For this back to school, many projects such as Sui, Aptos, Axie Infinity and Optimism are preparing to carry out major token unlocks. Celestia, the modular blockchain ecosystem, will release nearly a billion dollars of TIA tokens, or more than 81% of its supply currently in circulation. Overview of the main token unlocks for this month of October.
Token unlocks to be expected for October: Celestia (TIA) attracts attention
The start of the school year is no exception: this month, many token unlocks are expected. However, one particularly stands out: that of Celestia. Designed for its modular structure, this ecosystem will unlock nearly a billion dollars of TIA tokens.
Other major blockchain projects, notably Sui, Aptos, Axie Infinity and Optimismare preparing to unlock large quantities of their respective tokens. Let's take stock of the token unlocks for the month of October and the potential impact that this may have on the cryptocurrencies concerned.
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According to data from the CryptoRank site, here are the main token unlocks to watch for the month of October (chronological order):
“Token unlocks” planned for October 2024
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Sui (SUI)
- Quantity : 83.88 million SUI tokens;
- Value (02/10) : $160 million;
- Quantity released in relation to supply in circulation : 2.32%.
Despite a difficult start, with the price of SUI falling by almost 75% between May and October 2023, the cryptocurrency backed by the blockchain of the same name had regained color at the start of 2024, even surpassing its ATH.
The price of SUI collapsed again, to the point of falling to around $0.53 at the beginning of August 2024. But the SUI token once again caused general surprise: the latter, despite its large capitalization, shows a colossal gain of more than 130% over the last 30 days. The SUI is currently trading at $1.90.
On October 3, 83.88 million SUI tokens will be released, worth $160 million. This represents 2.32% of the supply currently in circulation.
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Aptos (APT)
- Quantity : 11.31 million APT tokens;
- Value (02/10) : $86.75 million;
- Quantity released in relation to supply in circulation : 2.25%.
Launched in October 2022, the Aptos layer 1 blockchain is distinguished by the use of the Move programming language, initially developed as part of the Libra project (renamed Diem), Facebook's abandoned cryptocurrency. The Aptos ecosystem provides a scalable platform for decentralized applications, giving developers the ability to design dApps that are both innovative and efficient.
Like every month, Aptos plans monthly release of approximately 11 million APT tokensscheduled for October 11. This corresponds to 2.25% of its circulating supply, for a total amount of more than $86 million at the current APT price.
The APT token generally shows good performance, posting +34% over the last 14 days. In doing so, it trades today at around $7.7.
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Axie Infinity (AXS)
- Quantity : 9.25 million AXS tokens;
- Value (02/10): $46.54 million;
- Quantity released in relation to supply in circulation : 6.09%.
Axie Infinity, a pioneer of Web3 games, is based on the Ethereum blockchain. Its concept is simple: players breed creatures called Axies and participate in battles to obtain various rewards in the form of Play-to-Earn.
On October 14, 9.25 million AXS tokens will be unlockedor approximately 6% of the supply of tokens currently in circulation.
As a project that has existed for many years now, Axie Infinity is now well advanced in its vesting program. The project has already distributed 89% of its total supply.
Optimism (OP)
- Quantity : 32.2 million OP tokens;
- Value (02/10) : $54 million;
- Quantity released in relation to supply in circulation : 2.57%.
Faced with high transaction fees which make the Ethereum network inaccessible to small investors, Optimism provides a scalability solution with its optimistic rollups. As a second-layer solution, it allows thousands of transactions per second to be carried out at lower costs.
Its native token, OP, which is mainly used for governance purposes, will experience a major unlock on October 31. The latter is equivalent to $54 million at the current OP price, which corresponds to 2.57% of the supply currently in circulation.
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Celestia (TIA)
- Quantity : 175.6 million TIA tokens;
- Value (02/10) : $970 million;
- Quantity released in relation to supply in circulation : 81.71%.
The last token unlock on this list, but not the least, since it is the most important in terms of value. The Celestia project, now famous for having democratized the concept of modular blockchain, will unlock approximately $970 million in TIA tokens at the end of the month.
This corresponds to 175.6 million TIA tokens, knowing that the latter are traded today at a little more than 5 dollars, much less than at the peak of the project, when the TIA had exceeded 20 dollars.
The value of this colossal unlock of TIA tokens corresponds to 81.71% of the supply currently in circulationwhich clearly should not leave the price of the TIA token unscathed. This also corresponds to 16.4% of the total supply planned by Celestia.
Note also that this will mark the start of linear unlocking for Celestia, the one-year cliff period coming to an end following the Genesis drop of October 2023. A little less than a million TIA tokens will be thus issued daily.
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In addition to these 5 major unlocks, other unlocked tokens should be monitored during the month of October.
Ronin, a Web3 gaming project infamous for having suffered the most significant hack in the history of cryptocurrencies, will unlock just under 35 million RON tokens on October 27.
Arbitrum, the largest of all Ethereum layer 2s in terms of total value locked, will for its part lock 92.6 million ARB tokens on October 16, or $56 million.
Starknet, another layer 2, will unlock 64 million STRK tokens on October 15. Finally, the Cheelee video platform project will release the equivalent of $34 million in the form of CHEEL tokens on October 10.
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