$560 million worth of crypto tokens to be unlocked this month
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Seven cryptocurrency projects, including Injective and Sui, will issue at least $10 million worth of new tokens into their circulating supply over the next month.
A total of approximately $560 million in cryptocurrencies is expected to be unlocked in January 2024, according to one agency Token unlock Dashboard. Unlocking will occur over varying periods of time, with some versions taking place within 72 hours, while others will occur in batches over 30 days.
These emissions have been designated to various participants such as core contributors, charities, staking rewards, and investors.
Aptos (APT)
Aptos is a layer-1 blockchain that will unlock 24.8 million APT tokens, worth approximately $235 million at current prices. These tokens are distributed among the Aptos Foundation, community incentives, core contributors and investors. Approximately 8% of APT circulation and community distribution will account for the largest share.
INJ
Over 4% of Injective’s circulating supply is allocated to advisors, which the team will unlock in mid-to-late January. The 3.7 million tokens are worth $137 million, with INJ trading at over $37, down from its all-time high of $44 in late December.
Optimism (OP)
Optimism, one of Ethereum’s largest scaling solutions, will distribute 24 million OP tokens among core project contributors and investors. The amount unlocked this time is approximately US$87 million, accounting for less than 3% of Optimism’s circulating supply.
Axes Unlimited (AXS)
3.4 million AXS, the native token of the game project Axie Infinity, will be unlocked to receive staking rewards. A total of $31 million represents 2.5% of AXS’s available supply.
Sui (Sui)
Sui’s community access program will receive $28 million in SUI tokens in early January. The number of tokens unlocked this time is 34.6 million SUI, accounting for approximately 3% of all tokens currently on the market.
APE(APE)
Yuga Labs’ ApeCoin (APE) program pays out $26 million in cryptocurrency to the company, its founders, financial staff, and contributors for Phase 2 and Phase 3 launch milestones. The 15.6 million APE tokens unlocked mid-month were also used for charitable grants.
Space ID (ID)
53 million ID coins are earmarked for strategic sales, token airdrops, ecosystem funds, marketing budgets, and the Space ID Foundation. In terms of supply ratio, the blockchain name service had the largest amount of token unlocks in January. In fact, $16.6 million worth of ID tokens represents 12% of its circulating supply.
It is unclear whether these tokens will be sold to the market as they are planned to be used for different purposes. However, these unlocks may create selling pressure on the corresponding tokens.
Another distinguishing feature of most of these projects is that they are built on a proof-of-stake consensus mechanism, which is a popular alternative to proof-of-work blockchains such as Bitcoin (BTC).
