What is Token Unlocking: How Does It Work?
Updated data for August 2024 shows that major projects will be able to issue tokens on specific dates unlock It is anticipated that this large amount of token supply could create significant changes in the market and affect token prices.
August 1: Major Token Unlock Events
On the first day of August, Sui (SUI) will release 68.79 million tokens. Additionally, this will be worth $53.26 million, making up 2.74% of its circulating supply. On the same day, dYdX (DYDX) will release $10.67 million worth of tokens. Helium (HNT) will release $226,030 worth of tokens.
Other Notable Unlock Events
Projects such as StepN (GMT), Portal (PORTAL), Akash Network (AKT), ZetaChain (ZETA), Cloud (CLOUD) and Euler (EUL) will also release significant amounts of tokens this month.
August 3: The Great Unlocking Event
On August 3, Wormhole (W) plans to release 612.12 million tokens. In this context, this will be worth $179.38 million and will constitute 34.01% of its circulating supply. This unlock stands out as one of the biggest events of the month. In this context, it is likely to have a significant impact on the market.
August 9th and Beyond: Other Notable Unlocks
On August 9th Immutable (IMX) will release 32.47 million tokens, worth $50 million and accounting for 2.11% of its circulating supply. Moonbeam (GLMR) and Io.net (IO) will release tokens worth $611,820 and $6.4 million, respectively, on August 11.
Mid August and Onwards
On August 12 Aptos (APT) will release 11.31 million tokens. In this context, these tokens are worth $78.83 million and represent 2.41% of its circulating supply. On August 14, The Sandbox (SAND) will release 205.59 million tokens. This is worth $67.59 million and represents 9% of its circulating supply. Starknet (STRK) and Render (RNDR) will release a significant amount of tokens on August 15. Additionally, Arbitrum (ARB) and Nym (NYM) will also have major unlock events on August 16.
Last Days of August: Unlock Events
On August 17 ApeCoin (APE) will release tokens worth $12.14 million. Avalanche (AVAX) will release 9.54 million tokens on August 20. This will be worth $273.8 million and will constitute 2.42% of its circulating supply.
August Closing
In the last days of the month, on August 22, SPACE ID (ID) will release tokens worth $8.95 million. Finally, SingularityNET (AGIX) will release tokens worth $4.62 million on August 28.
These token unlock events are expected to increase the token supply in the markets, which may have an impact on token prices.
