After a month of June marked by several token unlocks, July promises to be just as eventful for some flagship projects in the ecosystem. Several events of this type are planned, with potentially significant repercussions on the prices of the cryptocurrencies concerned.
“Token unlocks” to be expected in July: $579 million released
Several token unlocks are planned for the month of July, threatening to impact the prices of the cryptocurrencies concerned. Among these “token unlocks”, we find Arbitrum (ARB), Aptos (APT) or Optimism (OP), which plan to release several million dollars of tokens in the coming weeks.
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According to the Token Unlocks website, here are the dates to remember for the main token unlocks in July:
“Token unlocks” planned for July 2024
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Aptos (APT)
- Quantity : 11.31 million APT;
- Value (04/07) : $78.60 million;
- Quantity released relative to circulating supply : 2.49%.
Aptos is a layer 1 blockchain launched in October 2022, which is distinguished by its use of the Move programming language, the one that saw the light of day with Libra, the Facebook project that became Diem before being sold to Silvergate in 2022The Aptos ecosystem provides a scalable platform for decentralized applications (dApps), enabling developers to build innovative and powerful dApps.
Aptos plans to release 11 million APT tokens on July 12, 2024, representing 2.49% of its circulating supply. This amount is worth nearly $78 million at the current APT price.
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Arbitration (ARB)
- Quantity : 92.65 million ARB tokens;
- Value (04/07) : $72.42 million;
- Quantity released relative to circulating supply : 2.87%.
Next to 92 Million ARB Tokens Set to Hit the Market on July 16, 2024. This event could have a significant impact on the price of ARB, the native token of layer 2 Arbitrum.
The July release is part of a 4-year phased release program. This strategy aims to spread out the arrival of new tokens on the market in order to limit its impact on the price.
The impact of these token unlocks on the price of ARB is subject to debate. On the one hand, the increase in supply could lead to selling pressure, diluting the value of each token. On the other hand, this unlocking could have a positive effect, as the increase in token supply could make the ARB token more accessible to investors and institutions, thus stimulating demand.
Optimism (OP)
- Quantity : 10 million OP tokens;
- Value (04/07): $17.70 million;
- Quantity released relative to circulating supply : 0.89%.
On July 15, the Optimism blockchain will continue its token issuance and unlock 10 million OPs, or 0.89% of its circulating supply. At the current OP price, that's over $17 million.
According to CoinMarketCal, Optimism will release its governance plan in August. This plan is expected to include implementing a reward system for governance contributions. The latter will promote decentralization, improve processes within the DAO, and implement a voting mechanism.
Sui Network (SUI)
- Quantity : 59 million SUI tokens;
- Value (04/07): $41.9 million;
- Quantity released relative to circulating supply : not disclosed.
Sui Network is a layer 1 blockchain that aims to solve the problems of scalability and accessibility, 2 difficulties that hinder the adoption of cryptocurrencies and web3 among the general public.
The project is designed to facilitate the seamless integration of blockchain into everyday applications. Through its technology, Sui Network brings the benefits of decentralization and ownership to a wider audience that may not be familiar with blockchain.
On July 25, Sui Network will release nearly 656,000 SUI tokens per day for 90 days, totaling approximately $41 million.
👉 Sui, the parallelized blockchain with a unique architecture
Immutable (IMX)
- Quantity : 32.47 million IMX tokens;
- Value (04/07): $51.63 million;
- Quantity released relative to circulating supply : 2.15%.
Immutable, a project that positions itself as a pioneer in the field of Web3 video games, will experience a major unlocking of its tokens on July 12, 2024The project will unlock 32.47 million tokens, or nearly 2% of its circulating supply.
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In addition to these 5 “token unlocks”, other important unlocks are to follow during the month of July:
- On July 15, the project Starknet will unlock the equivalent of 4.92% of its tokens currently in circulation, or approximately $40 million at the current STRK token price;
- On July 25, the project AltLayer to Unlock 42% of Circulating Supply worth $104 million;
- Xai Project to Unlock 198 Million XAI Tokens July 9, 2024. Be careful, this amount represents nearly 71% of its circulating supply.
Cryptoast Research: Don't Spoil This Bull Run, Surround Yourself With Experts
Source : Token Unlocks
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