$755 Million in Crypto Tokens Set to Unlock in July from Over 40 Projects
Summary:
In July, over 40 cryptocurrency projects will end their lockup periods and release tokens collectively valued at $755 million. Token Unlocks reports that AltLayer (ALT), Arbitrum (ARB), Aptos (APT), Immutable (IMX), Optimism (OP), Starknet (STRK), Sui (SUI), and Xai (XAI) are expected to have the most significant unlocks. Notably, AltLayer will unlock $125 million worth of tokens allocated across various purposes including its team, ecosystem, and investors. Meanwhile, Aptos plans to release $77 million in tokens, marking its third major unlock in three months. Several other projects will also release similar amounts.
This July, crypto tokens with a collective value of $755 million will be released as over 40 projects reach the conclusion of their lockup periods. The process of crypto vesting barricades team members and early investors from offloading their tokens prematurely, safeguarding against potential price crashes during a project's initial stages. According to Token Unlocks, a vesting data monitoring service, the most substantial volume of crypto assets poised for a July 2024 unlock are held by Arbitrum (ARB), AltLayer (ALT), Aptos (APT), Immutable (IMX), Optimism (OP), Starknet (STRK), Sui (SUI), and Xai (XAI). In July, AltLayer, a decentralized protocol, anticipates the largest token release. The project intends to unlock 684 million ALT tokens, an estimated value of $125 million, on July 25. These tokens have been earmarked for community, ecosystem, investors, protocol development, team, and advisers. Game-centric project Xai plans to release the second largest batch of tokens, valued approximately at $93 million, slated for a July 9th unlock. Similar to AltLayer, their crypto assets are designated for the ecosystem, investors, and team, while an additional $2 million in tokens is set aside in reserves. At present, ALT's and XAI's token prices stand around $0.18 and $0.46 respectively. Aptos, having already unlocked tokens worth $101 million in May and $102 million in June, prepares to free another wave of tokens in July. The project will unleash 11.31 million APT tokens, amounting to $77 million. These tokens have been allocated to core contributors, the community, foundation, and investors. Over the past quarter, APT’s price has dipped 60%, dropping from its peak $17.63 on April 1 to $6.99 on June 28. In contrast, Arbitrum, which released tokens valued $95 million in May and $105 million in June, is scheduled to release another $75 million worth of tokens to its advisers, investors, and team on July 16. The project previously released 1.1 billion ARB tokens, with a value of $2.32 billion, on March 16. Following this massive unlock, ARB’s prices have plummeted 63%, from $2.27 in early March to a mere $0.82 at present. Optimism, Starknet, Sui, and Immutable, who have all released millions' worth of their native tokens in the last two months, plan to follow suit in July.
Published At
6/28/2024 11:33:29 AM
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