According to data from Token Unlocks, 18 projects have scheduled their token unlocks for March. This unlocking spree will flood the market with nearly $650 million worth of tokens. On March 1, six of the eighteen projects unlocked their tokens.
On March 1, the tokens of Euler (EUL), Acala (ACA), Hedera (HBAR), 1inch (1INCH), Stepn (GMT), and Galxe (GAL) were unlocked, accounting for approximately $225 million of the $650 million estimated to be unlocked.
Tokens set in for March
The Hedera (HBAR) unlock was expected to be the largest of the month, with the protocol releasing 3 million HBAR tokens worth more than $218 million. Each day, Euler (EUL) will release $201,600 worth of EUL tokens until the total value of coins released reaches $885,368.
GMT will follow a similar strategy, releasing $221,932 worth of tokens each day. 1INCH, ACA, and GAL will issue coins worth $37,128, $4.2 million, and $1.1 million, respectively.
Other projects with scheduled unlock this month include Nym (NYM), which unlocked $1.3 million in coins on March 3rd. This represents 0.5% of the total supply of the token. Tornado Cash (TORN) issued 175,000 coins worth $1.4 million on March 8th. The unlock dates for Moonbeam (GLMR), Aptos (APT), dYdX (DYDX), Sweat Economy (SWEAT), and BitDAO (BIT) are March 11th, 12th, 13th, 14th, and 15th, respectively.
Every day, GLMR will distribute $89,000 worth of tokens until the total value of coins distributed reaches $4.27 million. SWEAT will experience a cliff unlock, with $72,900 released each day until the value reaches $1.5 million.
Aptos (APT), dYdX (DYDX), and BitDAO (BIT) will issue $54.8 million, $19.6 million, and $109 million of their respective coins. ApeCoin (APE), Stargate Finance (STG), LooksRare (LOOKS), Immutable X (IMX), and Yield Guild Games are among the other protocols (TGG).
Double tokens unlock
On February 16th, ApeCoin released 7.3 million APE tokens into the market, accounting for approximately 0.7% of the total APE supply. Following the release, the token’s price fell by 10%. The next token unlock is scheduled for March 17th, with 40.6 million APE coins worth approximately $215 million being released into the market.
This represents 4% of the total supply, with market observers anticipating a greater impact on the token’s price. ApeCoin has stated that it will continue to issue tokens into the market on a monthly basis until March 2026.
Meanwhile, BitDAO, which unlocked $106 million in coins on February 14th, saw the price of the BIT token hold despite increased supply. The next unlock is scheduled for March 15th, with the protocol releasing 187 million BIT tokens.
How many crypto tokens are in the market?
There were over 50 different cryptocurrencies by the end of 2013. By the end of 2014, this figure had more than tenfold increased to over 500. There are currently over 20,000 cryptocurrencies in circulation. There are 22,904 cryptocurrencies in circulation as of March 2023.
Not all cryptocurrencies, however, are active or valuable. After removing many “dead” cryptos, there are only about 8,832 active cryptocurrencies. There are approximately 300 million cryptocurrency users worldwide. In addition, approximately 18,000 businesses now accept cryptocurrency as payment.
The thousands of cryptos available today can be divided into three categories:
- Bitcoin – the market leader and original cryptocurrency
- Altcoin – Alternatives to Bitcoin (not necessarily similar)
- Tokens – Cryptocurrencies using pre-existing blockchains
In a relatively short period of time, cryptocurrency has evolved significantly, and the popularity of cryptocurrency has skyrocketed. While there has been some volatility, the overall market is only moving in one direction (up), with Bitcoin continuing to lead the charge.
