Coinspeaker
XRP Dominates $1.5B August Unlocks with $609M Token Release
The crypto market is all set for a substantial unlock event in August, with tokens for almost $1.5 billion coming from various leaders in the industry. XRP, the native token of the XRP Ledger, is the first in line, having a scheduled unlock of 1 billion tokens valued at $609 million as of July 29, 2024.
The upcoming unlock release is Ripple’s common practice of issuing 1 billion XRP tokens on a monthly basis since 2017. Ripple (24) and Ripple (25) are the two assigned wallets that the company uses to accomplish this objective with the proper distribution of unlocks. The use of such a release schedule gives the whole XRP ecosystem a certain level of transparency and reliability.
Beyond XRP’s Dominance
While XRP certainly is in charge of the August Unlocks, other projects have important token releases ready. Layer-1 networks Avalanche and Wormhole are mentioned as important ones, but according to Token Unlocks data, they have a big unlock value of more than $449 million.
On August 3, Wormhole (W) will unlock 33.3% of its circulating supply. So, that would mean 600 million W tokens which have a market cap valuation of $175 million. Notably, this comes on the back of the successful AVRIBOS airdrop that they launched in April.
The August unlock event extends beyond established projects. Several new players, including Layer 1 network Sui, decentralized exchange dYdX, and “universal” blockchain ZetaChain, are also scheduled for significant token releases on August 1st.
Sui will unlock 2.56% of its circulating supply, releasing 64 million tokens valued at $50 million. Similarly, dYdX will unlock 8.33 million tokens worth nearly $11 million, representing 3.65% of its circulating supply. Notably, these unlocked tokens will be distributed to three groups: investors, founders and staff, and future employees.
Meanwhile, ZetaChain (ZETA), which was launched in February 2024, plans to unlock nearly 18.9% of its circulating supply on August 1st. This translates to 53.9 million tokens, with a current market value of around $34.5 million.
Gaming and Web 3.0 Join the Party
The unlock frenzy continues into the second week of August with the involvement of prominent players in the crypto gaming and Web 3.0 sectors. Crypto gaming network ImmutableX will unlock 2.11% of its circulating IMX supply on August 9th, amounting to 32.5 million tokens with a current market value of $49 million.
Following closely behind, Aptos, a rival layer-1 network to Sui, will unlock $80 million worth of its native token APT on August 12th. Web3 gaming platform The Sandbox is also set to unlock $69 million worth of SAND tokens on August 14.
The Ethereum scaling solutions, Starknet and Arbitrum, are not to be left out. Starknet will unleash 64 million tokens on August 15th, representing 4.4% of its circulating supply. These tokens hold a current market value of $35 million. Finally, on August 16, Arbitrum (ARB) is scheduled to unlock 92.6 million tokens, which equates to 2.8% of its circulating supply, with a current market value of $67 million.
