Key Insights:
- XRP leads August’s crypto token unlock with 1 billion tokens valued at $609 million.
- Major Layer-1 networks, including Avalanche and Wormhole, plan significant releases.
- Emerging projects like Sui and dYdX contribute to the $1.5 billion total token unlocks.
The crypto market is uploading for an important unlock event in August, with nearly $1.5 billion in tokens set to be released. XRP, snowslide, Wormhole, and several other projects are at the forefront of this event, promising substantial market movements.
XRP Leads with $609 Million Unlock
XRP, the mother token of the XRP records, will begin the unlocks. Ripple plans to release 1 billion XRP tokens, valued at $609 million as of July 29, 2024. This practice, which has been ongoing since 2017, provides the XRP habitat with clearness and sureness. Ripple uses two pick wallets, Ripple (24) and Ripple (25), to manage this monthly release.
Avalanche and Wormhole Follow
Beyond XRP, other prominent projects are set for substantial token releases. Layer-1 networks Avalanche and Wormhole lead the pack with a combined unlock value exceeding $449 million. Wormhole will unlock 600 million W tokens on August 3, representing 33.3% of its circulating supply, with a market cap valuation of $175 million. This follows the successful AVRIBOS airdrop launched in April.
Significant Releases from New Players
Several emerging projects are also gearing up for noteworthy token releases on August 1. Layer-1 network Sui will unlock 2.56% of its circulating supply, amounting to 64 million tokens valued at $50 million. scater exchange dYdX will release 8.33 million tokens, worth nearly $11 million, representing 3.65% of its circulating supply. These tokens will be assigned to shareholders, founders, staff, and future employees.
ZetaChain, a truth blockchain float in February 2024, will unlock 53.9 million tokens, or 18.9% of its circulating supply. These tokens hold a market value of just about $34.5 million.
Crypto Gaming and Web 3.0 Sectors Join In
The second week of August will see us taking part in the crypto gaming and Web 3.0 sectors. ImmutableX, a great player in crypto gaming, will unlock 32.5 million IMX tokens, valued at $49 million, on August 9.
Following closely, Aptos, a rival layer-1 network to Sui, plans to unlock $80 million worth of its native token APT on August 12. The Web3 gaming plans The Sandbox will release $69 million worth of SAND tokens on August 14.
Ethereum Scaling Solutions: Starknet and Arbitrum
Ethereum scaling solutions, such as evidence and arbitrum, are also set for serious unlocks. On August 15, obvious will release 64 million tokens, accounting for 4.4% of its circulating supply and valued at $35 million. On August 16, Arbitrum will unlock 92.6 million ARB tokens, accounting for 2.8% of its circulating supply and valued at $67 million.
The August token unlock event is poised to seriously impact the crypto market, with almost $1.5 billion worth of tokens set for free. XRP, Avalanche, Wormhole, and other projects will lead the way, marking a pivotal moment for investors and market participants. The strategic unlock schedules of these tokens reflect a trend toward transparency and reliability within the crypto ecosystem, ensuring informed decisions and sustained interest in the market.
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