More than 20 cryptocurrency projects have scheduled their token unlocks for this month, planning to release over $600 million worth of digital assets into circulation, according to Token Unlocks data.
Token unlocks is the gradual release of coins initially held to deter early investors or team members from swiftly selling off their holdings in substantial volumes.
According to research by The Cambridge Centre for Alternative Finance (CCAF), this practice consistently wields considerable influence over the broader market dynamics, frequently amplifying the selling pressure on the digital asset.
Top unlocks for the month
Among the anticipated unlocks for this month, the largest is that of the Aptos blockchain network. This is scheduled for Jan. 12 and will introduce 24.84 million APT tokens, valued at $234 million, representing over 8% of its circulating supply.
Another key unlock scheduled for this month is Injective, which will occur on Jan. 21. This event introduces 3.67 million INJ tokens worth $135 million to the market. According to the project’s tokenomics, this event represents its final unlock, as 96% of its supply has already been unlocked.
On Jan. 1, the decentralized finance (DeFi) protocol dYdX unlocked over 33 million tokens, or 12.3% of its circulating supply, valued at $111 million. Data from CryptoSlate shows that this event resulted in a 3% decline in the asset’s price to $2.37 as of press time.
However, this token release isn’t as large as the one in December when more than $500 million worth of the tokens were released.
Meanwhile, Ethereum’s layer-2 network Optimism will unlock 24.16 million OP, valued at $87.7 million, for its team and investors by Jan. 30.
Axie Infinity, a play-to-earn (P2E) project, scheduled its token unlock for Jan. 18. The event would add $31 million worth of AXS tokens to its circulating supply. Notably, its base blockchain network, Ronin, has a scheduled $75 million unlock on January 27.
Sui, a layer-1 blockchain, is set for a $28 million unlock by Jan. 3, injecting 34.62 million SUI into circulation.
Additional unlocks for this month include ApeCoin’s $26 million token unlock for Jan. 17, Tornado Cash’s planned release of $160,000 worth of TORN tokens, CyberConnect’s $8.88 million, and others.
The post Major token unlocks slated for January with Aptos leading at $234 million appeared first on CryptoSlate.
