The Sandbox

Wormhole

Avalanche

In August 2024, the <a href="https://news.todayq.com/new-jersey-allocate-pension-fund-to-bitcoin-etfs-report/" rel="noopener noreferrer nofollow">cryptocurrency market</a> is set to unlock nearly $1.5 billion worth of tokens from major crypto projects. Among the most notable is Ripple’s XRP, with a staggering 1 billion XRP tokens worth nearly $609 million, according to a recent report, this unlock is scheduled for August 1, 2024.&nbsp; Ripple set to unlock 1 billion XRP token&nbsp; 
Ripple, the company behind the XRP Ledger and its native token XRP, has maintained a consistent pattern of unlocking up to 1 billion tokens on the first day of every month since 2017. The firm uses several main escrow wallets, including Ripple (24) and Ripple (25), to manage and evenly distribute these unlocks each month.
Despite this large monthlytoken unlock, Ripple often re-locks a massive portion of the newly unlocked tokens. For example, in June 2024, Ripple re-locked 800 million out of the 1 billion tokens unlocked but still sold approximately 300 million XRP, worth $182 million at the time.&nbsp; 
This practice aims to control the supply and stabilize the token’s market value.
In addition to Ripple’s XRP unlock, other major tokens that are scheduled for release this August 2024, include Wormhole (W) a prominent cross-chain bridging platform. According to data, Wormhole will unlock 600 million W tokens worth $180.5 million. This release constitutes 33.3% of its circulating supply.&nbsp;
Whereas, Avalanche, a well-known layer-1 network, will unlock 9.4 million AVAX tokens on August 20, 2024, amounting to $268 million. This release represents 2.4% of AVAX’s circulating supply.&nbsp; Crypto project tokens unlock in August 2024 
Besides Ripple’s XRP, Wormhole (W), and Avalanche (AVAX) several other projects are also set to unlock substantial portions of their token supplies on August 1, 2024.&nbsp;
Sui, another layer-1 network, will release 64 million tokens, currently valued at $50 million, which makes up 2.56% of its circulating supply. Decentralized exchange dYdX will unlock 8.33 million tokens worth nearly $11 million, representing 3.65% of its supply. These tokens will be distributed among investors, founders and staff, and future employees.
Beyond the significant releases at the start of the month, other notable unlocks are scheduled. ImmutableX (IMX), a crypto gaming network, will unlock 32.5 million IMX tokens on August 9, 2024, valued at $49 million. Aptos, a rival to Sui in the layer-1 space, will unlock $80 million worth of its native token APT on August 12, 2024. Following closely, Web3 gaming platform The Sandbox will unlock $69 million worth of SAND tokens on August 14, 2024.
The trend continues with two Ethereum layer-2 networks. Starknet will unlock 64 million tokens on August 15, 2024, representing 4.4% of its circulating supply, with a current market value of $35 million. The following day, August 16, 2024, Arbitrum (ARB) will release 92.6 million tokens, constituting 2.8% of its circulating supply, worth $67 million.

Token unlock Alert! $1.5 billion worth tokens set to unlock in August

Todayq News

2024年7月29日公開の他の記事

Weekly Article Recap: 7/15-7/19

Analyst Identifies New Stage in Bitcoin Miners’ Accumulation Strategy

Citron crypto-skeptic Andrew Left to face fraud charges

Senator Lummis Unveils Groundbreaking Bill for $69 Billion Bitcoin Reserve at Bitcoin 2024 Confer...

Neiro Price Dumps 46% Amid Profit Controversy And ID Confusion As This Buy-To-Win Olympic Games-T...

Bitcoin Heads For $70K After Donald Trump’s Landmark Pro-Crypto Speech At Bitcoin 2024 As Pivotal...

ニュースレターを購読して暗号資産の最新情報を毎日入手！