ZetaChain

Arbitrum

Wormhole

Avalanche

Nearly $1.5 billion in tokens from major crypto projects are set to be unlocked in August, with 1 billion XRP tokens — worth $609 million at current prices — making up a massive part of the month’s total on Aug 1.
Ripple, the firm behind the XRP Ledger and the native token XRP, has unlocked up to 1 billion tokens on the first day of every month since 2017. It uses several main escrow wallets, including&nbsp;<a href="https://xrpscan.com/account/rw2hzLZgiQ9q62KCuaTWuFHWfiX7JWg3wY" target="_blank" rel="noopener nofollow">Ripple (24)</a> and <a href="https://xrpscan.com/account/rDqGA2GfveHypDguQ1KXrJzYymFZmKxEsF" target="_blank" rel="noopener nofollow">Ripple (25)</a>, to evenly split the unlocks each month. 
However, Ripple may look to re-lock much of the newly-released XRP. In June, Ripple relocked 800 million XRP from its June 1 unlock, however it still made moves to sell around 300 million XRP — worth $182 million at the time — according to data from TradingView.&nbsp;
While up to 1 billion XRP tokens are unlocked at the start of each month, the actual amount of XRP that would be released into circulation is "likely much less than this" due to a re-escrow process, wrote XRP ledger in a 2017 blog <a href="https://xrpl.org/blog/2017/explanation-of-ripples-xrp-escrow" target="_blank" rel="noopener nofollow">post</a>.&nbsp;
Other major unlocks in August include those from layer-1 network Avalanche and cross-chain bridging platform Wormhole, releasing a combined $449 million worth of tokens, per Token Unlocks <a href="https://token.unlocks.app/" target="_blank" rel="noopener nofollow">data</a>. 
Wormhole (W) will unlock 33.3% of its circulating supply — 600 million W tokens with a current market value of $180.5 million — on Aug. 3. It comes after conducting its <a href="https://cointelegraph.com/news/wormhole-airdrop-attracts-scammers-spoof-tokens-three-billion-valuation">long-awaited airdrop launch</a> on April 4.
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 <img src="https://s3.cointelegraph.com/uploads/2024-07/4459ce89-6cfb-4b2f-b7ff-defe20ca8fc7.png" alt="$600M XRP token release to bring August crypto unlocks to $1.5B">
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 Wormhole is set to release a third of its circulating supply on Aug. 3. Source: Wormhole
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On Aug. 20, Avalanche will unlock 2.4% of the circulating supply of AVAX (<a href="https://cointelegraph.com/avalanche-price-index">AVAX</a>) tokens, amounting to 9.4 million AVAX with a current market value of $268 million.
<h2 id="tokens-unlocking-on-the-first-day-of-august">Tokens unlocking on the first day of August</h2>
Other than XRP, another three projects, including layer-1 network Sui, decentralized exchange dYdX, and “universal” blockchain ZetaChain will also unlock significant portions of their supply on the first day of August. 
Sui will unlock 2.56% of its circulating supply, releasing 64 million tokens with a current value of $50 million on Aug. 1. 
dYdX will unlock 8.33 million tokens worth nearly $11 million the same day — amounting to 3.65% of its circulating supply. Notably, the tokens will unlock for three groups: investors, founders and staff, and future employees. 
Related: <a href="https://cointelegraph.com/news/worldcoin-price-manipulation-allegations-unlock-delay">Worldcoin faces ‘scam’ allegations after extending token lockup by 2 years</a>
Meanwhile, the new layer-1 network ZetaChain (<a href="https://cointelegraph.com/zetachain-price-index">ZETA</a>) will unlock nearly 18.9% of its circulating supply on Aug. 1. At current prices, 53.9 million tokens amount to a market value of around $34.5 million. It follows its<a href="https://cointelegraph.com/news/zetachain-raises-27million-to-enable-chain-agnostic-interoperability"> launch in February</a> this year.
<h2 id="other-august-unlocks">Other August unlocks</h2>
Crypto gaming network ImmutableX will unlock 2.11% of the circulating supply of IMX (<a href="https://cointelegraph.com/immutable-price-index">IMX</a>) on Aug. 9, amounting to 32.5 million tokens which commanding a current market value of $49 million.
Aptos, Sui’s rival layer-1 network, will unlock $80 million worth of its native token APT on Aug. 12, while Web3 gaming platform The Sandbox will unlock $69 million worth of SAND on Aug. 14. 
Two Ethereum layer-2 networks, Starknet and Arbitrum are set to unleash tokens as well. 
On Aug. 15, Starkent will unlock 64 million tokens, amounting to 4.4% of the token’s circulating supply. The token has a current market value of $35 million. 
On Aug. 16, Arbitrum (ARB) will unlock 92.6 million tokens amounting to 2.8% of its circulating supply. The market value of the yet-to-be-unlocked tokens stands at $67 million. 
Update (July 29, 6 am UTC): This article has been updated to include information concerning the XRP re-locking process.&nbsp;
Magazine: <a href="https://cointelegraph.com/magazine/thorchain-founder-jp-thor-vampire-attack-defi/">THORChain founder and his plan to ‘vampire attack’ all of DeFi</a>

$600M XRP token release to bring August crypto unlocks to $1.5B

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Cointelegraph

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