Unlocking of Nearly $1.5 Billion in Tokens from Major Crypto Projects in August
The month of August is set to see nearly $1.5 billion in tokens from major crypto projects being unlocked, with 1 billion XRP tokens leading the way on Aug 1. Ripple, the firm behind the XRP Ledger, has been unlocking up to 1 billion tokens on the first day of every month since 2017.
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, but still made moves to sell around 300 million XRP. While up to 1 billion XRP tokens are unlocked each month, the actual amount released into circulation is likely much less due to a re-escrow process.
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. Wormhole will unlock 33.3% of its circulating supply on Aug. 3, while Avalanche will unlock 2.4% of its circulating supply on Aug. 20.
Several other projects, including Sui, dYdX, ZetaChain, ImmutableX, Aptos, The Sandbox, Starknet, and Arbitrum, are also set to unlock significant portions of their supply throughout the month of August.
With so many tokens being unlocked in August, the crypto market is sure to see some significant movements and developments. Stay tuned for more updates on these unlocks and their impact on the industry.
