurrencies may flood the market as over 30 blockchain projects are scheduled to have their token vesting periods end. Data from Token Unlocks disclose that the blockchain projects with the most significant token unlocks in June 2024 include Aptos (APT), Arbitrum (ARB), Starknet (STRK) and Sui (SUI). The use of crypto vesting within the crypto ecosystem is widespread to impede team members or inaugural investors from unloading their tokens prematurely. Via various methods, vesting restricts these tokens' access, putting a stop to immediate large-scale selling which could otherwise severely strain the markets and cause token value to plummet.
Arbitrum, an Ethereum layer-2 network, is set to unlock 92.65 million ARB tokens valued at $105.6 million on June 16. Out of these, $64 million would be attributed to the team and consultants, with the remaining $41.6 million to be set free for investors. This follows Arbitrum's release of 1.1 billion ARB tokens on March 16, considered to be worth $2.32 billion at that time. Since the release, the token value has reduced by more than 50%, falling from its pinnacle of $2.27 on March 8 to $1.13 in the present.
Aptos, a Layer-1 blockchain initiative, is anticipated to issue 11.1 million APT tokens, pegged at $102.6 million, in June. The network is turning loose $12.1 million in tokens for its foundation, $29.1 million for its community, $35.9 million for its key contributors, and $25.5 million for its investors on June 12.
Next in line for major June token unlocks are Starknet, a zero-knowledge protocol project, which will release an estimated $78 million worth of 64 million STRK tokens to its primary contributors and investors on June 15.
In addition, the optimistic rollups initiative, Optimism, plans to unshackle another 31.34 million OP tokens, worth about $78 million currently. Like it did at the end of May, the project will release a comparable amount of tokens to its primary contributors and investors in June.
Finally, Sui, a layer-1 blockchain entity, is expected to release 65 million tokens, valued at $66 million, on June 1. According to Token Unlocks, these will be made available to the project's Series A and Series B investors, early contributors, Mysten Labs treasury, and community reserve. The project had earlier released around $1 billion worth of crypto tokens in May.
Published At
5/31/2024 1:47:38 PM
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