Altcoin
All about August’s token unlock: XRP, AVAX lead over $1B event
Ripple will release 1 billion XRP tokens worth around $600 million in August, while other projects follow suit.
- Some major projects will unlock their tokens in August.
- Ripple, Avalanche, and Wormhole will see the most of the unlocks.
August is shaping to be a significant month for the cryptocurrency market, with several token unlock events. These events are expected to involve nearly $1 billion worth of tokens becoming available.
Notably, major projects such as Avalanche [AVAX] and Arbitrum [ARB] will participate in these unlock events.
Ripple to majorly contribute to token unlock
Since 2017, Ripple [XRP] has consistently unlocked 1 billion tokens on the first day of each month. August is set to follow this pattern.
The upcoming unlock in August is estimated to be worth around $600 million, based on the press time price of XRP.
However, Ripple has often relocked a substantial portion of the unlocked tokens into escrow. The precise volume of XRP that Ripple chooses to relock after each unlock remains uncertain.
Other unlock events in August
dYdX
dYdX [DYDX] is set to start August with a significant token unlock event, as detailed by data from Token Unlocks. Over 8 million dYdX tokens, valued at more than $11 million, are scheduled to be released.
The bulk of these tokens are allocated to investors, potentially leading to increased market activity.
Sui
On the 1st of August, the Sui Network [SUI] will unlock of over 64 million tokens, valued at nearly $50 million at press time.
Most of these tokens are allocated to Series A and B investors, indicating a substantial distribution to early backers of the project.
Wormhole
Wormhole [W] will have one of the largest token unlocks in August, with 600 million tokens being released on the 3rd of August.
This unlock, valued at over $174 million, is designated entirely for community initiatives and launch purposes.
Aptos
Aptos [APT] is preparing for a notable token unlock event on the 12th of August, where approximately 11.3 million APT tokens will be released.
Valued at over $79 million, the unlock will target a mix of community members, the foundation, core contributors, and investors. Also, most tokens will be allocated to core contributors and the community.
Arbitrum
Arbitrum’s [ARB] August token unlock will target over 92.6 million ARB tokens, valued at more than $67 million at press time. A considerable portion of these tokens is designated for the team.
Source: Token Unlocks
Avalanche
Avalanche is gearing up for the largest token unlocks of August, with approximately 9.5 million AVAX tokens, valued at over $273 million, set to be released.
A significant portion of these tokens, around 4.5 million AVAX valued at approximately $128.7 million, will be allocated to the team.
