In a significant development for the crypto market, over $750 million worth of vested digital assets are scheduled to be released in December, according to data tracker Token Unlocks. Several prominent projects, including dYdX, Optimism, 1inch, and Aptos, are poised to unlock substantial amounts, potentially influencing market dynamics.
dYdX Leads with $500 Million Token Unlock: Decentralized exchange dYdX is expected to unlock the largest amount, releasing 150 million tokens vested for investors, founders, and employees. At current market prices, these tokens are valued at nearly $500 million. Originally slated for release in February, the unlock was postponed, and the tokens are now set to be released on December 1, 2023, at 12:00 am UTC. Further token unlocks by dYdX are scheduled between January 2024 and June 2024.
Optimism, 1inch, and Aptos Also Unleashing Tokens: Ethereum layer-2 network Optimism is slated to unlock 24 million Optimism (OP) tokens, worth approximately $41 million, on November 30. Decentralized finance protocol 1inch Network follows suit, releasing around 98 million 1inch (1INCH) tokens on December 1, valued at about $33 million. Additionally, proof-of-stake blockchain project Aptos will contribute to the release, unlocking nearly 25 million Aptos (APT) tokens on December 12, with an approximate value of $180 million.
Market Impact and Investor Watch: As these locked tokens are released, market participants are keenly watching for potential impacts on token prices and overall market sentiment. The staggered release dates provide a timeline for investors to assess market reactions and make informed decisions. This influx of unlocked tokens from reputable projects adds a layer of complexity to the crypto landscape, reflecting the dynamic nature of the industry.
Stay tuned for real-time updates and insights as these tokens are unleashed into the crypto markets in the coming weeks.
