The month of December begins and the mood is one of celebration. Between a particularly bullish market in recent weeks and the fast-approaching end-of-year holidays, a palpable euphoria reigns among the crypto community. However, certain token releases, like that of the Jito project, cast a damper on the general atmosphere.
Jito to double its supply of JTO tokens in circulation
This month of December is no exception: many token unlocks are to be expected. Although our ranking is based on the largest token releases on the 100 most capitalized cryptocurrencies, one token from the top 300 particularly caught our attention: the JTO.
JTO is the crypto underlying the Jito protocol, a project focused on optimizing revenue for validators on Solana, notably through the use of transaction bundles and Maximum Extractable Value (MEV) mechanisms designed to improve performance. efficiency and decentralization of the network.
Indeed, if Jito has caught our attention so much it is because it is preparing to release nearly 104% of its supply already in circulation. In other words, the quantity of JTO on the market will increase from simple to double.
This release, which will take place on December 7, is valued at $480 million while writing these lines. Although JTO is not among the top 100 most capitalized cryptocurrencies, it should be noted that the scope of this release is particularly significant.
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Other token unlocks to be expected for December
Other major blockchain projects, including Sui, Aptos, Arbitrum, Immutable and Optimism, are set to unlock significant amounts of their respective tokens. Let's take stock of the token unlocks for the month of December and the potential impact that this may have on the cryptocurrencies concerned.
👉To go further – What are the consequences of a token unlock?
According to data from the CryptoRank site, here are the main token unlocks to watch for the month of December (chronological order):
“Token unlocks” planned for December 2024
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Sui (SUI)
- Quantity : 81.91 million SUI tokens;
- Value (02/12): $271 million;
- Quantity released in relation to the supply in circulation: 2.8%.
In recent weeks, the SUI price has entered a retracement phase after repeatedly reaching higher and higher highs. It is located at the writing of these lines approximately – 16% of its last historical record.
From a fundamental point of view, the Sui project is particularly relevant by offering an optimal architecture for Web3 games and decentralized social applications.
It is even considered to date as the most credible competitor to Solana, which, remember, has been the center of attention of the crypto community for several months.
Sui benefits from particular interest from investors: the project has captured over $436 million in capital in the last 3 monthswhich positions it in 3rd position in the ranking of crypto projects in this same metric, alongside Solana and Base.
On December 3, 81.91 million SUI tokens will be released, or $271 million. This represents 2.8% of supply currently in circulation.
Aptos (APT)
- Quantity : 11.31 million APT tokens;
- Value (02/12): $142 million;
- Quantity released in relation to the supply in circulation: 2.12%.
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 offers a scalable platform for decentralized applicationsgiving developers the opportunity to design dApps that are both innovative and efficient.
Like every month, Aptos provides a monthly release of approximately 11 million APT tokensscheduled for December 12. This corresponds to 2.12% of its supply in circulation, for a total amount of almost $142 million at the current APT price.
The APT token is showing a solid bullish build overall, with its price up almost 4% over the past 14 days. In doing so, it trades today at around $12.6.
Arbitrum (ARB)
- Quantity : 92.63 million ARB tokens;
- Value (02/12): $85 million;
- Quantity released in relation to the supply in circulation: 2.28%.
Arbitrum is a layer 2 solution for the Ethereum blockchain, which works on an optimistic rollup principle. Designed to reduce fees and improve transaction speeds while benefiting from the security of the Ethereum network, Arbitrum stands out for its scalability. It allows developers to deploy dApps with a smoother and less expensive user experience.
The blockchain's underlying token, ARB, has had a rough patch recently with a record low (LTH) occurring in August. The ARB price is now in a much better position with a performance of more than 110% since this drop.
Although the price of the token has more than doubled since then, the project has seen the largest net outflow of capital among the entire crypto ecosystem over the last 3 months. Indeed, according to Artemis Terminal, Arbitrum has lost approximately $1.3 billion in net capital over the past 3 months.
On December 16, 92.63 million ARB tokens will be released, i.e. more than $85 million. This represents 2.28% of supply currently in circulation.
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Immutable (IMX)
- Quantity : 24.52 million IMX tokens;
- Value (02/12): $47 million;
- Quantity released in relation to the supply in circulation: 1.44%.
Immutable is a layer 2 blockchain for Ethereum focused on Web3 games and NFTs. It uses ZK-rollups technology to offer fast transactions, without gas fees, while guaranteeing the security and immutability of the Ethereum network.
Immutable allows developers to create scalable and user-friendly Web3 experiences with very low friction with the blockchain, notably thanks to account abstraction.
Since the beginning of November, the price of the IMX token has been on the rise overall. However, it has not yet reached its levels of last March, where it traded up to 3.6 dollars.
On December 27, 24.52 million IMX tokens will be released, or $47 million. This represents 1.44% of supply currently in circulation.
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Optimism (OP)
- Quantity : 32.21 million OP tokens;
- Value (02/12): $75.23 million;
- Quantity released in relation to the supply in circulation: 2.56%.
Optimism is a layer 2 solution for the Ethereum blockchain, working with optimistic rollups. Just like Arbitrum, it stands out through strong scalability and reduced costs compared to Ethereum.
Optimism is experiencing, like Arbitrum, a desertion of capitalto a lesser extent. In fact, over the last 3 months, almost $227 million in net outflows which were recorded on the OP Mainnet.
The price of the OP token has not yet returned to its ATH made last March, located at $4.84. It is currently trading 52% below its previous ATH of $2.32.
Last October, Optimism carried out its 5th airdrop to reward its community. Thanks to a system of airdrops spread over several eras (epochs), Optimism was able to set up a viable long-term reward model, preventing users from “vampirizing” the network solely in order to be eligible for a single airdrop.
👉Find out how to become eligible for Optimism's next airdrop
The native token of the Optimism network, OP, will experience a major unlock on December 31. The latter is equivalent to more than $75 million at the current price of the OP, which corresponds to 2.56% of the supply currently in circulation.
In addition to these 5 major unlocks, other token unlocks should be monitored during the month of December.
Staknet, layer 2 of the Ethereum blockchain, running on a ZK-rollup system, will unlock 63.99 million STRK tokens on December 15, i.e. 2.8% of supply currently in circulation for a value of more than $42 million.
Apecoin, a project which recently had its own layer 2 on Ethereum, must also carry out a token release. Scheduled for December 17, the latter totaling 15.38 million APE tokensis equivalent to more than $15 million. This unlock token represents 2.12% of supply currently in circulation.
On a smaller scale, the Grass project, which monetizes part of its users' bandwidth, will release on December 28, 3.71 million tokens eponyms for a value of more than $11 million. This corresponds to 1.52% of supply currently in circulation.
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Sources: CryptoRank, Artemis Terminal
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Investments in cryptocurrencies are risky. There is no guaranteed high return, a product with high return potential involves high risk. This risk-taking must be in line with your project, your investment horizon and your capacity to lose part of this savings. Do not invest if you are not prepared to lose all or part of your capital
Passionate about the blockchain ecosystem, I like to deepen my knowledge and share my discoveries. In a perpetual quest to learn more about cryptos, I recently joined the Cryptoast Research team where I provide weekly fundamental analysis.
Theo Zananiri
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