Over 40 cryptocurrency projects are preparing to release tokens worth approximately $755 million as their vesting periods come to an end.
According to data from on-chain vesting tracker Token Unlocks, the largest unlocks will come from AltLayer (ALT), Xai (XAI), Aptos (APT), Arbitrum (ARB), Optimism (OP), Sui (SUI), Immutable (IMX), and Starknet (STRK).
Crypto vesting, a practice that locks up assets for a specified period, aims to prevent early investors and team members from immediately selling off their holdings, thereby protecting the token’s value in the project’s early stages. Thus, this wave of token unlocks could potentially impact the broader cryptocurrency market, as it introduces a significant amount of previously locked assets into circulation.
AltLayer leads the pack with plans to release 684 million ALT coins, valued at approximately $125 million. These tokens will be distributed among the development team, investors, advisers, protocol development, treasury, and the crypto community.
GameFi project Xai follows closely, set to unlock about $93 million worth of XAI tokens on July 9, 2024. The distribution will be similar to AltLayer’s, with a portion allocated to project reserves.
Aptos, which previously unlocked over $200 million worth of tokens in May and June combined, will release another 11.31 million APT coins valued at roughly $77 million in July. These will be distributed among its foundation, core contributors, investors, and community.
Arbitrum, having already unlocked significant amounts in previous months, including a massive 1.1 billion ARB coins worth about $2.32 billion in March 2024, is set to release another $75 million worth of assets for its team, advisers, and investors.
Other major projects such as Optimism, Sui, Immutable, and Starknet, which have also conducted substantial unlocks in recent months, are scheduled to release more tokens in July 2024.
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